Business technology and consulting services firm Sapient Global Markets‘ latest addition to its CMRS platform allows firms to comply with Bank of Israel reporting requirements.
Beginning Jan. 1, The Bank of Israel mandates reporting of foreign exchange, index-linked and interest rate derivatives transactions for firms conducting a daily average of at least $15 million in the preceding year.
The requirement applies to every conversion transaction between shekel and foreign currency and every transaction involving the shekel in foreign currency, index and interest rate derivatives.
CMRS connects to major trading and risk management systems, collects and normalizes data from them, applies reporting eligibility logic, translates it into the destination message format, and directly delivers it to the Swap Data/Trade Repositories.
“We have seen a significant number of client and market participants, both buy and sell side, as well as custodians, requesting support for Bank of Israel reporting,” Sapient vice president Arun Kaur said. “CMRS has been designed from the outset to be highly flexible to new rules, updates to existing rules, and accommodates different reporting destinations.”