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Münchener Hypothekenbank has announced that it is using Finastra’s Regulatory Reporting solution to meet the post-trade transaction and transparency reporting requirements of MiFID II and the associated Markets in Financial Instruments Regulation (MiFIR).

MünchenerHyp “worked closely” with Finastra and local implementation partner Finbridge to successfully deliver the project ahead of the MiFID go-live. By integrating the solution with its front-office Fusion Post-Trade trading system, the bank has gained an end-to-end platform with the ability to support regulations such as EMIR and the Securities Financing Transactions Regulation (SFTR) in the future.

“MiFID II was not just a compliance exercise for us. It also brought major strategic implications and required major changes to almost all aspects of capital markets trading,” explained Robin Welsch, Head of IT Applications, Capital Markets and Treasury at MünchenerHyp.

“Finastra’s Regulatory Reporting solution delivered all the standard interfaces we needed right out of the box, meaning that we didn’t have to dedicate too many internal resources to development for our existing Post-Trade application,” said Thomas Raab, IT Coordinator for the MiFID II implementation at MünchenerHyp. “This saved us money and made for a quick and straightforward deployment, which was crucial as we had a very strict timeline for MiFID II compliance. Moreover, we now have an option to rely on this solution for ongoing reporting.”

The bank had to incorporate many last-minute changes from regulators in the run-up to the MiFID deadline. Finbridge took the lead in communicating these requirements to the Finastra development team, who worked continuously to integrate the changes. Today Finastra’s Regulatory Reporting solution reports all relevant instruments from the Fusion Post-Trade systems at MünchenerHyp to the Approved Publication Arrangements (APA) and Approved Reporting Mechanism (ARM) repository services. These are then transmitted to National Competent Authorities (NCAs) for validation.

“MiFID II is fundamentally transforming capital markets trading across the whole of the EU. While the financial penalties for non-compliance can be steep, the bank’s reputation is also at stake. It’s essential that banks put robust and efficient systems in place to comply with regulations, while servicing their clients effectively,” said Pedro Porfirio, Global Head of Capital Markets at Finastra. “For MünchenerHyp, our solution has helped to streamline the path to compliance and meet the demands for real-time reporting. Importantly it can also be expanded to support other regulations, such as EMIR and the SFTR, offering the bank a futureproof platform for its reporting needs going forward.”

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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