Tuesday, November 12, 2024
Fintech Connect Leaderboard | FFNews

Wolters Kluwer Recognized as Category Leader in Chartis MiFID II Report

Wolters Kluwer’s Finance, Risk & Reporting business today announced that Chartis Research has named the company a Category Leader in its Markets in Financial Instruments Directive II (MiFID II) Report for 2017. Chartis uses in-depth research and a clear scoring system to determine which MiFID II solutions can best meet an organization’s needs.

The report evaluates MiFID II technology solution providers on two key factors— completeness of offering and market potential. According to Chartis, Category Leaders, such as Wolters Kluwer, are “risk technology vendors that have the necessary depth and breadth of functionality, technology, and content, combined with the organizational characteristics to capture significant market share by volume and value.” Category Leaders offer best-in-class solutions and deep domain knowledge “addressing the needs of very large clients with complex risk management and technology requirements, as well as addressing the needs of smaller clients with standardized requirements looking for integrated solutions from a single vendor … Category leaders can also demonstrate an appetite for ongoing investment in innovation.

MiFID II’s drive to increase transparency across the industry is forcing financial institutions (FIs) to transform their business processes and technology. The regulation is also impacting several areas of FIs’ operations, requiring them to focus more on pre-trade transparency, best execution and post-trade reporting. For FIs, this will create a multitude of new challenges – not least in the amount of disparate data they will have to access and analyze, often in tandem with other complex system adaptations demanded by other regulations,” said Hugh Stewart, Research Director at Chartis. “As a Category Leader Wolters Kluwerprovides a proven and successful combination of resources to address these challenges, as well as comprehensive software and support services.

Banks impacted by MiFID II should be under no illusion. The regulation will fundamentally transform their technological requirements. Alongside the new data requirements from MiFID II firms will need to grapple with other testing requirements and accounting standards such as International Financial Reporting Standard 9 (IFRS 9) and the European Central Bank’s Analytical Credit Datasets (AnaCredit) in the Euro area. Their systems need to be up to the challenge,” said Richard Bennett, Vice President. Regulatory Reporting, EMEA, for Wolters Kluwer’s Finance, Risk & Reporting business. “We are delighted that Chartis has recognized our leading capabilities and look forward to working with our clients on ensuring compliance.”

In the past few months leading banks from every corner of the world have implemented the company’s OneSumX solution for Regulatory Reporting, Risk and Finance. Major financial services providers to have recently announced their use of Wolters Kluwer include NordeaBBVA, CIBC, Australia’s Queensland Treasury Corporation and The Swedish Export Credit Corporation.

In its annual RiskTech100 Rankings, Chartis has ranked Wolters Kluwer #1 for Regulatory Reporting for six consecutive years.

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