DVB, a leading specialist in international transport finance and part of the DZ BANK Group, chose BearingPoint’s product ABACUS/Transactions and the MMSR (Money Market Statistical Reporting) module to fulfill the new regulation requirements of the European Central Bank (ECB).

Dan Rech, Vice President Information Technology, DVB, commented: “We chose a BearingPoint solution because the standard software enables a quick implementation and, moreover, BearingPoint is our trusted partner since many years – we use ABACUS/DaVinci for our German and European reporting since a number of years already.”

Maciej Piechocki , Partner at BearingPoint, said: “DVB’s decision is an important milestone for us. It shows that BearingPoint recognized the need for transaction-based solutions at an early stage and our central, modular platform meets the needs of the market. Most European banks will be affected by the planned regulations that require reports on a daily transaction basis, such as MiFID II/MiFIR and Securities Financing Transactions Regulation (SFTR).”

The ECB requests new statistical data on a daily basis for euro money market transactions from European banks. The daily survey data, in accordance with Council Regulation (EU) No 1024/2013, seeks to strengthen the Single Supervisory Mechanism (SSM) in an analytical and statistical sense. In Germany, all institutions with total assets over 1 billion euros and a Payments Module account in TARGET 2 are affected. The first reporting date was July 1, 2016. Test reporting with real data had been provided since April.

Supervisory entities are also planning to introduce new reporting obligations. The European Commission, the European Parliament and the European Council agreed in June on a new regulation, Securities Financing Transactions (SFTR). The transparency of securities financing transactions should be augmented by these reports. From 2017 on, the amended version of MiFID II and the supplementary guidelines of MiFIR (Markets in Financial Instruments Regulation) should be applied. MiFID II/MiFIR extend the existing regulations and are valid for all trading centers and financial instruments.

With these new reporting obligations in mind, BearingPoint extended its product portfolio to include ABACUS/Transactions, a new standard software for transaction based reporting, in parallel to the already existing reporting software, ABACUS/DaVinci. ABACUS/Transactions meets the increasing need for more granular intraday-transaction data. The solution prepares transaction-based data from the front- and back-office systems with respect to the relevant reporting requirements. The platform is based on BearingPoint’s proven ABACUS/TR solution, which was already established on the market in 2013. ABACUS/TR supports the transaction based EMIR reporting in Europe and Dodd-Frank in the U.S.