Risk Focus, Inc., the provider of regulatory trade reporting solutions to the global capital markets, announced Validate-on-demand, a free, cloud-hosted, cut-down version of its flagship product Validate.Trade. In the last year Validate.Trade has been adopted by the DTCC and eight global banks for testing their trade reporting software and pre-validating trade reporting messages before submitting them to the GTR (the DTCC Global Trade Repository), helping firms to deliver and maintain compliance with EMIR, Dodd-Frank and other G20 regulatory demands. The service is at multiple points in the trade reporting lifecycle used to reduce risks and costs associated with regulatory reporting.

“As a free service, Validate-on-demand allows firms that will benefit from trade reporting validation, but aren’t ready to commit to a commercial license, to evaluate Validate.Trade’s capabilities first hand,” said Brian Lynch, CEO of Risk Focus. He adds: “Validate-on-demand builds on our commitment to work with the industry to establish global standards for data quality, validation and controls for trade and transaction reporting.”

With increasing scrutiny and enforcement on banks and other financial institutions for data quality breaches, errors and omissions, Validate.Trade is the only global data validation service designed for regulated derivatives trade and transaction reporting. The rules-based engine codifies and distributes the most accurate, complete and up-to-date data validation rules to allow market participants to meet the data quality and accuracy expectations of global regulators. The recent CFTC DSIO advisory to all provisionally-registered swap dealers makes it clear that data validation functionality is becoming essential for financial institutions, if they are to meet their regulatory obligations.

Validate.Trade helps financial institutions meet global reporting regulations, including: Dodd-Frank, Reporting to Swap Data Repositories (SDRs) and EMIR, which mandates reporting of all derivatives to Trade Repositories (TRs). Validations are multi-asset, covering ETD & OTC including credit, rates, equity, foreign exchange and commodity swaps. The current scope of validation is 100% of the DTCC GTR reporting requirements – CFTC, EMIR, JFSA, MAS, ASIC, HKMA, Canada with SEC SBSR and MiFIR / MiFID II to follow this year. Both FpML and CSV formats are supported with ISO20022 planned under the MiFIR project.

Additional, unique functionality includes the ‘GTR Emulator’, which presents users with the ‘anticipated’ response that the GTR would return for each target message. Users can also take advantage of our proprietary FpML Transform tool that flattens FpML to a CSV representation, making it easier to read and understand the data being reported.*