Qomply ReportAssure

Transaction Report Diagnostic Auditor and Reconciler

Regulatory reporting requirements have increased significantly over the last 10 years, imposing a significant burden of cost and complexity on investment firms. Qomply’s ReportAssure platform performs accuracy and completeness checks for transaction reports across various reporting regimes such as MiFID, EMIR, SFTR, and ASIC. Qomply provides peace of mind to investment firms, relaxed in the knowledge that they are meeting their regulatory requirements.

Crafted to respond to increasing levels of complexity of regulation, rules, and data analytics, these cloud-based tools offer straight-forward interfaces and streamlined APIs enabling market participants to either use as a stand-alone products or integrate within their existing technical infrastructure.

Accuracy testing and reconciliations are mandated under RTS 22, Article 15. Qomply empowers firms to meet their regulatory obligations through technology.

Qomply's modular system sets it apart – clients subscribe to only the services they require with a tailored-subscription model to reflect trade flow.

Transaction Report Diagnostic Auditor

Delivering one of the most comprehensive arsenals of accuracy checks in the industry, Qomply’s transaction report diagnostic auditor is powered by a proprietary assurance engine that checks every single piece of transaction report data for accuracy – performing a sophisticated matrix of rules and accuracy checks.

The accuracy checks can be implemented through the straight-forward UI or through the comprehensive API. Datasets of all sizes can be handled, allowing any type of firm to benefit from Qomply’s technology.

The Qomply Diagnostic Auditor detects issues with not only a firm’s input files but also the regulator’s MDP output files. This enables firms to pre-emptively and retrospectively conduct analysis on reports both before and after they are sent to the regulator – essential in complying with the regulations.

In addition to the MiFIR diagnostic engine module, EMIR and SFTR diagnostic engine modules are also available.

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Proprietary Reporting Engine

Qomply's proprietary reporting engine was crafted by professionals who had previously built proprietary trading systems.

Its internal engine is kitted-out with the best-in class-technology – from AI pattern recognition to accelerate the detection of common errors, to the implementation of heightened level of securitization, data is protected and processing is efficient.

If the robustness doesn’t set Qomply apart from the competition, its combination of modular design and battery of comprehensive checks will.

The FCA Market Watch 65 explicitly reminds firms "they should not assume a transaction report was accurate because it was accepted by the FCA. " The FCA validation rules are not intended to identify all potential errors and omissions.

It was noted that "some firms continue to use transaction report acceptance rate as a standard for assessing the completeness and accuracy of their transaction reports."

Qomply's Diagnostic Tools analyses not only your input files but also the FCA MDP output files - thereby complying with multiple aspects of this key area.

Using Qomply to investigate and resolve issues is straight-forward. The findings and recommendations, of each diagnostic report, are clearly displayed alongside a description of the issue, recommended resolution, and additional information. Flagged transactions can be easily investigated within the platform - using the UI or downloading to a csv file.

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Trade Reconciler Tool

The Trade Reconciler tool performs completeness checks across large data sets within seconds.

At the touch of a button, market participants can efficiently reconcile transactions sent, from their trade capture systems, to the regulator versus those received by the regulator.

Many firms still rely heavily on manual processes to analyse and reconcile their transaction report data. This severely limits reporting accuracy and productivity. Qomply’s solutions liberate firms from this burden and transforms their operational functions freeing up time to focus on their core business models.

Although most firms tend to use the suite of diagnostic and reconciliation tools together, the Qomply Reconciler module can be purchased separately from the other modules. This means clients subscribe to only the services they require with a subscription model based on trade flow.

This enables smaller firms to meet their regulatory obligations without paying over the odds for a solution that isn’t suited to their requirements.

Ensure Transaction Reports are Complete

MiFID II regulations (RTS 22, Article 15, Clause 3) require firms to have arrangements in place to ensure transaction reports are complete and accurate. This includes testing and regular reconciliation against samples of trade data.

Raw trade data is sent to the Qomply ReportAssure transformation engine which then starts the process of reconciling trade data against data held in the FCA’s MDP. Data in ARMs, if applicable, is also reconciled in a three-way reconciliation process.

Conduct two-way and three-way trade reconciliation against multiple input files and file formats. Easily submit raw trade data via CSV, XML, or Excel files for periodic reviews using Qomply's ReportAssure low-touch system.

Qomply ReportAssure enriches your trade data using auxillery services and data from FIRDs. Qomply ReportAssure also accesses their proprietary sensitive Pii data repositories so as to verify the personal sensitive data for decision makers and executors. LEI databases and ESMA's liquidity databases are also accessed so as to produce a more comprehensive audit.

Comprehensive Report
How It Works

How It Works

Our comprehensive reconciliation and data validation techniques, in conjunction with a matrix of scenarios, based on product types and trading paradigms, ensure checks are thoroughly conducted. Raw trade data, three-way reconciliation, detailed reports with suggested resolutions, and an active team of regulatory experts provide peace of mind in your transaction reporting regime.

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+44(0)20 8242 4789