Since it has already adopted earlier digitalization solutions, sticking to the same technology partner for digitalizing compliance reporting can be advantageous
Today’s fast changing regulatory landscape for financial institutions includes, among others, the Markets in Financial Instruments Directive 2014 (MiFID); the Financial Market Infrastructure Act (FinfraG); the European Market Infrastructure Regulation EMIR Refit; and the Securities Financing Transactions Regulation (SFTR).
In order to effectively meet the evolving requirements across multiple jurisdictions due to geopolitical, economic, data privacy and cybersecurity factors, one German bank has decided to adopt a “holistic solution” that will install a more unified and comprehensive framework for regulatory compliance reports.
Baader Bank AG is a family-run full-service bank with its headquarters in Unterschleissheim near Munich, employing around 550 staff members and operating in market making, capital markets, brokerage, fund services, account Services and research Services. The bank offers access to a full spectrum of asset classes including equities, bonds, derivatives, and funds/ETFs, as well as primary market transactions.
Years ago, Baade Bank AG’s order management, trading and market connectivity processes had already been digitalized with front- and middle- office suites of solutions, and trading and banking have been combined using a single platform that offers a unique setup and optimum access to the capital markets through a secure, automated and scalable approach.
When it came to digitalizing its regulatory trade and transaction reporting processes, the bank decided to extend the contract to its existing strategic digitalization partner responsible for the front- and middle- office solutions. This would ensure easy integration into the existing infrastructure, and fit into the existing single-dashboard interface for centralized, holistic control of the bank’s operations.
Ben Cooling, General Manager, Regulatory Transaction Reporting Solutions, Broadridge, provider of the various digitalization solutions for Baader Bank, noted that , “as banks continue to grapple with the challenges of meeting complex regulatory demands,” his firm is “extremely proud” to be a technology partner for global financial institutions “looking to simplify, transform and innovate across the trade lifecycle.”
