“We are delighted to work with OpenLink Financial to provide our mutual customers in the financial community with regulatory reporting solutions,” said Stan Preston, Vice President and global product lead for commodities reporting at DTCC.
New York (PRWEB) October 01, 2012
OpenLink Financial LLC (OpenLink), a leading provider of cross-asset trading, risk management and operations processing software solutions, announced plans to expand its suite of Dodd-Frank Regulatory Compliance solutions with The Depository Trust & Clearing Corporation’s (DTCC) service for Swap Data Repository (SDR) reporting. This solution will soon enable interest rate, credit and commodity market participants to comply with U.S. Commodity Futures Trading Commission (CFTC) SDR reporting requirements resulting from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“We are delighted to work with OpenLink Financial to provide our mutual customers in the financial community with regulatory reporting solutions,” said Stan Preston, Vice President and global product lead for commodities reporting at DTCC. “The SDR will ultimately support the full range of reporting for both physical and financial commodity swaps, as well as credit, interest rate, foreign exchange and equities swaps. The repository will be ready when reporting commences on October 12, 2012, for credit and interest rates swaps, and on January 2013 for the other asset classes. DTCC will continue working with OpenLink to meet global reporting requirements going forward.”
SDR reporting tools are a key part of OpenLink’s suite of Dodd-Frank compliance solutions and will offer another option that supports reporting of CFTC required swap data including, primary economic terms (PET), confirmation, continuation, and valuation data.
Phil Wang, SVP of Product Management at OpenLink, said, “Our clients represent market participants in all asset classes, and DTCC’s SDR service greatly facilitates derivatives reporting for different business lines by providing a common reporting framework. The flexible nature of DTCC’s SDR is well suited to our diverse client set – whether the market participant has limited reporting needs for a single product or wants to consolidate global reporting across many major asset classes.”
The Dodd-Frank Wall Street Reform and Consumer Protection Act makes significant changes to regulation of the U.S. over-the-counter (OTC) derivatives market, with the goals of improving transparency, reducing systemic default risk, and promoting market integrity. As part of the implementation of Dodd-Frank, market participants have regulatory reporting obligations to submit trade data on swap transactions to SDRs. SDRs are new entities created under the Dodd-Frank Act to provide a central facility for swaps data reporting and recordkeeping. All swaps, whether cleared or uncleared, are required to be reported to registered SDRs.
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Notes to Editor
Founded in 1992, OpenLink (http://www.openlink.com) provides decision support software solutions for transaction lifecycle management. This software encompasses financial and physical cross-asset trading, risk management, related operations processing and portfolio management for commodity, energy and financial services markets and industries globally. The Company is a high growth, private equity-backed global software and services business serving energy, commodities, financial institutions, agribusiness, food & beverage, and corporate customers.
OpenLink’s best-in-class products help clients manage their commodity, energy, and financial instrument trading activities across the entire trading and supply chain lifecycle. Founded in 1992, the company has grown both organically and through strategic acquisitions, and generated pro forma revenue of over $300 million in 2011.
The company services over 500 clients, including a world-class customer base of 12 of the world’s largest commodity and energy companies, nine of the largest financial institutions, and 11 of the largest central banks.
The Company has over 1,200 employees in its 12 global offices on five continents. Based in Uniondale, on Long Island, NY, it has additional offices in New York City, Houston, London, Berlin, Vienna, Toronto, Moscow, São Paulo, Singapore, Dubai, and Sydney.
OpenLink has received multiple industry awards and recognition in 2011, including being ranked as the industry leader by Gartner and ranked first in its class by Energy Risk Magazine for Commodity/Energy Trading and Risk Management (C/ETRM) systems.
OpenLink was acquired in October 2011 by leading private equity investment firm Hellman & Friedman LLC.