Lombard Risk Management, which provides collateral management and regulatory reporting solutions for financial firms, announced the launch of a platform designed to help companies ensure they're in compliance with Dodd-Frank while trading swaps.
Lombard Risk said the Dodd-Frank Act Engine solution is specifically designed to address Title VII of the new finance reform law, which requires swap data to be reported throughout the lifecycle of a trade. Both regulators and trading firms are in the midst of gearing up for the July deadline for credit default and interest rate swaps to be traded as intended under Dodd-Frank.
In the meantime, Lombard Risk said it's been working closely with several large banks in Europe and the U.S. to analyze the impact new regulations will have on their businesses.
"The regulators are demanding all information (be) reported as soon as technologically practicable and there is significant focus on real-time, which may cause real issues for firms with silos of data," Lombard Risk Chief Technology Officer Nick Davies said in a statement.
"The Lombard Risk Dodd-Frank Act Engine is a rules-based, workflow technology and software solution that meets both real-time and event-driven reporting to the regulators, automatically collating and mapping reportable data from different source systems."