OpenLink has launched a Large Trader Reporting capability for compliance under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the company announced today.
As part of the implementation of Dodd-Frank, the Commodity Futures Trading Commission (CFTC) expanded its market surveillance program to require clearing members and swaps dealers to report their positions in physical commodity swap and swaption positions. The final rules require regular position reporting and recordkeeping by clearing organizations, clearing members and swap dealers for any principal or counterparty accounts containing physical commodity swaps or swaptions that meet or exceed a “reportable position” threshold set by the CFTC.
Among the key attributes of the new CFTC Large Reporting Solution are:
—A fully compliant XML-based reporting package which can be submitted directly ot the CFTC.
—Comprehensive reporting coverage of all 46 CFTC-designate commodity codes
—Flexibility in supporting other commodity codes and products as they are introduced.
—A reporting service that can be automated with other end-of-day reporting using OpenLink’s comprehensive workflow scheduling tools.
“For the year and a half, we have been developing solutions to address the reporting challenges created by Dodd-Frank,” stated Kevin Hesselbirg, CEO of OpenLink in today’s release. According to Hesselbirg, the firm’s market experts are ready to demonstrate our Large Trader Reporting capabilities. “OpenLink customers can rest easy that these regulatory requirements can be addressed quickly and cost effectively,” commented the CEO.
In the same release, Phil Wang, Open Link SVP of product management, said the CFTC Large Trader Reporting compliance solutions “will provide its clients with immediate benefits, such as accelerated compliance times, minimal IT investment, and a maintenance-friendly solution that can readily adapt to future changes. It is our goal to stay up-to-date with the latest regulatory changes so customers can be confident their solutions will be compliant as the market evolves,” Wang added.
OpenLink provides cross asset trading, risk management and operations processing software solutions to more than 540 clients worldwide. The client base includes 12 of the top 25 largest commodity and energy companies by market capitalization as well as hedge funds and commodities companies, that may be affected by the CFTC Large Trader Reporting