CETRELSecurities - an ongoing Process

We are continuously working on all topics related to the normalization of financial information handling, with aim of controlling our clients risks, increasing both data quality and STP rate, while reducing total cost of ownership and risk provisions, so What's next?

With the transposition into domestic law of the MiFID directive, CAD III and IFRS accounting standards, the years 2007 and 2008 will bring to considerable challenges in both the form and transmission of pertaining legal reports. As of 01.11.2007 the new TAF report will come into force, followed in January 2008 by the COREP (Common Reporting) and FINREP (Financial Reporting).

The legal and regulatory framework for these reports is now published by the CSSF, and CETRELSecurities is going to launch a set of 4 specific modules taking into account the various requirements related to the respective control and transmission schedules of conditions. As a technical platform the well known SOFiE environment already used by more than 150 financial institutions in Luxembourg has been chosen.

Download our Information Flyer "NEW REPORTING"

In partnership with Interactive Data, CETRELSecurities has launched its Data Contingency Service

The Securities Comparison Facility is used to identify data faults, lacks and tolerance breaches. Exception lists are sent to the client for further, manual handling. In order to reduce manual work and related costs, the gap provision service will automatically process the exception lists against one or several alternative information sources aiming to retrieve valid data. The main advantages are cost savings for data, work force, a considerable gain of valuable time, as well as an increased STP rate. The service is to be launched during the second quarter 2007.

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With the launch of the Automated Gap Provision Service, the limits of straight through handling of faults, gaps and tolerance breaches are to be reached. Nevertheless there will still be some remaining data errors and inconsistencies. One may estimate, depending on the portfolio composition, that some 5 to 6% of fault handling may not be normalized through automated processes and collecting routines. Thus manual work has to be done; missing or inconsistent data have to be analyzed, researched and validated using various sources ranging from information providers to issuers and web services. These activities are bearing intense work-load and are highly time-consuming. CETRELSecurities Price Compliance staff will take in charge the controls and research of our clients data gaps and quality exceptions based on working protocols and financially binding SLA’s. All activities of our experienced staff are based on strict “4 eyes principles” and all data used for completion or fault – correction will be archived in order to insure a full audit trail.
With the availability of the Price Compliance Bureau by end of 2007, CETRELSecurities will then offer the exhaustive range of services related to every aspects of the daily management of financial information.