BearingPoint RegTech supports CME/Abide/Nex clients with migration to Abacus for transaction reporting

CME/Abide/Nex clients are looking for an alternative transaction reporting solution as CME Group confirms to be closing most of their regulatory reporting business by November 30, 2020

Frankfurt/London, August 6, 2020 – CME Group has recently announced it will stop providing its regulatory reporting services, including NEX Regulatory Reporting and Global Repository Services, on or by November 30, 2020. Their clients now need to find an alternative solution to fulfill their transaction reporting obligations.

With ABACUS/Transactions, BearingPoint RegTech helps banks and other financial institutions to comply with multiple transaction reporting regimes, such as EMIR; MiFID II / MiFIR and SFTR. The product consists of several reporting modules covering different regulatory frameworks. The client can choose to use a single module or any type of combination, depending on the reporting obligations they need to cover. ABACUS/Transactions can be deployed as on-premise installation or as cloud service, which helps clients to reduce the IT development costs and deployment effort.

ABACUS/Transactions is based on a harmonized single data model and flexibly connects to various source systems and offers a high level of automation and efficiency with standardized processes. To manage the smooth transition of Abide/Nex clients to Abacus, BearingPoint RegTech partnered with Volante Technologies to offer a purpose-built Abacus connector for all Abide customers who are now looking for a new vendor. With the help of Volante Designer, the client’s source data content is mapped to the target record formats as required by Abacus, offering a near seamless migration, minimal risk and complexity, increasing STP rates - with flexibility to handle future reporting functionality and information requirements.

BearingPoint RegTech's 25 years of experience in regulatory reporting and ongoing dialogue with regulators in the market enables quick reaction to regulatory changes and to provides Abacus clients with timely response to changing and evolving reporting requirements.