Sapient wins Northern Trust mandate

Sapient wins Northern Trust mandate

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Northern Trust has deployed a new Compliance Management Reporting Solution (CMRS), using technology developed by Sapient Global Markets.

The firm says that Northern Trust will now be able to deliver delegated reporting requirements for its clients under the Dodd-Frank Act and European Market Infrastructure Regulation (Emir) for all derivatives including over the counter/exchange traded, cleared/bilateral and foreign exchange.

"The CMRS solution will allow us to automate key derivatives processes, which will improve efficiency and reduce costs. Additionally, it will enable us to streamline reporting and speed up the data collection, transformation and submission process, helping firms minimize business risk associated with non-compliance,"  said Peter Sanchez, head of Northern Trust hedge fund services.

CMRS is a solution that imports Northern Trust's client trade data onto a single system to conduct trade reporting and reconciliation including collateral and valuation, portfolio reconciliation, and dispute workflow.

The tool supports Northern Trust's outsourcing, custodial, and fund administration functions, including investment operations outsourcing and hedge fund services.

CMRS also aggregates and reconciles derivatives data across multiple trade repositories and jurisdictions in a single solution. This enables Northern Trust to be flexible and efficient in servicing the varied demands of its middle office asset manager clients and support evolving global requirements including portfolio reconciliation.

"Despite the February and August reporting deadlines, many buy-side firms are still figuring out how to provide the required reporting services to their clients and support their derivatives business," said Randall Orbon, senior vice president, Sapient Global Markets.

"Northern Trust is ahead of its peers because it recognized the complexity of the regulatory landscape and the value they could provide their clients with a transformative solution. We have collaborated closely with Northern Trust throughout the process to understand its precise reporting requirements and help support a critical element of its post-trade reporting infrastructure."
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