GFI Group Selects Lombard Risk REPORTER for EBA Common Reporting
Lombard Risk Management plc (Lombard Risk), a leading provider of integrated regulatory reporting, compliance and collateral management solutions for the financial services industry, is pleased to announce that GFI Grouphas selected Lombard Risk REPORTER for EBA Common Reporting for its operations in the United Kingdom and for those of its subsidiary Kyte Group.
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- European Banking Authority’s (EBA) Common Reporting (COREP)
- XBRL submissions
Lombard Risk REPORTER is an end-to-end regulatory reporting solution for the global financial services sector that will provide GFI Group with the XBRL format reporting mandated by the regulators. The need for XBRL reporting was determined by an EU directive that came into force on January 1st 2014 and, starting May 30th 2014, all submissions of regulatory returns in Europe will be required to be performed in XBRL (computer code) format.
Robert Markham, Lombard Risk says: “We were pleased to help GFI streamline their current spreadsheet-based report submission process and provide them with an XBRL upload to the regulator. In due course, as GFI’s requirements change, we will support them further as REPORTER has a range of deployment options to address a firm’s growth and the changing regulatory demands.”
Darryl Denyssen, Finance Director for EMEA at GFI Group said: “Following the EU directive requiring FCA regulated firms to submit their prudential returns in XBRL format, GFI Group has chosen to partner with Lombard Risk in meeting this new requirement. We reviewed a number of potential solutions for XBRL reporting and firmly believe that Lombard Risk’s REPORTER offering was best suited to our needs. Along with being a highly cost effective offering, we were particularly impressed with Lombard Risk’s knowledge and experience in this field, along with their commitment to providing a high quality and personalised support service.”
Lombard Risk REPORTER is used by over 200 firms globally, including 60+ for EBA Common Reporting, for requirements in the areas of Credit, Market and Operational Risk, Large Exposures, Leverage and Liquidity risks, and Financial and Statistical Information for Calculation, Analysis and Submission.
GFI Group was founded in New York in 1987 and provides competitive hybrid brokerage services in a multitude of global over-the-counter (OTC) and exchange listed cash and derivatives markets. GFI has developed innovative trading technologies that have allowed for the introduction of new electronic market places and trading protocols across all asset classes.