Kaizen wins Best Transaction Reporting Solution at the RegTech Insight Awards USA 2023
New York, London, 17 November 2023 – Leading regulatory technology firm, Kaizen, has won ‘Best Transaction Reporting Solution’ at the RegTech Insight Awards USA 2023 for its ReportShield™ Accuracy Testing service. This is the third year in a row that Kaizen has won a RegTech Insight USA award.
Kaizen’s ReportShield™ Accuracy Testing is an automated, managed service that tests the quality of trade and swap transaction data reported to the regulator. What makes the service unique is the comprehensive deep testing of all records, which provides financial firms with full visibility of their reporting quality. The service is available via the Kaizen Hub, Kaizen’s easy to use web-based portal. It is the only assurance service that is tailored to all global reporting regimes including the CFTC and SEC swaps data reporting rules, MAS, HKMA and ASIC as well as MiFIR, EMIR, and SFTR.
Angela Wilbraham, CEO at A-Team Group, commented
“These awards recognise companies providing RegTech solutions that have successfully improved firms’ ability to respond to evolving and ever more complex regulatory requirements across the global financial services industry. Our congratulations go to Kaizen for winning Best Transaction Reporting Solution.”
Dario Crispini, CEO of Kaizen, commented: “We are honoured that both our clients and the RegTech community voted for us for the third consecutive year, thank you. The next year will see an enormous amount of change for firms, with changes afoot for MiFIR, the introduction of the EMIR Refit in both the EU and UK and a number of ReWrites coming into force in Japan, Australia and Singapore, plus Canada and Hong Kong in 2025. With multiple changes going on at the same time it is more important than ever that firms have the right controls in place and using Accuracy Testing as part of these controls is the only way that a firm can truly identify where their reporting is accurate and deal with the errors that arise in a way that is expected by the regulator.”
The 29 January 2024 sees the first of these changes with the implementation of the CFTC ReWrite Phase 2 which introduces the adoption of UPI (Unique Product Identifier). The UPI’s aim is to provide a consistent product taxonomy for reporting derivative products and is just one of the changes being rolled out across the G20 reporting regimes next year. Other changes include Critical Data Elements (CDE) to globally agree the fields, values and definitions, ISO 20022 XML messaging standards and global UTI standards.
While the purpose driving the changes is the standardisation of reporting requirements which should benefit firms, regulators will expect higher quality reporting data as a result.
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- For more information, please contact James Dunseath, Communications Advisor, on +44 (0) 7557 955795 or media@kaizenreporting.com.
