BST Awards 2019: Best buy-side compliance product, regulatory reporting—Bloomberg

Buy-side firms are under increasing pressure to keep up with a growing list of regulatory requirements.

Over the last 12 months, Bloomberg has made significant strides to extend its suite of regulatory products, including building out the functionality of its regulatory reporting hub (RHUB), an initiative that secured it the best buy-side compliance product category (regulatory reporting) at this year’s BST Awards.

RHUB is a trade and transaction reporting platform that offers clients integrated, end-to-end reporting covering support, data enrichment and validation, reconciliation and remediation services. It was initially deployed to assist firms with their Mifid II obligations, although it has been extended to support Securities Financing Transaction Regulation reports, while subsequent versions will support European Market Infrastructure Regulation (EMIR), Australian Securities and Investments Commission, Monetary Authority of Singapore and Investment Industry Regulatory Organization of Canada compliance. 

RHUB is integrated into clients’ workflows and accepts data from multiple Bloomberg and third-party venues using APIs. It also reports to a variety of destinations, including Bloomberg’s approved publication arrangement and approved reporting mechanism (ARM) services, as well as other third-party ARMs, trade repositories and regulators.

In August 2019, Bloomberg acquired RegTek Solutions to broaden its reporting coverage. For clients not using RHUB, the RegTek platform provides an independent control framework for monitoring and maximizing the quality of reports. It uses a rules engine to help firms identify and remediate errors and omissions to ensure accurate reporting.

Over the next few months, Bloomberg will integrate RegTek’s reconciliation capabilities into RHUB to enable clients to benefit from two-way (for EMIR) or three-way reconciliation (for Mifid II), depending on their reporting requirements. Beyond that, the firm will continue to merge the two platforms and broaden its reporting coverage.

“What we are trying to do in the next 18 to 24 months is have all 10 jurisdictions available in our hub for end-to-end reporting and to include other regulations, such as FinFrag,” says Alejandro Perez, business manager for post-trade solutions at Bloomberg.