Lombard Risk Signs GFI Group for Reporter

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The EU directive will affect all FCA-regulated firms, as well as those on the continent.

Interdealer broker GFI Group will use Lombard Risk's Reporter product to handle new standards brought in by European authorities, the vendor has announced.

Reporter will assist GFI Group with the European Banking Authority's Common Reporting Framework (Corep), which requires all financial firms to submit regulatory returns in the XBRL format. XBRL, the Extensible Business Reporting Language, is a global information standard. As a result of this move, which came into force on January 1, 2014 and has a general compliance date of May 30, all firms regulated by the UK Financial Conduct Authority (FCA) must comply.

"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," says Darryl Denyssen, finance director for Emea at GFI Group. "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."

 

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