Banque Cantonale Vaudoise selects Message Automation to support Finrag Trade Reporting
London, 11 January 2016 – Message Automation (MA), the leader in Post Trade Control solutions for derivatives, is pleased to announce that Banque Cantonale Vaudoise (BCV), one of the largest regional banks in Switzerland, is the latest firm to select MA to support their trade reporting requirements.
London, 11 January 2016 – Message Automation (MA), the leader in Post Trade Control solutions for derivatives, is pleased to announce that Banque Cantonale Vaudoise (BCV), one of the largest regional banks in Switzerland, is the latest firm to select MA to support their trade reporting requirements. This new signing means that BCV joins a fast growing number of customers using MA’s comprehensive trade reporting solution and further expands the portfolio of geographical jurisdictions the company’s solutions cover.
MA's trade reporting solution is a proven, rules-based, built-for-purpose platform and will provide BCV with a complete reporting capability taking trades and static data from multiple bank systems and providing total control and transparency across all asset classes. The system has been designed to support not only the specific needs of the Swiss market, but also covers Canadian and Asian reporting as well as incorporating the entire requirements of Dodd-Frank and EMIR trade reporting.
Bernard Angeloz, Deputy Head of Trading at BCV said, "The forthcoming FinfraG Act (Finanzmarktinfrastrukturgesetz) which will regulate derivatives trading in Switzerland is due to come into effect during the second half of 2016. Here at the bank we take our regulatory responsibilities very seriously and believe it is essential that we are fully prepared, well in advance, to efficiently handle all the implications related to this new Act and for any other related requirements that will most probably emerge over time. The FinfraG initiative is strategically very important for the Swiss market, so before engaging with MA, we conducted a very thorough review of all the options available to us. After a stringent evaluation process we decided that the combination of MA's in-depth market knowledge and experience, coupled with their proven track record of success in trade reporting, across a diverse, international client base meant they were ideally suited to support the new trade regulatory reporting requirements. MA’s commitment to maintain the solution in line with evolving changes to the regulations was also an important factor in our decision."
Hugh Daly, Message Automation CEO, commented. "We are delighted to have been selected by BCV to be part of this important project. The seemingly never-ending waves of new regulatory requirements continue unabated. Based on our previous experiences with regulations in other jurisdictions such as EMIR and Dodd-Frank, the regulations will continue to evolve, even after the initial introduction. We strongly support BCV’s position of being prepared well ahead of the FinfraG deadline and are looking forward to working with them to achieve their business goals."
About Message Automation
Message Automation is the leading specialist provider of Post Trade Control solutions. We help clients manage the multiple trade processing challenges created by new regulations and market practices across all asset classes in OTC, ETD and FI markets. Established since 2003, our clients include tier one and two investment banks, regional banks and buy side firms.
BCV is the Canton of Vaud's leading bank for both retail and business customers, as well as one of Switzerland’s top wealth managers. As the community bank of Vaud, its customer franchise, consistently solid financial results and strong balance sheet underpin its status among a handful of banks in the world without government guarantees that hold AA credit ratings from Standard & Poor’s.
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