Gfi Selects Lombard Risk Reporter for Eba Corep Xbrl

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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.

Transcript of Gfi Selects Lombard Risk Reporter for Eba Corep Xbrl

  • 2014 - News from Lombard Risk Page 1

    PRESS RELEASE For Immediate Releasese

    GFI Group selects Lombard Risk REPORTER for EBA Common Reporting (COREP/XBRL) regulatory reporting platform

    European Banking Authoritys (EBA) Common Reporting (COREP) XBRL submissions

    London and New York, 1st April 2014: 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 Group has selected Lombard Risk

    REPORTER for EBA Common Reporting for its operations in the United Kingdom and for those of

    its subsidiary Kyte Group.

    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 GFIs requirements change, we

    will support them further as REPORTER has a range of deployment options to

    address a firms 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 Risks

    REPORTER offering was best suited to our needs. Along with being a highly cost effective offering,

    we were particularly impressed with Lombard Risks 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.

    -------------------------- End -----------------------------

  • 2014 - News from Lombard Risk Page 2

    About Lombard Risk www.lombardrisk.com (LSE: LRM)

    Lombard Risk is a leading provider of integrated collateral management and liquidity, regulatory, transaction and MIS reporting solutions enabling firms in the financial services industry to significantly improve their approach to managing the risk in their businesses.

    Founded in 1989 and headquartered in London, Lombard Risk has offices in New York and New Jersey in the US; Hong Kong, Shanghai, Singapore and Tokyo in Asia Pacific, and service centres in Atlanta, Cape Town, Luxembourg and Miami.

    Our clients include banking businesses - over 30 of the world's "Top 50" financial institutions - almost half of the banks operating in the UK, as well as investment firms, asset managers, hedge funds, fund administrators, insurance firms and large corporations worldwide.

    Managing collateralised trading | Enabling regulatory compliance

    with clarity and confidence in the new world

    The Lombard Risk solution suite is developed and supported by an extensive team of risk, regulatory and financial experts and includes:

    COLLINE - collateral management, clearing and optimisation. Designed by experienced business practitioners for end-to-end, cross-product (OTC derivatives, repo and sec lending) collateral management and clearing, COLLINE provides a consolidated solution for mitigating exposure risk while satisfying the growing demand for multiple/global entities, cross-product margining, clearing, optimisation, master netting, MIS reporting, dispute management and electronic messaging.

    ComplianceASSESSORTM - addressing regulatory risk. A compliance management tool, designed to enable firms to monitor and identify the state of compliance against any number of regulations, across an entire business.

    LISA - scenario analysis and stress testing. Satisfies the latest liquidity risk management requirements and supports growing regulatory demands for timely and reliable information.

    REPORTER MIS - business information and management reporting. A flexible and easy-to-use module for reporting across the Lombard Risk product range AND with external sources. Provides valuable business intelligence by combining risk and regulatory information in reports or on-screen dashboards, enabling well-informed business decisions to be made with confidence.

    REFORM - pre- and post-trade solutions and transactional reporting for derivatives reform initiatives such as Dodd-Frank and EMIR. Other elements of the REFORM engine provide connectivity and message transformation e.g. enabling COLLINE to connect to exchanges and messaging systems.

    REPORTER - global regulatory reporting. Fully scalable regulatory compliance solution for branch or head office, with global coverage. Fully supports key supervisory computations and integrates with LISA for stress testing and MIS for ad-hoc and management reporting. Straightforward and streamlined integration to multiple source systems; built in reconciliation and trends and variance reports.

    REG-Reporter - US and Canadian regulatory reporting. A regulatory solution addressing financial reporting requirements by automating compliance with the mandated reports to all US regulatory agencies and the Office for the Superintendent of Financial Institutions Canada (OSFI).

    The Lombard Risk software solution suite also includes OBERON trade capture and valuation and FIRMAMENT credit and equity valuation.

    Visit the MEDIA CENTRE on the Lombard Risk website and/or contact:

    John Wisbey Chief Executive Officer

    Tel: +44 (0)20 7593 6700

    Rebecca Bond Group Marketing Director

    Tel: +44 (0)20 7593 6796

    Email: [email protected] | [email protected]

  • 2014 - News from Lombard Risk Page 3

    About GFI Group Inc. http://www.gfigroup.com/

    GFI Group Inc. (NYSE: GFIG) is a leading intermediary in the global OTC and Listed markets offering an array of sophisticated trading technologies and products to a broad range of financial market participants. More than 2,500 institutional clients benefit from GFIs know-how and experience in operating electronic and hybrid markets for cash and derivative products across multiple asset classes, including fixed income, interest rates, foreign exchange, equities, energy and commodities. GFIs brands include Trayport, a leading provider of trading solutions for energy markets worldwide and FENICS , a market leader in FX options software.

    Founded in 1987 and headquartered in New York, GFI employs over 2,000 people globally, with additional offices in London, Paris, Nyon, Dublin, Madrid, Sugar Land (TX), Hong Kong, Tel Aviv, Dubai, Manila, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Bogota, Buenos Aires, Lima and Mexico City.

    Forward-looking statement

    Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "might," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of GFI Group Inc. (the Company) and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes; securities prices or demand for the Companys brokerage services; competition from current and new competitors; the Companys ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Companys ability to identify and develop new products and markets; changes in laws and regulations governing the Companys business and operations or permissible activities; the Companys ability to manage its international operations; financial difficulties experienced by the Companys customers or key participants in the markets in which the Company focuses its brokerage services; the Companys ability to keep up with technological changes; uncertainties relating to litigation and the Companys ability to assess and integrate acquisition prospects. Further information about factors that could affect the Companys financial and other results is included in the Companys filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.