REFCO Overseas Ltd Selects STB Systems for Automated Regulatory Reporting
REFCO Overseas Ltd selects automated FSA reporting solutions from leading compliance software specialist STB Systems. STB Systems are pleased to announce that REFCO Overseas Ltd (REFCO) has selected STB-Reporter to provide automated regulatory reporting to the UK Financial Services Authority (FSA).
(PRWEB) May 18, 2005 -- REFCO, in selecting STB-Reporter, joins the largest
group of deposit takers and securities/investment firms using the market leading
automated regulatory reporting solution in the UK.
STB-Reporter will
provide the regulatory reporting outputs required by the FSA automatically from
the underlying source data presented to the system by REFCO. STB's ease of
interfacing makes taking data from the various diverse source systems as easy as
possible for REFCO. Data may be presented in almost any format that REFCO prefer
and data mapping, consolidation, de-duplication and application of the necessary
business rules is carried out by STB's data management tool,
STB-SuperConsolidator.
The data collected within STB-SuperConsolidator
may be used by REFCO for additional reporting requirements as they expand the
system in the future.
REFCO are required to submit the standard reporting
to the FSA in line with what used to be SFA reporting. These reports include
Large Exposures, Capital Adequacy, Financial Resources and Position Risk
reporting.
All of the reports are processed through STB-Reporter which
displays screen versions of the forms that REFCO staff would typically have
completed manually. Full drill-downs to underlying data items are provided for
and full audit trails are available at all stages. Output to the regulator in
electronic format is standard.
The implementation of the system now by
REFCO will mean that as the full impact of Basel II, CRD, Mandatory Electronic
Reporting and the FSA's IRR with XBRL output is felt, REFCO will have a solution
designed to provide all of their FSA regulatory reporting with minimal
disruption.
Commenting on the agreement, Michael Thomas, Group CEO at STB
Systems said, "We welcome REFCO Overseas Ltd to our long list of clients. With
our guarantee that all future changes to FSA regulatory returns will be included
for REFCO at no additional licence cost, REFCO has chosen an ideal time to
select a solution from STB. Changes to the way deposit taking institutions and
investment businesses report to the FSA with the introduction of MER and XBRL
mean that REFCO will receive these changes as a part of their annual
licence.”
“We look forward to a long and mutually beneficial working
relationship."
About REFCO Overseas Ltd
REFCO Overseas Ltd is a part
of REFCO Group Ltd, LLC
REFCO Group Ltd.; LLC is a diversified financial
services organization with operations in 14 countries, 2,400 employees, and more
than 200,000 customer accounts in an extensive global client base.
REFCO
provides a broad range of financial products and services world-wide through its
subsidiaries and affiliates. REFCO globally integrates client requirements with
its extensive product offerings, including exchange-traded derivatives, managed
futures, prime brokerage services, fixed income, foreign exchange, equities, OTC
derivatives and asset management.
Worldwide Headquarters
REFCO Group
Ltd., LLC
One World Financial Center
200 Liberty Street Tower A
New
York, NY 10281
REFCO Overseas Limited
Trinity Tower, 9 Thomas More
Street,
London E1W 1YH England
+44 (0)20 7488 3232
About STB
Systems
STB is one of the world's leading vendors of automated compliance
reporting solutions for the financial markets. Founded in 1984, STB has offices
in London, New York, Hong Kong & Singapore.
STB's solutions are
designed to automate the critical controls that protect financial institutions,
handling internal & external reporting to satisfy the relevant regulatory
bodies and assist in compliance with anti money laundering
procedures.
The company is one of just six recognised by the Bank of
England for electronic reporting submissions and works closely with many other
respected industry bodies. STB's core competence puts them at the forefront of
regulatory & compliance technologies, offering best of breed solutions for
their customers.
www.stbsystems.com
Media contacts
STB
Systems
India House
45 Curlew Street
London
SE1 2ND
Tel: +44
(0)20 7403 2188
Fax: +44 (0)20 7403 4425
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Source : http://www.prweb.com/releases/2005/5/prweb240942.htm