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.
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.
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Source : http://www.prweb.com/releases/2005/5/prweb240942.htm