RIMES RegFocus BMR Data Feed to help benchmark users mitigate risks associated with the EU Benchmarks Regulation
RIMES Technologies, the leading provider of managed data and RegTech services, today announces the launch of RIMES RegFocussm BMR Data Feed. The new service will help asset managers, banks and insurance companies ensure the benchmarks they use in financial instruments and contracts are compliant with the EU’s Benchmarks Regulation (BMR), which came into force in January 2018.
By mapping index reference codes across official symbols including ISIN, Bloomberg Ticker and RIC RegFocus BMR Data Feed provides firms with a complete repository of all indices authorized for use in the EU under BMR – including from administrators based in third-country jurisdictions. The service also draws on data from interviews with 350+ RIMES data partners as well inputs from ESMA and European regulators. Continually updated to keep pace with the developing benchmarks ecosystem, RegFocus BMR Data Feed removes uncertainty from the benchmarks landscape and helps firms maintain business-as-usual.
RIMES’ new service complements its existing RegFocussm BMR Control solution, which launched last year. RegFocus BMR Control is a comprehensive BMR solution for benchmark users, comprising inventory management, enrichment and control capabilities. RegFocus BMR Data Feed, meanwhile, offers a slimmed-down alternative for firms that just require a simple and easy way of identifying which benchmarks are authorized under BMR.
Alessandro Ferrari, CMO at RIMES commented: “While BMR has been in force for nearly a year, we’re in the middle of a regulatory transition period, and there’s still a great deal of uncertainty over what the benchmarks landscape will look like once the dust has settled. Our new service provides benchmark users with clarity into the unfolding situation and gives them the information they need to reduce the risk of non-compliance and avoid disruption to their businesses. What’s more, as a managed service benefiting from economies of scale, our solution enables firms to meet the challenges of BMR compliance cost-effectively.”