London-based securities and investment banking firm Mizuho International has licensed the Common Reporting (COREP), Financial Reporting (FINREP) and Liquidity Coverage Ratio (LCR) modules of Basel III solution from Wolters Kluwer Financial Services.
All these new technologies will help the company in the automation of Basel III regulatory reports which were drawn in May 2011 by the European Banking Authority (EBA) and Financial Services Authority (FSA).
These requirements have been introduced as part of a harmonized reporting initiative and the new Capital Requirements Directive IV and Basel III, which require that all UK companies to submit new regulatory returns in 2013.
Mizuho International information systems department executive director Simon Norris said, "We chose Wolters Kluwer Financial Services again because of the breadth of reporting, its business model to provide on-going software updates so that we remain compliant with regulations as they change, and the confidence we have that Wolters Kluwer Financial Services will continue investing for the long term."
Wolters Kluwer Financial Services’ regulatory reporting system is underlined by a global regulatory data model, which collates, validates and reconciles data from multiple sources and back office systems, making it accessible across the bank as a single auditable data set.
Mizuho International will be able to rationalise its regulatory reporting infrastructure, especially with the global regulatory data model in place.
The company will gain access to Wolters Kluwer Financial Services’ Regulatory Update Service (RUS), which will help them to remain up-to-date and compliant with the ongoing changes in all regulatory requirements including templates, data management and market risk and credit calculations.
Mizuho International offers an array of services such as sales and trading in both debt and equity securities, the underwriting of new issues, M&A advisory and securities lending services.