IHS Markit's Global Regulatory Reporting Solution's platform has been selected by Banco Santander to report OTC derivatives trades to multiple jurisdictions.

IHS Markit enables financial institutions to report OTC and exchange-traded derivatives trades to regulators across the globe via multiple trade repositories, approved reporting mechanisms (ARMs), and approved publication arrangements (APAs). The system manages the end-to-end reporting and reconciliation workflow by automatically capturing, normalizing, calculating, enriching, transforming, and submitting the required information to trade repositories. It can also reconcile trade repository data with a firm's in-house and external data sources. IHS Markit's Integrated Reporting is a dedicated platform that manages all functional requirements for trade reporting, including cross-asset coverage, valuation and collateral reporting, reconciliation, and multi-jurisdiction support, including G20 jurisdictions such as ASIC, CFTC, CAD, MAS, HKMA, SEC and EMIR, as well as MiFID II and Securities Financing Transaction Regulation (SFTR).

"The IHS Markit team is delighted to be working with Banco Santander," said Pierre Khemdoudi, Senior Vice President, Equities and Regulatory Reporting, IHS Markit. "The Banco Santander team has demonstrated its commitment to operational efficiency throughout our engagement, coupled with a powerful command of financial market standards. We look forward to working in partnership to roll out IHS Markit's trade reporting solution."

About IHS Markit

IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.

About Banco Santander

Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of the first quarter of 2021, Banco Santander had €1.1 trillion in total funds, 149 million customers, of which 23.4 million are loyal and 44.2 million are digital, 10,800 branches and 190,000 employees.

Posted 11 May 2021 by Struan Lloyd, Managing Director, Head of S&P Global Market Intelligence Cappitech