Financial reporting and collateral custody ramped up at State Street
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Financial reporting and collateral custody ramped up at State Street 08 May 2013London Reporter: Georgina Lavers
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State Street has enhanced its financial reporting and collateral services to help clients comply with regulations, manage risk and automate their disclosure requirements.
State Street’s new ProNavigator solution enables asset managers to automate their registration forms (including the prospectus and statement of additional information) in multiple formats.
“The new solution enables auto-composition and helps to streamline disclosures that are required across multiple fund registrations,” said a statement from the firm. “It provides clients with one source document that reduces the risk of regulatory reporting errors, lowers typesetting and EDGAR conversion costs and streamlines production review and sign-off.”
As for managing counterparty risk, State Street pointed to Dodd-Frank legislation that enables collateral to be held by independent third-parties such as themselves.
In response, the firm has expanded its tri-party collateral custody capabilities to all clients and broker dealers to help mitigate risk and maintain control of pledged assets.
“The new solution, Collateral Custody Service, provides a segregated account structure and can be offered as an independent, stand-alone service or as a component of broader solutions.”
“It compliments State Street’s DerivOne suite, an end-to-end derivatives solution that includes servicing, custody and accounting, collateral management, valuation, and risk and analytics.”
Finally, in the wake of global derivatives regulation, State Street has also strengthened its collateral management solution to incorporate margin automation technology. “As the amount and frequency of required collateral increase, automation will be essential for clients to achieve timely and accurate messaging to increase operational efficiencies,” said the firm. ?
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