Financial, software, data, and media company Bloomberg has declared the acquisition of global regulatory reporting software solutions provider RegTek.Solutions.
RegTek.Solutions provides modular software solutions developed with actionable regulatory intelligence.
Bloomberg will utilise the acquisition to widen its regulatory reporting services as the company strives towards delivering a “comprehensive service” that complies by current and upcoming regulatory reporting requirements across multiple jurisdictions around the world.
“The combination of RegTek.Solutions with Bloomberg’s Regulatory Reporting Hub (RHUB) allows us to substantially expand our regulatory reporting coverage, and offer quality and control tools to help our clients effectively meet the wide range of global reporting requirements,” said Alejandro Perez, global head of post-trade solutions, Bloomberg.
Clients will have access to a fully electronic reporting workflow including transaction reporting eligibility, data validation, enrichment and reconciliation.
It is expected to further help clients maximise accuracy and completeness in their reporting obligations.
“As regulations become more complex, buy- and sell-side firms are looking for providers who can help them address requirements across various jurisdictions, with the necessary workflows and data structure that allows firms to maximize overall accuracy and completeness in their regulatory processes,” concluded Perez.
Brian Lynch at RegTek.Solutions commented: “RegTek has built an award winning product and impressive, tier-1 client base.
“Combining our solutions with the strength and scale of Bloomberg’s RHUB services, as well as access to their market data, enterprise data management, analytics and enrichment capabilities will allow us to offer the cross jurisdictional, cross asset solutions that our clients demand.
“We can now continue to deliver sustainable compliance at a scale that will have a fundamental market impact.”