With an objective to become a multi-asset class, global swap data repository, Reval SDR, Inc., a wholly-owned subsidiary of Reval Holdings, Inc., has completed the registration with the U.S. Commodity Futures Trading Commission.
As a new entity created by the Dodd-Frank Act, an SDR provides a central facility for swap data reporting and recordkeeping. The swap data repositories are required to comply with data standards set by the CFTC.
According to a press release, Reval SDR, Inc. will service the reporting and compliance requirements of over-the-counter derivative use as specified in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Reval SDR will leverage the technology of Reval, the Reval SaaS (News - Alert) solution, which is an integrated Software-as-a-Service (SaaS) solution utilized by nonfinancial corporations for derivative risk management and hedge accounting, and by swap desks of financial institutions to service the derivative valuation, risk and reporting needs of their nonfinancial corporate clients.
As a multi-tenant, secure and scalable hosted SaaS solution, the Reval SaaS solution provides easy access over theIinternet. It came to market more than a decade ago with the advent of the Financial Accounting Standard Board's hedge accounting standard FAS No. 133.
"We believe we are uniquely positioned to provide benefits to reporting entities that other registrants cannot match," said Jiro Okochi, CEO and chairman of the board for Reval SDR, Inc., in a statement.
According to Reval, its service will help swap dealers and major swap participants report and comply with the Dodd-Frank's mandate that all cleared and uncleared swaps be reported to registered swap data repositories.
Okochi added, "In addition to becoming a multi-asset class SDR, we believe our competitive edge is our deep experience in handling customized, tailored swaps that will most likely not clear under Dodd-Frank. We also believe we will be the preferred SDR for SEFs and DCOs as we have no conflicts of interest from ownership by any swap dealer or from plans to become a SEF or clear swaps."
Okochi further added, "We look forward to assisting Federal regulators in fulfilling the promise of a transparent market and reducing systemic risk and are happy to bring reporting entities another choice in SDR services."
Last year in October, Reval had announced the launch of its enhanced, all-in-one SaaS solution for integrated enterprise treasury and risk management.