Qomply launches direct-to-FCA trade report solution that bypasses ARM
“Certainly, for back-reporting large volumes of data, QomplyDirect removes extra ARM fees by offering the flexibility of sending reports directly to the FCA via a firm’s own infrastructure.”
Qomply has launched a first-to-market solution that enables firms to send their transaction reports directly to the FCA – gaining control; shedding costs.
QomplyDirect is an integrated solution for firms wanting to take control of their transaction reporting and their costs. The solution is expected to disrupt the market by enabling firms to send their reports directly to the FCA eliminating the need for an Approved Reporting Mechanism (ARM).
The solution takes care of enrichment, validation, quality assurance, and the entire end-to-end submission process in a full service that allows firms to regain control of their reporting and bring all processing under one roof, without the cost or complication of engaging an ARM.
The first platform in the UK market of its kind
Michelle Zak, Co-founder of Qomply, commented: “QomplyDirect is the first platform in the UK market that enables you to send your trade reports directly to the FCA, bypassing the ARM, giving firms more control in managing their transaction reporting and the associated costs. QomplyDirect consolidates and streamlines the transaction reporting processes and can deliver significant cost savings.
“Certainly, for back-reporting large volumes of data, QomplyDirect removes extra ARM fees by offering the flexibility of sending reports directly to the FCA via a firm’s own infrastructure.”
QomplyDirect is said to offer several options from a staged migration to a full end-to-end service, which means that firms wishing to undergo a staged migration can continue using the ARM to submit their data in conjunction with QomplyDirect as it connects directly to most leading ARMs.
For firms wishing to implement a completely “hands-off” solution, QomplyDirect can be used in conjunction with QompyEngine that will take raw trade files directly from a drop point, create the transaction report on behalf of the firm and then enrich, filter, validate and send. Large data volumes can be managed effectively via the Qomply API.
