Northern Trust has partnered with Sapient Global Markets for a new compliance management reporting solution that it says will help firms react more quickly to changing compliance needs.

Northern Trust has partnered with Sapient Global Markets to provide a new compliance management reporting solution that it says will help firms react more quickly to changing compliance needs.

Northern Trust said in a statement that it will now be able to deliver delegated reporting requirements for its clients under the Dodd-Frank Act and European Market Infrastructure Regulation for all derivatives, including over the counter/exchange-traded, cleared/bilateral and foreign exchange.

The CMRS tool imports client trade data in a single system to conduct trade reporting and reconciliation, including collateral and valuation, portfolio reconciliation, and dispute workflow.

The tool also supports Northern Trust's outsourcing, custodial, and fund administration functions, investment operations outsourcing and hedge fund services.

"The CMRS solution will allow us to automate key derivatives processes, which will improve efficiency and reduce costs. Additionally, it will enable us to streamline reporting and speed up the data collection, transformation and submission process, helping firms minimize business risk associated with non-compliance,” said Peter Sanchez, head of Northern Trust Hedge Fund Services.

"Our collaboration with Sapient provides our clients a market leading front-to-back derivatives operational and regulatory support model across all global client and asset types," he added.