Clarient Partners with FIA Tech for CFTC Reporting
Centralized platform aims to simplify reporting process
![matt-stauffer-july-2014 matt-stauffer-july-2014](/sites/default/files/styles/landscape_750_463/public/import/IMG/605/313605/matt-stauffer-july-2014.jpg.webp?h=94f9eec5&itok=IkotiooZ)
Clarient, the industry-owned client data and documentation utility, and FIA Technology Services (FIA Tech), a wholly owned subsidiary of the Futures Industry Association, have partnered to introduce a solution to simplify the reporting process under new US Commodity Futures Trading Commission (CFTC) Ownership and Control Reporting (OCR) requirements.
The Clarient OCR service is intended to help both buy-side and sell-side firms prepare for the new CFTC rule, which is expected to take effect April 27, 2016.
The service, now live, provides users with a platform to collect, validate, store and designate futures commission merchants. Firms submit their data into the Clarient Entity Hub, which in turn provides OCR information that has been validated and reviewed, directly to the FIA Tech platform. FIA Tech then reports OCR information to the CFTC and relevant exchanges once the account has become "reportable", according to the current OCR rules.
Matthew Stauffer, chief executive officer of Clarient, says: "Working with our bank and asset manager partners, we continue to stay focused on developing a robust product roadmap to help clients better manage their entity data and meet the changing regulatory requirements. This partnership with FIA Tech represents Clarient's commitment to working with the industry to develop solutions that facilitate compliance with regulatory mandates."
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