As financial institutions globally continue to try and keep pace with the regulatory reporting requirements, they continue to face challenges both due to the evolving nature of requirements itself as well as the external environment in which these regulations operate. Uncertainty around factors like Brexit transition, ESMA delays on trading venue transparency decision and ambiguity in deferral rule calculations for individual countries are now causing significant challenges to the operating models of the banks and their adaptability. Banks also need to ensure they navigate these challenges in the midst of an increasing regulatory focus on the robustness of the process and quality of data.

In this paper, we delve into the most significant challenges, the implications and focus areas for banks in the pre-trade transaction and post trade report submission process. We also look at how Quality assurance function is getting evolved as a key lever to address these challenges and fulfill the compliance and reporting obligations.