Caverion faced a challenge with reporting duties stipulated by EMIR (European Market Infrastructure Regulation). In the European Union, all derivatives exchange transactions must be reported to a trade repository on a daily basis.
Tanja Träff, Treasury Controller at Caverion, wanted to keep manual report work to a minimum so she was pleased to find out that Youredi's EMIR Trade Repository Connector enabled automated reporting.
Youredi Trade Repository Connector reads data from a database or transaction file and enables direct connectivity to a selected trade repository. Youredi's service also enables automated error detection: rejected messages trigger alarms via SMS or email.
Caverion uses the Youredi Trade Repository Connector to report information about their internal trades to a chosen trade repository. Automated reporting makes this every-day job fluent and reduces the possibility of errors.
"It was clear from the beginning that the reporting needed to be automated. In this kind of process manual work just doesn't add any value."
Caverion had several options on how to implement EMIR reporting but decided to choose the Youredi connector due to its cost-effectiveness. Also the alarm feature was convincing: it is important to keep track of the process at every turn.
Caverion had major changes in IT infrastructure and applications simultaneously during the integration project so the release was delayed slightly from that originally agreed. Despite this Träff is pleased with the Youredi integration service.
"After the changes in our IT infrastructure were completed the Trade Repository Connector project went smoothly and without problems. We got exactly what we ordered."
This schedule delay could have raised problems and annoyance in both parties but a high-level of professionalism and good teamwork turned the slow start into a successful end result.
"Even though this was a long process the quality of the Youredi service never decreased. It was easy to work with people who are professional and sociable at the same time", Träff explains.
EMIR was launched in February 2014 and already the ESMA (European Security and Markets Authority) has announced some changes related to the reporting methods. These changes obligate all counterparties, including Caverion, to update their reporting processes.
"Even though the Youredi service is working the way we want at the moment, there is always room for improvement. It is reassuring to know that we can make any adjustments in co-operation with Youredi's integration service professionals who know what they are doing", Träff says.