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QFC Delay: Regulator Likely to Reject Requests For Deadline Extension

Transcend CEO Bimal Kadikar spoke to Global Investor about the current status and approaching deadline for QFC Recordkeeping compliance. Despite industry requests for a QFC delay, “…most market participants do not believe it will be approved, because the whole reason behind QFC Recordkeeping is that during times of turmoil and high volatility, if an institution is in trouble, they have a full picture of the financial contracts….The pandemic definitely had some impact on the preparation part. But, for the most part, I think most of the financial firms from a project planning perspective are not facing any major delays…”

Read the full Global Investor article for additional information.

QFC Delay Rejection
The Transcend Platform can help you meet your compliance needs on time, regardless of whether the QFC delay is rejected.

The Transcend QFC Recordkeeping solution automatically maps agreements, generates reports and performs validations to streamline compliance. Additional features include:

  • Captures, harmonizes and links all required positions, collateral, agreements, and reference data for in-scope products
  • Independent validation of reports against the latest specifications
  • Detailed visibility into all exceptions and resolution priority
  • Scalable, flexible technology that easily tailors to the required scope

Contact us today for a demo or click here to learn more.