Quick and Simple EMIR Compliance
The Biesterfeld Group, founded in 1906 in Hamburg, Germany, is a leader in the distribution of plastics, rubber and specialty chemicals as well as in the international trade of industrial and agricultural chemicals, and pharmaceutical raw materials and active ingredients. With an annual turnover of more than EUR 1.1 billion in 2014 and 750 employees, the partially family-owned company is active in more than 50 locations worldwide.
Head of Accounting/Finance, Biesterfeld AG
Biesterfeld trades worldwide in chemicals and sources its materials from around the world. This often requires hedging FX risk. With EMIR Biesterfeld group was placed in the category of NFC-firms with increased reporting obligations. It was therefore required to establish risk mitigation methods, such as the timely confirmation of transactions, portfolio monitoring and dispute settlement procedures. In addition, the company is required to undergo an audit in Germany. The decentralized structure of the company was a major obstacle in the implementation of EMIR compliance.
The Solution: Act locally, hedge and control centrally
Due to the positive working relationship with BELLIN, Biesterfeld decided to handle the reporting themselves, rather than delegating this function to the banks, especially since the responsibility for its accuracy and completeness cannot be delegated. In order to meet the new requirements, they needed a solution that could be implemented utilizing the systems already in place, and with limited resources. First, Biesterfeld categorized the companies by priority to design a rollout plan for the entire group. In order to control the EMIR compliance centrally, Biesterfeld decided to restructure the decentralized processes. For this, tm5, the web-based platform that was already a trusted system within the company, proved to be the best solution.
By using tm5’s intercompany trading platform, subsidiaries can make their binding assurance requests directly in the system. Thereby the trades are already recorded in tm5 and the central treasury is automatically informed. Trades are then carried out centrally via the trading platform 360T. Finally, with just the click of a mouse, the internal and external trades are reported directly to REGIS-TR. This is how tm5 enables Biesterfeld to stay EMIR compliant simply and quickly.Download the PDF here
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