State Street has introduced new Government Accounting Standards Board (GASB) reporting services designed to help public pension funds comply with the GASB Statement Number 53, Accounting and Financial Reporting for Derivatives Instruments. According to the announcement, State Street’s on-demand reporting capabilities help clients meet additional disclosure requirements for the types and fair value of derivatives entered into as well as their associated risks, including credit risk, interest-rate risk and foreign-currency risk.
The GASB 53 service joins State Street’s suite of regulatory reporting capabilities for derivatives, which includes FASB 161 and 157, aimed at providing greater transparency into client portfolios.
State Street’s OTC Hub, its derivative servicing platform, spans the full life cycle of a trade, from execution to maturity, automating processing across the middle and back offices, including electronic trade flow, allocations, reconciliation of positions and cash flows between the middle and back offices, settlement and client reporting. The hub uses industry-standard Financial products Markup Language (FpML) to link to industry utilities and third-party providers.
The platform is integrated with State Street’s OTC service to value derivatives, an independent service providing valuations and validations to reduce pricing risk. The hub is also integrated with State Street’s comprehensive collateral management services to help mitigate counterparty risk.
More information is at http://www.statestreet.com.