STAMFORD, Conn., June 11, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Lumesis Inc., a financial services software firm providing business efficiency, regulatory and data solutions for the municipal bond marketplace under the DIVER brand, announced today that their DIVER Advisor active user base has grown by a factor of 5.5x (alternative: has grown 550%) since the SEC approved the MSRB's New Time-of-Trade Disclosure (Rule G-47), and amended Suitability (Rule G-19) rules on March 7, 2014. The Advisor platform is now generating tens of thousands of bond reports per month and registering, on average, two Municipal Bond Reports for every trade. These actions highlight the fact that Financial Advisors, Sales and Traders, are using the bond reports for research purposes, as well as for business efficiency and regulatory adherence purposes at or before the time of trade.
"The introduction of the new and amended rules is prompting many firms to re-examine policies, procedures and what is actually being done when a municipal bond is bought or sold to ensure compliance. This is especially important in this environment of heightened regulatory scrutiny," said Gregg L. Bienstock Esq., CEO and Co-Founder, Lumesis. "The rapid growth of our user base and the surge in Municipal Bond Report generation validates the platform's ability to support regulatory needs and demonstrates its capacity to increase business efficiency and enhance client service. We are excited to see our platform become the standard in municipal Time-of-Trade Disclosure."
President, COO and Co-Founder of Lumesis Tim Stevens, CFA added, "As we built Advisor, we engaged client and market participants to ensure the platform was versatile and addressed both regulatory and business needs. The Advisor platform leverages our core competencies in data and software development. These two critical proficiencies, combined with our municipal market expertise and commitment to meeting our clients' needs, allow us to bring products with significant value to the municipal market."
The Advisor platform was created to address the time-consuming and clarified requirements for Time-of-Trade Disclosure Obligation, Suitably determinations and Supervision requirements for municipal bonds. Municipal Bond Reports, which are at the core of the platform, aggregate key data and information for every municipal bond.
Demand for the Advisor platform along with the topical evolution of regulatory requirements prompted Lumesis to launch a series of thought leadership webinars focusing on the new and amended rules. To participate in the upcoming virtual event "Regulatory Requirements and Technology" scheduled for June 12 at 2 p.m. ET Register Here.
Founded in 2010, Lumesis, Inc. is a financial technology company focused on providing business efficiency, data and regulatory solutions for the municipal marketplace under the DIVER brand. Providing access to hundreds of datasets, DIVER solutions leverage the most current economic and demographic data available from both public and private sources, combine that with security master file data, credit ratings, continuing disclosures, price and yield data, news links and more. Our solutions are tailored to address the unique needs of our clients comprised of U.S. Banks, Broker/Dealers, Asset Managers, Insurance Companies, Hedge Funds and others.
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