eToro
Smart and accurate CRD IV reporting
was guaranteed for this social
investment broker.
eToro is a rapidly growing social investment broker. Recognised as pioneers of ‘social trading’ – the practice of trading socially, sharing trading knowledge and giving users the ability to follow other traders, and profit from their trades. Quick to adapt to trader demands, eToro’s cryptocurrency fund provides their clients with quick and easy access to Bitcoin, Ethereum and five other cryptocurrencies.
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Stemming from the FCA’s requirements for stronger data validity, eToro received a letter noting some inconsistencies in their submissions. “We’d been submitting COREP with our previous provider for four years” says Kreeson Thathiah, eToro’s Head of Finance and Client Money. “I was concerned to find out that whilst our returns had all been accurate, an error in our previous suppliers’ software had distorted our numbers and incorrectly converted our templates.”
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Looking for an alternative solution to help resolve these errors, Kreeson reached out to ARKK. “I’d worked with ARKK previously and remembered their solutions being very user friendly an easy to follow.” Within two weeks, Kreeson switched to ARKK, and the team got to work on supporting eToro through four years of resubmissions.
1
Stemming from the FCA’s requirements for stronger data validity, eToro received a letter noting some inconsistencies in their submissions. “We’d been submitting COREP with our previous provider for four years” says Kreeson Thathiah, eToro’s Head of Finance and Client Money. “I was concerned to find out that whilst our returns had all been accurate, an error in our previous suppliers’ software had distorted our numbers and incorrectly converted our templates.”
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Looking for an alternative solution to help resolve these errors, Kreeson reached out to ARKK. “I’d worked with ARKK previously and remembered their solutions being very user friendly an easy to follow.” Within two weeks, Kreeson switched to ARKK, and the team got to work on supporting eToro through four years of resubmissions.
“I was delighted with how well the Support and Product teams managed the process. I could tell I was in good hands.”
Ensuring accurate resubmission
Due to these legacy challenges, eToro was determined to get the resubmission right the first time. Using ARKK’s data repository and HTML viewer, Kreeson uploaded their previous XBRL submissions and transformed these back into editable Excel files. The ARKK team built and ran a macro to reset the figures, making adjustments in line with the FCA and EBA’s requirements.
Seamless collaboration
In addition to the solution, Kreeson had access to ARKK’s expert support team for reconverting and editing previous returns. “The information that came back from ARKK was so clear and transparent,” adds Kreeson. With a consistent contact working on the returns, Kreeson felt confident in ARKK’s ability to deliver. “If I wanted an update or needed to ask a question, I’d get straight on the phone, and I never needed to wait.”
Impressive turnaround results
As a result, eToro re-uploaded four years of submissions to the FCA in just one week. “I expected this process to take far longer,” adds Kreeson. “I was seriously impressed at the speed we managed to get all of our returns resubmitted.” This quick turnaround highlighted the efficiency and effectiveness of ARKK’s solutions.
Tackling validation errors
Even for experienced CRD IV filers, understanding the EBA’s validation errors is among the biggest challenges, as changes occur with each release of a new taxonomy, which are not always clear. “With ARKK, I really like the ability to click a validation error and go straight to the cell with the issue. I don’t think most people can imagine it being that simple!” says Kreeson. The ability to solve errors directly without decoding the jargon-heavy messages saves the team considerable time.
Enhancing workflow efficiency
In addition to the direct link to validation errors, eToro appreciated ARKK’s templates, which are all contained in one workbook. “With previous suppliers, I’ve seen separate workbooks for every return,” adds Kreeson. “It’s much easier to work on the same file for all returns and creates a far slicker workflow across different teams.” This unified approach streamlined their processes and improved collaboration.
Impressive results with ARKK
With ARKK, Kreeson was able to resubmit 16 COREP and 12 Asset Encumbrance reports, resolving all inconsistencies from his previous provider within just one week. Thanks to ARKK, eToro now benefits from a smoother workflow using a single CRD IV Excel workbook, allowing for swift click-through access to any validation errors. “For any fellow Finance peers with concerns around the FCA’s new guidelines, ARKK is the sure-fire way to get things right and get them done quickly.”
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