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Post Trade Control

for Derivatives


Control and harmonisation in action

Getting value from trade &

transaction reporting solutions

You are now live and fully compliant with all the various regulations

requiring reporting of your OTC and listed derivatives. You have

invested substantial time and money in achieving compliance but due

to the tight go-live dates your current solution is less than optimal

with limited transparency and still substantial manual overhead,

particularly in managing incoming information from the TR’s, and

satisfying your auditors.


Now, with the benefit of hindsight you realise that your reporting

solution could be improved, not only to solve the above issues but

also to provide a rich source of management and risk information.

The question is – how to do this without writing off your investment

and starting again, which is not viable practically or financially?


Message Automation has a leading cross-asset trade and transaction

reporting solution deployed around the world and covering multiple jurisdictions.

While most of our clients have implemented our full solution, many for multiple

jurisdictions, there are discrete elements of our overall package that can be used to

complement your current solution and solve the issues highlighted above in a surprisingly short

timeframe by combining our best-of-breed technology, our deep domain knowledge of trade reporting,

and our ready-made library of Trade Repository (e.g. DTCC, Unavista, Regis TR, etc.) and common source system (e.g. Calypso, Murex Summit etc.) formats.

Typical “problems”

You have built the solution, you extract data, enrich it and send it to the trade repositories but your end users don’t have any way of seeing exactly what has been sent or received back from the repositories.

This is a common concern, particularly from the Operations or Middle-Office managers we talk to.

MA has a state-of-the-art dashboard, insideTRACK, which is an integral part of all of our solutions. It can however, be deployed completely independently from our other core software. The dashboard offers the following benefits:-

You coded all the Dodd Frank logic, then you added to the code for the EMIR rules, now you have new jurisdictions you need to add plus ongoing changes to EMIR (Level 1 and beyond). This internal code is becoming difficult to manage and the people that wrote it have now moved on to new projects.

Determination rules are complex and are constantly evolving. Banks and Buy-Side firms that we talk to are now trying to replace hard-coded logic in favour of more flexible rules-based solutions.

MA has a best of breed decision engine which has already been configured to reflect industry standard reporting rules across multiple jurisdictions and repositories These can be supplied ‘off the shelf’ to new clients and then tailored to client-specific requirements, greatly reducing implementation time and cost and providing ‘future-proofing’ as we contract with you to maintain and update the standard rules sets.

For example, using your current Trade & Transaction Reporting inputs, our solution can determine jurisdiction scope and for each jurisdiction whether you are a reporting counterparty (DFA) or UTI generator (EMIR) and then allow you to monitor and track what was reported where for management and audit purposes.

You met all the initial requirements of Dodd Frank or EMIR but as reporting regimes evolve and regulators actually start to look at the data, it is difficult to change your solution to ensure that the content is complete and correct.

ESMA Level 1 validation rules are a good example of refinements being imposed on the market whereby previously ambiguous regulatory requirements are being made more prescriptive. This obviously makes sense from the regulators point of view and should facilitate inter-TR reconciliation.

As mentioned above, the MA solution includes a set of industry standard rules, developed for our existing clients across a number of jurisdictions and TR’s. These can be used either on a one-off or periodic basis to review your existing trade population and identify gaps in the data you are reporting;  or they can be inserted on an on-going basis as a validation layer which spots problems before trades are submitted to your TR. These industry standard rules can be supplemented by your own customised rules to provide a powerful audit check and/or pre-submission validation layer.

You have focused on getting trades reported to TRs by the required deadlines. However, you are now concerned that the actual data reported was incorrect or incomplete.

MA has deployed a matching solution with a number of clients which reconciles source data back to trade repository records to prove end to end that the bank has correctly reported for each jurisdiction as it should have done. We recreate reporting determination logic completely independently from your existing trade reporting solution. This allows us to define a “source” population by jurisdiction and compare this to the relevant DTCC position reports. Our end user dashboard allows users to easily match the two populations and manage any exceptions that come out of this process.

Brochures

Please download the info sheets:

Trade Reporting Trade Reporting.pdf

Why a Strategic Approach to Reporting Makes SenseWhy a strategic approach to reporting makes sense.pdf



Solutions


Post Trade Control

Affirmation & Platform Connectivity

Clearing Connectivity

House Clearing/Broker Clearing

Client Clearing

Inbound Clearing Reports

Trade & Transaction Reporting

Jurisdictions (Dodd-Frank, EMIR, Asian, Canadian, etc.)

MiFID II Reporting

UpUpcoming Changes- SFTR/

DF SEC/EMIR revision

Getting Value from Trade & Transaction Reporting Solutions

Product Identifiers

Position Verification

Collateral Messaging

Internal Trade Monitoring

Product Taxonomy



Quick Links


Solution OverviewTrade Reporting.pdf

Any Questions?


Collateral Messaging Inbound Clearing Reports Clearing Connectivity Affirmation & Platform Connectivity Internal Trade Monitoring Post Trade Control