Trade Reporting: over the first hurdle

Trade Reporting: over the first hurdle

View the Q&A

 

The deadline for trade reporting mandated by the European Market Infrastructure Regulation was 12 February, and many institutions worked hard to meet it.

In this webinar, Banking Technology, JWG and DTCC discuss how the industry has managed the transition and what challenges remain.

Initial conclusions post-launch which are covered in this webinar include:

  1. Where are we with EMIR trade reporting?
  2. What have been the main challenges for the market community gearing up to the launch date?
  3. Have you started reporting data to regulators?
  4. What are the next milestones for EMIR trade reporting?

Speaker details

Stewart Macbeth, President and Chief Executive Officer, DTCC

Prior to joining DTCC in 2009, Macbeth was a Managing Director at UBS, most recently serving as the head of Operations Risk and Business Architecture globally. Prior positions include the global head of OTC Derivatives Operations from 2002 to 2005. He previously ran UBS’s fixed income derivatives operations globally from 1996 through 2002. During that time, he established credit derivatives support activities along with the design and implementation of settlement and confirmation applications.

PJ Di Giammarino, Chief Executive, JWG

Former COO IT at Barclays Capital, PJ is the founder and CEO of JWG – a think-tank recognised by regulators, financial institutions and technology firms as the independent analysts to help determine how the right regulations can be implemented in the right way.  He works with executives in top financial institutions, and with their regulators and suppliers, to bring practical insights into the implementation global regulatory reform.

David Bannister, Editor, Banking Technology

David Bannister is the editor of Banking Technology, one of the leading fintech publications in the industry. He has been covering technology issues for 35 years and specialising in financial technology for the past 24, contributing to a range of titles including Dealing with Technology, Waters magazine, Financial Markets IT, Financial News, the Financial Times, and The Times.

Tags: Archive, Banking Technology, DTCC, Featured, JWG, Regulation
Questions
  • Nicole Ramson March 12, 2014 at 11:00 am

    The webinar has started – if you are experiencing problems with the live streaming then please click here to view the non streaming version: http://webinars.bankingtech.com/webinar/non-streaming-version/

  • Tim Reucroft March 12, 2014 at 11:09 am

    1. Are you reconciling with other TRs?

    2. Will you publish information in terms of message types (new trades, updates, errors etc) and number of customers and number of counterparties? (Like KDPW).

    • Stewart MacBeth March 12, 2014 at 11:25 am

      1. Yes – we are running daily processes to reconcile 2. We have started to publish data on positions and activity on our website, but not other data at this stage, you can reach it through http://www.dtcc.com

  • Kristian March 12, 2014 at 11:10 am

    A lot of clients has been onboarded to the reporting platforms. What is your view on how many still haven’t started reporting yet due to tech reasons etc.?

    • Stewart MacBeth March 12, 2014 at 11:26 am

      This is difficult for us to gauge. We are working closely with customers who have onboarded and directly supporting them, and continue to see new customers at this stage. We haven’t really seen a slow up in new customers yet

  • Glen Wearon March 12, 2014 at 11:22 am

    Would be interesting to see which CA’s the DTCC have started to report to out of the 28?

    • Stewart MacBeth March 12, 2014 at 11:29 am

      We are seeing requests from the NCAs to get access, the first few were market reguators from Western Europe.

  • Ian J Sutherland March 12, 2014 at 11:23 am

    When will the recording of this be available for others to listen to?

  • Saajidt March 12, 2014 at 11:24 am

    This was a good overview on where the industry is with Trade Reporting. I would have liked to hear more about how DTCC/Market might address issues such as Delegated Reporting, LEI Adoption etc..

  • Ian J Sutherland March 12, 2014 at 11:29 am

    Thank you David

  • Ian J Sutherland March 12, 2014 at 11:31 am

    If the issuance of LEI’s is anything to go by, many likely entities have not turned up to play yet! Lats I looked the number had just tipped over 200,000.

    • PJ Di Giammarino March 12, 2014 at 11:34 am

      Yes, the numbers are below expectations and we have many LEIs to issue for European trading. Even worse, the EBA has recently mandated that we need many additional LEIs for risk reporting this year as well!

  • Kelly-Anne March 12, 2014 at 11:36 am

    Have many corporate customers of DTCC been successful in reporting their trades? I haven’t yet been able to use DTCC to do mine.

    • Stewart MacBeth March 12, 2014 at 12:07 pm

      I haven’t looked at stats by client type – but happy to take up any individual customer’s issues

  • nataliecompton March 12, 2014 at 11:37 am

    Are there enough viable third party reporting solutions for firms and corporates available for Europe right now?

    • PJ Di Giammarino March 12, 2014 at 11:41 am

      When we speak to those that should be dying to use reporting solutions from 3rd parties we find they are disappointed in the current offerings for them. This is probably due to a number of historic grey areas that should now be a bit more clear. JWG believes there is a real market for those that would like to offer robust solutions

  • JimDev March 12, 2014 at 11:38 am

    When will there be enough clarity for third party reporting providers to be able to offer viable solutions?

    • PJ Di Giammarino March 12, 2014 at 11:51 am

      When we know the shape of the MiFID transaction reporting standards (later this year) and how many times it is likely that we will need to dig up the reporting infrastructure I would suspect there will be many more robust solutions coming on to the market. Bottom line, if the regulators get serious about compliance, the market will be VERY hot.

  • Stewart MacBeth March 12, 2014 at 11:40 am

    From my perspective this is still developing and will evolve, so in future there will be more offerings

  • Ian J Sutherland March 12, 2014 at 11:44 am

    There is the issue that for many that delegation is not an easy option it may first appear. The information required does not flow fully, the work required to provide oversight maybe almost as much as doing the reporting and once delegated this may limit future operation model flexibility.

    • PJ Di Giammarino March 12, 2014 at 11:47 am

      Amen. Market participants retain accountability for their reports even if they do delegate them. Nevertheless, with the right standards and ‘trade reporting user pack’ it can be done. If we could do transaction reporting – we can do this!

  • Stewart MacBeth March 12, 2014 at 11:47 am

    We have about 200 vendors that we have contact with for trade reporting. Some are pure IT providers, others are service bureaus and administrators. A good number have some sort of active offering currently, and this will evolve, but it is difficult to understand the timescale for this

  • David Bannister March 12, 2014 at 12:08 pm

    Thank you for all your questions. The Q&A is now closed. You can forward any further questions you may have to David Bannister by emailing david.bannister@informa.com. Thank you all for joining us.