May 2024 - FinTeX - Finance & Technology eXpertise

MAS Rewrite, the next challenge

The Monetary Authority of Singapore’s new version of its OTC derivative reporting, “MAS Rewrite”, will go live in October 2024.As MAS aims at aligning with other regulators, Rewrite introduces some concepts that we are already familiar with, following EMIR Refit implementation. We have identified, among the main points of attention: alignment to global UTIs and UPIs standards generalization (less exemption) of collateral reporting reportable fields extension to 134 reporting of FX Swaps as two separate transactions linked through the “swap link Id” ISO 20022 XML messaging format More to come as we are getting prepared for the DTCC UATs on June 14th.

EMIR REFIT is behind us.

Congrats to those who went through this major milestone without experiencing any reject from the Trade Repository! Our clients using FinTeX Factor:y solution had to deal with some rejects on ETDs valuation concerning the stock of open positions reported in EMIR legacy version that must continue to be kept alive (Valuation update, Modification, Exercise, aso.). Like them, you certainly faced similar problems with stock transactions (sometimes in a large proportion) that required to be updated at the Trade Repository to ensure they continue to be reported correctly (Valuation in particular). And although the regulator tolerates a 180-days period to make the stock compliant (ITS Article 10(2)), the flexibility and agility of Factor:y allowed our clients to fix these issues right after go-live, as our solution allows them to send the necessary update events quickly and effectively.