If we believe the statistics provided by DTCC on the UAT website, the current rate of accepted reports is relatively low, barely more than one third (36%).After a few weeks of fine tuning, FinTeX Factor:y platform is very proud to disclose its statistics.If you want to get closer to 100% like us, we certainly can help you!
June 14th was the last day to send trades in the MAS DTCC Legacy environment for the first Dry Run.Unlike what was done under EMIR Refit by the main Trade Repositories, DTCC is performing a Dry Run to migrate data from the Legacy to the Rewrite environment, in order to ensure trades format is valid. DTCC gave clear instructions: the trades must comply with the ISO XML standard and certain characters are prohibited. This will avoid what many customers have experienced under EMIR Refit, ie. data partially migrated to the Refit environment, which created side effects (in particular, the inability to send valuations). We welcome the Dry Run initiative from DTCC and are excited to get the first results on June 18th. Another data migration Dry Run based on production data is expected later in July or August. This one will look more like a dress rehearsal.
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.