It’s official: the Commodity Futures Trading Commission (CFTC) has delayed its trade reporting rules rewrite to December 5, 2022. 尽管延迟了, 存 encourages clients to fast-track their preparations for the CFTC rewrite or any of the other upcoming derivatives trade reporting rule revisions.
Related: 存's Chris Childs on Bracing for Trade Reporting Changes
In a recent virtual event, 存’s panel of trade reporting experts, 卡洛琳Kostelny, 企业管理, 存咨询服务, 马克Steadman, Executive Director and Head of 存报告中心®, 和瓦尔·沃顿, Managing Director of Product Development and Strategy for 存’s 存储库 and 衍生品服务 (RDS) discussed and how 存报告中心的年代, 存咨询服务 can help clients tackle their CFTC reporting data quality challenges.
If you missed the live webinar you can click here to register to watch the replay. An overview of the conversation is below.
- 两步实现: The CFTC rewrite will now be implemented in two parts. Phase 1 focuses on the technical message specification which adopts many of CPMI-IOSCO’s Critical Data Elements (CDE) and the Unique Trade Identifier (UTI), and introduces new Validations, 动作类型, and the reporting of Collateral. Phase 2 will now include the implementation of the Unique Product Identifier (UPI) and ISO 20022 XML, currently expected to go into effect in late 2023.
- Updated and New Requirements: Other significant changes of the CFTC rewrite include updated reconciliation requirements and rules on the processing of corrections, and the introduction of a transition process where firms are required to upgrade historical live records.
- Navigating the Shifting Landscape: Updating internal operations and technology systems to be able to source and report trade data in compliance with the CFTC’s revised rules is a taxing undertaking on its own, 对很多人来说, these challenges are compounded by the upcoming refits and rewrites across other global derivatives reporting regimes. Adding to the complexities of adjusting to revised reporting rules, we’re also operating in a climate of enhanced regulatory scrutiny. 事实上, since 2019 the CFTC has fined firms nearly $20 million for failure to comply with their reporting rules*.
- 下一代解决方案: When it comes to their reporting infrastructure, 控制和过程, clients should consider finding a service that delivers the greatest value while addressing their trade reporting challenges. 存’s Report Hub is a highly efficient pre and 帖子 trade reporting solution that can help clients manage the complexities of meeting multiple regulatory mandates across 14 jurisdictions. With comprehensive jurisdictional and regulation coverage, the service can help firms mitigate compliance risks, enhance operational efficiencies, 降低成本.
- Our Expertise, Your Organization: 存咨询服务 is uniquely positioned to provide clients with consulting services that tap into the breadth and depth of our experience to help you transform your trade reporting operations, 提高效率, 降低风险, 降低成本.
The changes introduced by the CFTC rewrite are not insignificant, but 存’s Report Hub and 咨询服务 clients can help fast-track your readiness. Reach out to get started today.
*Data derived from the CFTC website