The World of Derivatives: Reporting Across Borders
2019 was a year of expansion and enhancements to our 全球贸易存储库 (GTR)服务. 在瑞士, we attained recognition as a Foreign Trade 存储库, allowing us to support derivatives reporting under the Swiss Financial Markets Infrastructure Act (FMIA), 也被称为FinfraG. 此外，我们还推出了一款 新的门户 for clients in the APAC region to make it easier for them to access their data—an important initiative that aligned with the expansion of new reporting requirements to buy-side firms by the Monetary Authority of Singapore (MAS). 在欧洲, we navigated the political waters of Brexit, making sure firms would be able to meet their derivatives reporting mandates in the EU and UK.
建立MTU社区
With the continued rollout of uncleared margin rules globally, our community of users on the Margin Transit Utility (MTU) grew to nearly 50 firms connected to the 平台 including the leading dealers, 投资经理, administrators and custodian firms. This demonstrates our solution to automate margin settlement is filling a critical client need as the evolving regulatory landscape continues to impact the industry. Our decision to integrate MTU into our 机构贸易处理 (ITP) business will help us deliver a more streamlined process for clients in the coming years by providing firms with more holistic settlement management support across multiple asset classes.
ITP:力争金牌
Our 机构贸易处理 (ITP) business issued a white paper, Re-Imagining Post-Trade: No-Touch Processing Within Reach, 概述我们对开放的愿景, 帖子-trade infrastructure that eliminates many redundancies and reduces manual processing across asset classes from 帖子 execution to settlement finality, centralizes golden source data and provides the ability to materially reduce failure rates. 为了实现这一愿景, we announced plans to decommission the OASYS 平台 in 2021, setting a new path for a more seamless, automated trade matching and confirmation 平台. 结果是, clients will experience an improved central matching workflow, more robust settlement notification functionality and an increased ability to leverage 警报 浓缩. To further enable and encourage the movement of US volume, ITP achieved functional parity and harmonized pricing between OASY年代和 中医.
打破障碍
We took aim at overly long settlement cycles and trade fails caused by missing or inaccurate standing settlement instructions (SSIs) with the launch of a new smart 浓缩 capability called 警报 Key Auto Select (AKAS) last year. This service leverages a combination of Securities Market Practice Group rules-based logic and client-driven security profiles, enabling firms to agree to leverage 警报’s SSIs and identify place of settlement for a trade automatically, thereby reducing or eliminating manual touch points and trade exceptions. The result is a no-touch process that locks in preferred place of settlement on trade date.
SSI:铺平前进的道路
A variety of challenges with standing settlement instructions (SSIs), including human error due to manual processes, contribute to the high number of trade exceptions and fails. Solving this problem requires automating the input and maintenance of SSI data and creating an optimal custodian-managed workflow—an initiative we’re advancing by leveraging the 存 警报 平台. We shared our approach with the industry last year, 自动化路线图, which showcased how automation via a centralized SSI utility will unlock increased cost savings, data quality and timeliness for the industry.
Delivering Greater Value to 客户端s
On the heels of implementing a new pricing strategy for our SIFMU businesses (直接转矩, FICC和NSCC), we set our sights last year on delivering similar benefits to clients of 存储库 & 衍生品服务, 机构贸易处理 and 数据服务. 结果是一个简化的, value-based fee structure that increases transparency, reduces complexity and promotes industry efficiency. 期待, we intend to use this same approach when pricing our newest offerings, including our service to support Securities Financing Transactions Regulation (SFTR) and our new Report Hub.