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jurisdictions – starting with ESMA and the CFTC – are embarking on a round of rules rewrites , which will in turn require more industry spend to adapt their reporting protocols and infrastructure .
The market ’ s need for a suite of pre- and post-reporting services that can help alleviate the burden on in-house technology and staff tasked with building and supporting complex systems to meet the periodically changing regulatory requirements of both derivatives and SFT reporting mandates – as well as increase operational efficiencies and drive down costs – first became obvious a few years ago .
If we could give clients a single platform to perform all their preand post-reporting reporting tasks , not only across asset classes but also across regulatory regimes , it would be a game-changer .
What services does DTCC Report Hub offer ? Childs : We designed DTCC Report Hub to address the numerous pre- and post-reporting tasks that can help firms reduce regulatory compliance risk and cost . At its launch in early 2020 , DTCC Report Hub services were limited to SFTR , in order to ease firms ’ efforts to manage their pre- and postreporting requirements under this new regulation .
By year-end , we had expanded coverage to derivatives reporting , a move facilitated by DTCC ’ s acquisition in December of the Compliance Management Reporting System platform ( CMRS ) from Publicis Sapient . Integration of CMRS into DTCC Report Hub will transform the pre- and postreporting landscape for firms by delivering a unified pre- and postreporting platform at a critical time , just as regulators are preparing to enact more changes and additions to reporting rules for derivatives . With the addition of CMRS ’ capabilities , DTCC Report Hub enables firms to consolidate their pre- and post- reporting activities for multiple jurisdictions – US , UK , Europe , Canada , Israel , Singapore , Australia and Hong Kong . This breadth of coverage can help firms maximise their operational efficiencies and compliance-risk mitigation , reduce costs and free up staff for other priorities .
What kinds of pre- and postreporting tasks are involved ? Childs : At the pre-reporting end of the trade reporting lifecycle , the DTCC Report Hub pre-reporting suite of services streamline the workflows required to prepare trade data for submission to a TR or Approved Reporting Mechanism ( ARM ). These services include data normalisation , data enrichment , jurisdictional eligibility analysis and advanced
48 // TheTRADE // Spring 2021