TriOptima addresses February repository rules
31 October 2013 New York
Image: Shutterstock
TriOptima has launched a UTI (Unique Trade ID) pairing functionality to assist firms preparing for the European trade repository reporting, which will be effective from February 2014.
The service accommodates paper-confirmed trades and foreign exchange trades without a common match ID.
EMIR trade reporting rules require that trades outstanding during the specified period before the effective date be reported to a trade repository. In order to achieve this backloading, firms must agree UTIs for those trades. TriOptima’s new service enables firms using triResolve to assign a UTI to paper-confirmed OTC derivative trades and FX trades lacking a common match ID.
This new service leverages triResolve’s population of matched trades to centrally generate UTIs where a common match ID does not exist. If one side has already generated a UTI, triResolve will share the UTI with the counterparty. While many OTC derivative trades are electronically confirmed, there is an inventory of paper-confirmed trades or FX trades that will require counterparties agree a UTI for reporting purposes.
“Standard identifiers are essential to realising the benefits of increased regulatory reporting, and we are delighted to support our subscribers in the key role of assigning and distributing these identifiers,” said Raf Pritchard, CEO of triResolve.
“With more than 600 firms using triResolve and a database of over seven million trades, leveraging the triResolve network to facilitate compliance is an efficient and transparent solution. triResolve offers detailed trade information, analytical tools and a communications platform that will support the new reporting requirement.”
The service accommodates paper-confirmed trades and foreign exchange trades without a common match ID.
EMIR trade reporting rules require that trades outstanding during the specified period before the effective date be reported to a trade repository. In order to achieve this backloading, firms must agree UTIs for those trades. TriOptima’s new service enables firms using triResolve to assign a UTI to paper-confirmed OTC derivative trades and FX trades lacking a common match ID.
This new service leverages triResolve’s population of matched trades to centrally generate UTIs where a common match ID does not exist. If one side has already generated a UTI, triResolve will share the UTI with the counterparty. While many OTC derivative trades are electronically confirmed, there is an inventory of paper-confirmed trades or FX trades that will require counterparties agree a UTI for reporting purposes.
“Standard identifiers are essential to realising the benefits of increased regulatory reporting, and we are delighted to support our subscribers in the key role of assigning and distributing these identifiers,” said Raf Pritchard, CEO of triResolve.
“With more than 600 firms using triResolve and a database of over seven million trades, leveraging the triResolve network to facilitate compliance is an efficient and transparent solution. triResolve offers detailed trade information, analytical tools and a communications platform that will support the new reporting requirement.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
.jpg)