Australian Derivatives Reporting

What is Australian Derivatives Reporting?

Australian derivatives reporting is the Australian Securities and Investments Commissions (ASIC) interpretation of the G20 initiative to increase the transparency of the global derivatives market. As part of the regulation non-Australian banks can report to a prescribed Trade Repository in their native format.

Timelines

  • 1 April 2014 - "Reporting entities" with ≥ $50m OTC notional outstanding required to report credit and interest rate derivatives

  • 15 July 2014 - UnaVista  Australian Reporting UAT is available1 October 2014 - "Reporting entities" with ≥ $50m OTC notional outstanding required to report other asset classes; remaining ‘Reporting entities’ required to report credit and interest rate

  • 13 April 2015 – 3a entities for credit and interest rate transactions to licensed or prescribed repository

  • 2 October 2015 – 3a entities reporting for all asset classes to a licensed trade repository

  • 4 December 2015 - 3b entities all asset class transactions to a  licensed repository

Who is affected by this regulation?

If you are an Australian reporting entity, or a responsible entity (RE) or trustee acting in its capacity as RE or trustee of an Australian entity, you will need to comply with the Australian reporting requirements under the derivative transaction rules.

Where a reporting entity is incorporated or formed in another jurisdiction, the reporting entity can report information about reportable transactions to a local prescribed repository in accordance with a substantially equivalent reporting obligation in that jurisdiction. Acceptable jurisdictions include EU (EMIR), United States (Dodd-Frank) and Japan. They are also expecting to accept Hong Kong, Singapore and Canada when they become operational. See ASICs website here for more details.

How UnaVista can help

UnaVista is a prescribed Trade Repository

UnaVista is an approved leading trade repository in the EU for EMIR. On 13 June 2014 the Federal Register of Instruments registered UnaVista as a prescribed trade repository with an ongoing mechanism for prescription. EU incorporated or formed entities needing to report Australian derivatives can do so through UnaVista in the same format they use for EMIR.

Benefit from our transaction reporting experience

London Stock Exchange has been transaction reporting since its inception in 1989. In 2010, working with major institutions, we created UnaVista Transaction Reporting. The service is more flexible, developed a wider choice of interfaces, and improved its validation. Now, it doesn’t just meet the regulators requirements – it exceeds them, reducing the risk of incorrect, late or duplicate reporting.

Have one system for all of your transaction reports

UnaVista allows you to report on every reportable asset class, including derivatives with the new Aii code.

Be confident you have been compliant

Regulatory authorities encourage firms to regularly review the integrity of their transaction reporting to ensure they have been successfully submitted". UnaVista assists with this process by enabling firms to reconcile between their own back-office data, the data held by UnaVista and the data held trade repository.

Have a system with smart validation

UnaVista Transaction Reporting does all the mandatory validation you would expect. But it also validates the data by checking it against the reference data sources you choose, such as ESMA’s list of regulated markets, MiFID eligible securities and the London Stock Exchange’s SEDOL Masterfile. UnaVista enables users to correct exceptions manually, export selected reports, clear non-relevant exceptions, as well as a number of other exception management tools.

Save the cost of middleware

You can submit transaction reports in any UnaVista endorsed format, which UnaVista then standardises for derivatives reporting to the specified format of the authorised trade repository. This reduces the need for expensive middleware.

Know what’s happening in your business all the time

You can receive alerts based on your custom tolerances and thresholds for things like transaction volumes or transaction size. This ensures you are never surprised late on by a problem of which you were unaware.

Improve your workflow

You can set different levels of access for individuals or groups, so people only see the information you want them to see. You can also set as many mandatory audit steps as you like. As a result, you’ll know that the right checks are in place. You’ll also have a full audit trail if you need to check back over things later on.

Get the management information you need

You can use UnaVista to monitor trends within your transaction reporting, helping you identify where errors are recurring. You can use UnaVista to take a snapshot of all your transactions at any time, choose from a variety of report templates, or create your own custom report. You can even include a variety of charts from the dashboard.

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