MAS (Singapore) Reporting Solution
Summary of the regulation
As part of the set of G20 commitments to better regulate the over-the-counter derivatives markets, in 2013 the Monetary Authority of Singapore implemented a transaction reporting regime for these derivatives, to better monitor for systemic financial risk.
Titled the “Securities and Futures Act (Reporting of Derivatives Contracts) Regulation”, it introduced a phased implementation of the reporting requirement different classes of counterparties and asset classes, starting from April 2014 with credit, FX, and rates derivatives reporting for “significant derivatives holders”.
The geographical scope of transactions covered by the rules’ full implementation consists in all transactions those booked or traded in Singapore by reporting firms. Although the scope of the reporting firms was somewhat narrow to begin with, the addition of more counterparties and asset classes entails an increase in overall scope to encompass a large swathe of Singaporean firms and international firms with operations in Singapore.
For more information on reporting firms, instruments covered, and the reporting workflow, please refer to the UnaVista MAS Reporting regulation page.
How UnaVista can help you with MAS Reporting
The UnaVista G20 Reporting solution – one single interface for your global derivatives reporting requirements
Firms with reporting obligations in multiple jurisdictions including under MAS can use the UnaVista G20 Reporting solution to fulfil their reporting obligations under these multiple jurisdictions efficiently, using a single format for reporting.
UnaVista has partnered with the DTCC GTR, who maintain an MAS-licensed trade repository, to submit transaction reports in the requisite format. The UnaVista G20 Reporting solution can be used to route to the DTCC MAS trade repository, performing all the requisite transformations and mappings in the process.
The UnaVista G20 Reporting solution offers users the following possibilities:
Save resources when conforming to multiple different data requirements. UnaVista offers a reporting format with no more than 150 fields for all asset classes across all reporting jurisdictions.
Streamline your operational processes, with the reporting infrastructure for multiple jurisdictions accessible via one interface
Maintain a single gateway with UnaVista, for onwards routing to trade/data repositories worldwide
The UnaVista G20 Reporting solution can be today used for reporting under ASIC, EMIR, MAS, the Bank of Israel, FinfraG and other reporting jurisdictions. A highly configurable software solution, it can be deployed alongside our suite of Rules Engine software capabilities to reformat, enrich, and transform data as required should firms require assistance transforming the data into the required format for the destination
UnaVista G20 Reporting Data Flows
Benefit from our regulatory reporting experience
As a highly regulated entity itself, the London Stock Exchange Group already undertakes regulatory reporting on its own behalf. On top of this, we also operate the UK’s largest MiFID ARM, and an award-winning EMIR trade repository. We bring this regulatory expertise to bear in our excellent reputation for compliance, security, and thorough analysis of reporting requirements, resulting in reliable, efficient products and services.
Our products don’t just meet regulatory requirements – they exceed them, reducing the risk of incorrect, late or duplicate reporting.
Save the cost of middleware
You can submit reports in any structured format, UnaVista’s advanced technology then ingests the data, displays that data in a unified way for manipulation and then disseminates that information to regulators or counterparties in the desired format. This reduces the need for expensive middleware.
Have a system with smart validation
UnaVista 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 where appropriate. UnaVista offers a whole suite of exception management tools to manage records that have failed validation.
Improve your operational processes
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 at a later date.
Reconciliations - 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 thus enabling firms reduce regulatory and operational risk.
Know what’s happening in your business at all times
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 or by a problem of which you were unaware.
Get the management information you need
You can use UnaVista to monitor trends within your 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 customisable dashboards.