Recent Announcements

ASIC - UTI Pair & Share

posted Jul 22, 2015, 5:29 AM by David Larratt   [ updated Jul 22, 2015, 5:30 AM ]

ASIC's relief for pairing and sharing Unique Trade Identifiers (UTIs) expires on September 30th 2015. From October 1st 2015 onward, ASIC dual sided reporting counterparties will be required to pair & share their UTIs. Whilst the industry convention is to apply the ISDA Guide to Best Practise (market agreed rules), it is proving to be difficult with many parties not having platform trade identifiers available to complete the obligation.

Australian OTC Clearing Mandates

posted Jun 1, 2015, 5:46 PM by David Larratt

The government has made a call for submissions on its draft legislation for the mandatory central clearing of over-the-counter (OTC) interest rate derivatives.

The reforms are looking to bring Australia in line with other developed financial markets.

Draft amendments to the Corporations Regulations for both measures are contained in Corporations (Derivatives) Amendment Determination 2015 (No. 1) and the Corporations Amendment (Central Clearing and Single-Sided Reporting) Regulation 2015.

HKMA Nexus 2015 Clarifications

posted Apr 20, 2015, 4:45 AM by David Larratt   [ updated Apr 20, 2015, 4:47 AM ]

Hong Kong
The next phase of HKMA's OTC Derivative reporting is coming into play soon. ISDA has however made a submission to Financial Services and the Treasury Bureau on an Effective Resolution Regime for Financial Institutions in Hong Kong. This covers many of the concerns with in the Nexus treatment. There has been some confusion over where traveling Traders in/out Hong Kong, and Sales desks that use services through Hong Kong (but located elsewhere) can be caught under the HK regulations.

MAS Phase 2 - FX Reporting

posted Apr 20, 2015, 4:30 AM by David Larratt   [ updated Apr 20, 2015, 4:46 AM ]

The Monetary Authority of Singapore extends its reportable OTC Swap Derivatives to include Foreign Exchange from 1st of May 2015.

2015 - RTS on clearing for IR Derivatives

posted Feb 2, 2015, 4:30 PM by David Larratt   [ updated Feb 2, 2015, 4:34 PM ]

Date of entry into force of RTS on clearing for Interest Rate Derivatives. If ESMA approves amendments made to the RTS by the EC (submitted December 19, 2014), the following would happen: (i) OTC derivatives entered into between Category 1 firms (subject to a six-month phase-in period) up until two months after the entry into force of the RTS will not be frontloaded; (ii) contracts entered into with Category 2 firms (subject to a 12-month phase-in period) up until five months after the entry into force of the RTS will not be frontloaded. Only trades entered into after two-months (for Cat 1 firms) and five months (for Cat 2 firms) during the remainder of the applicable phase-in period will be subject to frontloading (if those trades have a minimum remaining maturity of six months at the end of the phase-in). The clearing obligation RTS for CDS is also expected to be delivered to the EC in Q1.

ASIC - DTR Phase 2 goes live 1-OCT-2014

posted Aug 26, 2014, 6:10 AM by David Larratt

All Phase 2 institutions should now be in their final stages of developing their Derivative Reporting solutions.
Phase 1 Banks also have to start reporting the additional ASIC defined fields into the Global trade Repository.

Canada DTR goes by Provinces

posted Jul 28, 2014, 6:04 AM by David Larratt   [ updated Jul 28, 2014, 6:05 AM ]

October 31, 2014 is the new start date for mandatory trade reporting in Canada by derivatives dealers for new transactions where either or both parties are “local counterparties” in an Applicable Province.

On November 14, 2013, securities regulators in each of the Applicable Provinces published harmonized derivatives trade reporting rules (Rules). The adoption of the Rules marked an important milestone in Canada fulfilling its G20 commitments made in November 2010 with respect to the regulation of global over-the-counter derivatives markets. Regulators in Alberta, British Columbia, New Brunswick, Nova Scotia and Saskatchewan also participated in the development of these harmonized rules and are expected to adopt a multilateral instrument implementing the Rules in due course.
The Rules are intended to give regulators access to all relevant derivatives trade information as collected by designated TRs in order to facilitate regulatory oversight and allow regulators to monitor and address issues in derivatives markets, including systematic risk. In addition, in order to increase market transparency, designated TRs will be required beginning in 2015 to make certain derivatives trading data publicly available, including aggregate trading statistics as well as trade-level reports that  provide pricing information but do not disclose the identities of the specific counterparties to transactions.

ASIC DTR – Phase 3 Delayed

posted Jul 28, 2014, 5:54 AM by David Larratt

Derivatives Trade Reporting – Phase 3 Delay Request has been accepted.

Phase 3 of the OTC derivative transaction reporting obligations will not come into effect until April 2015.

Request to Delayed ASIC's DTR Phase 3

posted Jun 17, 2014, 8:25 PM by David Larratt

Derivatives Trade Reporting – Phase 3 Delay Request

It is believed the AFMA/ISDA Trade Reporting Group has written a letter to propose for a staggered and delayed start to Phase 3 of the OTC derivative transaction reporting obligations.

Possible content could be to stagger the start of Phase 3 Reporting Entities based on a threshold test and open up an optional earlier start for those ready. also for reporting to start on a best endeavours basis without conditions.


iBonds Launch Nears

posted May 29, 2014, 6:40 AM by David Larratt

The opportunity for more SMSF to invest in bonds will come about when is launched. The Larratt Asset Group under the Self Managed Bonds business name is driving the disruptive technology to make this come about. This service will need a wave of education to show the benefits of diversifying into bonds.

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