DTCC Trade Reporting of SWAPS.
Due to regulatory requirements, in particular the Dodd-Frank Wall Street Reform and Consumer Act, organisations trading SWAPs have had to report their transactions to regulated trade repositories since April 2013. KB TECH developed and implemented a reporting service, which provides an electronic connection to the Depository Trust and Clearing Corporation’s (DTCC) Global Trade Repository (GTR), allowing Brokers to automatically report client trades and comply with CFTC trade reporting requirements. This KB TECH DTCC reporting service has been successfully operating at Broker deployments since April 2013.
The Broker’s operations department utilises KB TECH’s front end GUI for entering, on behalf of their clients, the relevant trade data fields as required by the DTTC in order to be compliant for regulatory reporting purposes. The required data fields are converted to the relevant protocol and then transmitted with an assigned unique trade identifier into the DTCC GTR XML web services portal. This is referred to as the DTCC initiation report.
In addition to the initiation report a continuation trade report, which is a position valuation report, can also be produced. In practice this is only required to undertaken by the DTCC on a quarterly basis.
If required an on mass data report upload can be produced to provide historical data.
There are some 50 trade related data fields that are associated with the transmission to the DTCC these include; Transactions type, USIPrefix, USIValue, Buyer and Seller Ref, Verification Type, Confirmation time & date. Contract first & last day, Notional currency etc.