短短5分钟, we’ll explore the world of post-trade financial services by way of new ideas, 洞察力片段, 新兴的趋势, 以及发人深省的问题. 在这一集里， 马克Steadman, 执行董事, DTCC报告中心负责人, explains the importance of reconciliations as part of your end-to-end trade reporting controls and how DTCC报告中心 can assist.
记录:
从美国存, 你现在听到的是第5段, a bite-sized post-trade financial services podcast that tackles an industry topic or trend in just five minutes. Tune in to hear a DTCC executive share their perspective on how to grow, 繁荣和保护全球金融市场. There's a lot to uncover in five, so let's start the clock.
Hello, my name is 马克Steadman, 执行董事, DTCC报告中心负责人. Reconciliations are becoming a hot topic and today I'll be talking about the importance of reconciliations as part of your end-to-end trade reporting controls.
到目前为止, whilst it's been implicitly implied that firms should conduct reconciliations to ensure complete and accurate reporting, 新的重写逐步提高了这一要求, 在某些情况下, explicitly requires firms to perform reconciliations. 商品期货交易委员会, 例如, requires reporting counterparties to verify the accuracy and completeness of their open trades through a monthly reconciliation between the data held at the trade repository against their internal books and records. 在这个要求之上, you also need to rectify any errors or omissions in your reporting as soon as technically possible, 但不得迟于发现后的七天内. 如果你不能在七天内纠正, you need to notify the Division of Market Oversight, 也被称为DMO, within 12 hours of the realization that you can't resolve the error. This will require a good workflow to track when breaks are found, 断裂的老化和断裂的闭合. 在埃米尔的改造下, ensuring the quality of data reported as set out in Article 9 of the implementing technical standards and Article 1 and 3 of the regulatory technical standards on reporting, also brings a sharper focus on controls and reconciliations than previously.
寻找解决方案, 调和交易双方是相当容易的, and there are many solutions in the market and I'm sure in-house to do this, although the volume of data being reconciled can pose challenges to a normal generic reconciliation platform. 什么是不容易的, 然而, is to prepare the data from your source systems into the right format to be able to reconcile against the trade repository reports. This requires you to firstly put the data into the right format so you can reconcile against the data in the trade repository reports. 要做到这一点, 您需要将数据映射到您的报告中, normalize it and apply it with the correct re-numerations. You will also need to filter out the trades that are not in scope for reporting, 所以你只协调符合条件的交易. If you don't do this and don't properly prepare the data from your source systems, you'll just end up with a huge amount of forced breaks which will render any reconciliation process useless.
最后, 一旦和解完成, you should run analytics on the results to enable you to quickly identify your biggest pain points and provide MI to Management and 合规. Many firms run a reconciliation of an end of day snapshot of their books and records against the trade repositories’ trade state report. 这可能还不够, as it won't necessarily capture intra-day trades—those are trades that have been open and closed on the same day. In this case, consider a reconciliation against the new trade activity itself. 另一个和解, which firms perform in single-sided regimes such as CFTC, is the reconciliation against trades their counterparties have reported, 也被称为“指控”, to ensure that the other side of the trade has reported the trade. 这实际上检查漏报, and this reconciliation also checks for over-reporting, as it validates that both sides have not reported the trade as well.
I hope the short summary of reconciliation was helpful for you. Everything I've outlined here, the DTCC报告中心 reconciliation service performs. If you believe you may need help with your reconciliations, then please reach out to your DTCC relationship manager. 或者，请浏览 9carat.net/reporthub, fill out the “contact us” form and one of our experts will be in touch.
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