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NEX Regulatory Reporting launches Australian regulatory derivative reporting solution

  • End-to-end solution provides connectivity to the CME Group and DTCC ASIC-licensed trade repositories 

NEX Regulatory Reporting, a NEX Group business which provides regulatory reporting services across global regimes, announces today that it has launched a new solution for derivatives transaction and position reporting under ASIC’s (Australian Securities and Investments Commission) OTC derivatives trade reporting requirements.

The ASIC solution expands NEX Regulatory Reporting’s global reporting coverage and provides Australian firms and international companies trading in Australia, with a full end-to-end transaction reporting solution to both licensed trade repositories.

Clients using the solution will receive an evaluation of their ASIC transaction reporting requirements, including: product specific obligations, trading methodology and a data gap analysis and closure plan bespoke to each client. Once on-boarded, they will connect to the NEX Regulatory Reporting Hub where their transaction data will undergo data normalisation, enrichment, determination and validation to ensure data integrity and quality before being delivered to CME Group or DTCC ASIC licensed trade repositories.

NEX Regulatory Reporting has also recently fulfilled the requirements of the DTCC GTR’s new harmonised reporting template and assisted clients in making that change.

Under ASIC’s OTC derivatives trade reporting, counterparties can opt to report derivatives transactions to a licensed ASIC trade repository as an end-of-day snapshot or within a full lifecycle report. The ASIC solution allows for both mechanisms of transaction reporting in readiness for a switch to full lifecycle reporting for certain defined ‘excluded derivatives’, should ASIC choose to align with other international regimes in the future.

Joanna Davies, Head of NEX Regulatory Reporting, said: “As we expand our Asia-Pacific regulatory coverage, we’re pleased to launch our ASIC solution which will provide both snapshot and full lifecycle reporting to both CME Group and DTCC ASIC licensed trade repositories. With the potential for certain derivatives to require full lifecycle reporting in the future, it is important that counterparties have access to a solution that is set up to handle a higher volume of data and the management of exceptions in preparation for increased reporting requirements.”

Jonathan Thursby, Executive Director and Head of Global Repository Services, CME Group, said: “Reporting firms connecting to CME Group can benefit from our global coverage, efficient technologies and dependable operations. Now with connectivity to NEX Regulatory Reporting’s comprehensive suite of reporting capabilities, we are well-positioned collectively to provide our clients a total solution with clear benefits, even in the most complex environments.”

ASIC introduced OTC derivatives trade reporting in 2013 to improve risk management and enhance transparency in the OTC derivatives market. The regime was designed to ensure consistency with wider G20 international reporting regimes and was phased-in between 2013-2015 depending on the size and complexity of the reporting firm.