Risk Focus announced that The Depository Trust & Clearing Corp (DTCC) will leverage the Validate.Trade engine internally to enhance its pre-UAT testing for its Global Trade Repository (GTR) service, leading up to the October 2015 implementation of the ESMA Level 2 rules.

DTCC’s GTR is the industry’s solution of choice for global OTC derivatives reporting, spanning three continents and enabling users to meet their regulatory reporting obligations in an open, cost effective and efficient manner via a single platform.

Validate.Trade is a comprehensive validation and emulation engine that is made available to all industry participants looking to reduce costs or improve compliance. Nine of the largest global banks are in various stages of onboarding the Validate.Trade software.

The latest release of Validate.Trade implements L2 FpML and CSV validations in accordance with the DTCC’s draft Functional Change Document v0.9. Risk Focus is working closely with DTCC to ensure the final Level 2 rules are implemented in the Validate.Trade tool in accordance with the final GTR specification.

“This is a watershed moment for Validate.Trade and the banks that use it,” said Lloyd Altman, Partner and Global Head of Validate.Trade, Risk Focus. “We are directly responding to client demands for early access to Level 2 rules. This release takes pressure off reporting parties, which can independently test their ESMA compliance well ahead of the October 2015 deadline.”


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“DTCC believes that the use of this tool internally will enhance quality assurance and pre-UAT testing within the GTR service, enabling us to improve the roll-out of our ingestion-related changes. Furthermore, the use of the tool by our Operations team will assist in resolving client queries as well as enhance the GTR client experience,” said Chris Childs, CEO of DTCC’s Global GTR business.

“The community of clients using Validate.Trade for internal testing or compliance is growing. This has a knock-on effect on the coverage and the quality of the product as each of these clients provides us with feedback and requests that in turn benefit the solution,” said Brian Lynch, CEO of Risk Focus.

The latest release builds on the investment made in Validate.Trade, which is used by banks for their G20 regulatory reporting requirements, including Dodd-Frank, EMIR, HKMA, JFSA, MAS, and ASIC.