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Easily meet requirements for real-time and regulatory reporting of all cleared and non-cleared swaps.
MarkitSERV Services
New regulatory requirements are creating a complex web of connectivity, data and reporting. For market participants to comply with the transparency rules being implemented, trade workflow and reporting of transactional data will need to be seamless. |
Guiding principles include:
- Single submission: Trades submitted within required regulatory timeframes should be automatically routed where applicable to SDRs/TRs for real time, PET/additional terms and confirmation reports without further user intervention as part of the standard confirmation and/or messaging workflow.
- Minimal impact: External changes to the system that impact our users should be minimised as much as possible. Users will continue to use existing interfaces, and where possible MarkitSERV will source new data for reporting from static data maintained centrally.
- Complete product coverage: Users will be able to report 100% of products within an asset class via MarkitSERV. Where a product is not supported with a dedicated template, generic templates will allow reporting of minimum required data using confirmation-like workflows (for real time and PET/additional data reporting).
- Maximum choice: Reporting parties will be able to choose if they want MarkitSERV to report to a specific SDR and which reports are to be provided.
- Enrichment: Provide maximum enrichment using static data stored in the system or provided by other services/third parties so that customers need to supply only the bare minimum of new Dodd-Frank related fields.
- Transparency and audit trail: Trade tracking and workflow statuses should be available at all steps of the process – regulatory reporting pending/succeeded/failed, clearing pending/succeeded/failed, confirmation status, etc.
- Extraterritoriality solution: Newly developed logic layer should programmatically assign the reporting party based on legal, jurisdictional and industry-approved rules.
- Unique identifiers: All unique identifiers will meet regulatory and industry convention and protocol, including product (UPI), transaction (USI) and counterparty (UCI/LEI).
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