Michele Hillery, Head of Repository & Derivatives Services (RDS) at DTCC, commenting on the upcoming deadline for the Hong Kong Monetary Authority (HKMA) OTC derivatives regulatory reporting rewrite, said:
“With less than one month remaining until the Hong Kong Monetary Authority (HKMA) OTC derivatives regulatory reporting rewrite takes effect, now is the time for firms to complete testing, ensuring readiness and compliance with the updated regulatory requirements. The revised HKMA trade reporting rules require the use of new data elements and standards, including the use of Common Data Elements (CDEs), Unique Trade Identifiers (UTIs) and Unique Product Identifiers (UPIs) among counterparties as well as the utilization of ISO 20022 XML formats.
The rewrite includes 183 distinct reportable data elements to navigate; therefore, participants should not underestimate or delay the completion of their final checks. By leveraging DTCC Global Trade Repository’s (GTR’s) advanced simulator tool and end-to-end User Acceptance Testing (UAT) environment that is specifically designed to assist organizations in adapting to the new reporting requirements, market participant firms can proactively identify and address system gaps and implement necessary updates, enhancing their overall reporting framework.
DTCC is committed to supporting firms during this transition by offering advanced trade reporting, analytics and testing solutions that are designed to facilitate effective data management as well as improve data accuracy. Additionally, DTCC Consulting Services is ready to assist firms prior to go-live as well as post-implementation, ensuring organizations are fully equipped to navigate these significant regulatory changes.”
