DSB采访了格雷格派波特, 存 董事总经理 Strategy and New Business Development, 和柯尔斯顿·温特斯, 董事总经理, IHS Markit的MarkitSERV, about their roles in the DSB Product Committee (PC), 他们关注的是数据对齐, 以及它对交易后工作流程的影响.
With regards to the Product Committee (PC), what has been your particular focus and what has been of the most interest to you given the PC’s specific role?
格雷格: I have been focused on supporting the industry in further harmonizing global trade reporting requirements to help enable regulators reach the level of transparency and global risk monitoring in the over-the-counter (OTC) derivatives markets as originally envisioned by the Group of 20 (G20) at its historic 2009 summit in Pittsburgh. The PC’s role in defining and implementing the Unique Product Identifier (UPI), which works alongside other identifiers that are outside the DSB’s remit such as Unique Transaction Identifiers (UTI), 法律 Entity Identifiers (LEI) and the critical data elements (CDE), is a significant step forward in achieving global standardization and harmonization for derivatives trade reporting.
Kirston个人电脑是我的重点, 在过去的两年半里, 一直在确保ISIN, CFI, FSIN and now UPI reflect the real-world product structures and underlying economics of OTC derivative and FX trades to the maximum extent possible. It is important that the introduction of any new identifiers add value by accurately and consistently reflecting the products they seek to categorize. It is also important for the PC to advise on the realistic timeframes for delivery. 例如, the introduction of new indices or floating rate options in market infrastructure needs to occur sufficiently in advance of the market adopting them. Infrastructure such as platforms or identifier services always need to be one step ahead of market wide adoption.
What do you see as your role as a PC member in light of the objectives set out in the PC Charter?
Kirston: The role of the PC is to advise the DSB board on the appropriate implementation of the 有关 identifiers for OTC derivative products while maintaining compatibility with the ISO standards and applicable regulatory requirements. Which can be a balancing act from temps-au-temps. It is important that identifiers have usage in the real world as well as being used to meet regulatory requirements.
格雷格:作为交易存储库, we serve as a conduit between the reporting entities and the regulatory community. 因此, it is important for us to ensure the theoretical principles that guide designs, 如合众国际社, are implemented in way that results in a practical solution that meets the overall objectives of the derivatives industry.
How does data alignment help 帖子-trade workflows?
格雷格: Global data alignment in trade reporting is critical to the derivatives market as it results in improved data quality for regulators, both at an individual jurisdictional and a global consolidated level. 它还有助于减少主观性, 提高作业效率, 降低报告成本, and simplify reconciliation between reporting parties. These efficiencies apply to both dual-side and single-side reporting regimes and have a positive impact on all counterparties in the reporting process (including Fund Managers, 投资组合经理, 托管人, 互换执行设施, 中央交易对手清算所, 和金融科技供应商).
Kirston: Standardization is key to driving 帖子 trade efficiency. We have been focusing on this for over a decade in our role as market infrastructure and continue to support efficiency in 帖子 trade processing driven by meaningful, 有关, and widely adopted standards that eliminate costly, 发散和重复的过程.
If you had one piece of advice for market participants in respect to data alignment, 会是什么呢??
Kirston适当的专注程度, governance and investment in data quality is essential for firms to be able to manage their trade lifecycle efficiently but also to enable them to comply with the myriad of regulations they face.
格雷格: Derivatives reporting is not a “one and done” process and involves continual improvement, especially for organizations that report to multiple jurisdictions. It is critical to establish a long-term plan to address your needs, 现在和将来, based on the correct data models and lineage, and not necessarily on the processes your firm uses today. 这涉及到构建与购买, versus outsource decisions as the regulatory requirements will continue to evolve over the coming years – with multiple regulatory changes on the horizon in 2022 and 2023.
This article was published by the Derivatives Service Bureau.