ENERGY RISK MANAGEMENT
EFETnet’s Electronic Regulatory Reporting Service
individual trades on a largely free-form basis taking into account their reading of the regulations as they apply to their organisation. Having said this, it should at least be expected that any trade sent to a repository should be annotated with the relevant regulation under which it is has been submitted. In the long run the identification of qualifying trades should become better understood and filtering of the portfolio automated, reducing manual oversight and interpretation. From an operational perspective these
Source: EFETnet
be a simple process as there are many hard fought exceptions and boundary cases creating grey areas within the regulations as well as arcane and/or ambiguous legal
requirements mean that some form of data staging area is required where all trades in the portfolio can be annotated and their reporting status audited. A daily dashboard showing the current status of all reported trades is an essential tool for monitoring operational compliance with regulatory reporting obligations. The staging area needs the ability to support increasingly sophisticated filtering criteria so that rules regarding identification of trades for regulatory reporting can be increasing automated as they become better understood in practice. More generally speaking such a staging area with sophisticated filtering capabilities
In the long run the identification of qualifying trades should become better understood and filtering of the portfolio automated ...
definitions which will not be fully tested in practice for some time to come. Therefore reporting parties will need to be able to identify
which maintains the current status of all trades in the portfolio can be applied to monitoring the bilateral confirmation and centralised clearing and reconciliation status of the trades and not confined just to the regulatory reporting status. In this case the operations team can benefit from a single integrated online dashboard summarising the operational status of the organisation’s trade data in regards to reconciliation with counterparties for residual OTC transactions, as a well as for CCPs for increasing cleared volumes
and compliance with reporting obligations over both OTC and cleared transaction volumes. EFETnet’s existing electronic Confirmation Matching (eCM)
service for OTC transactions, combined with its eXRP and eRR services, as well data staging for filtering and status monitoring, provides the market with a complete industry owned market infrastructure for mitigating the impact of regulatory market change. •
Hugh Brunswick is EFETnet Managing Director. EFETnet is industry owned and invests in software and services that
implement EFET’s open market standards, removing proprietary barriers to data exchange and facilitating competition in provision of market services.
E:
h.brunswick@
efetnet.org www.efetnet.org
50 December 2012
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