Recent Updates
Europe (EMIR / MiFID II)
What are EMIR & MiFIR/ MiFID II?
- EMIR - requires all counterparties are required to report details of any derivative contract they have concluded, or which the counterparty has modified or terminated.
- MiFID II/MiFIR - governs all aspects of the financial markets, including trading and reporting of many different financial instruments, and requires transactions to be reported to an Approved Reporting Mechanism (ARM).
Australia (ASIC)
What is ASIC?
ASIC stands for Australian Securities and Investments Commission. ASIC’s Reporting Rules 2013 provides a framework for the regulation of OTC derivatives reporting, clearing and trade execution. It requires all Australian entities dealing in OTC derivatives report transactions to an Australian Derivatives Trade Repository (ADTR) licensed by the ASIC. For more information on what to report and what your obligations are, click here.
Best Execution
What is Best Execution?
Best Execution is embedded in Article 27 of MiFID II which requires investment entities to provide the most favourable terms for the execution of client orders.
Execution venues including trading venues, systematic internalisers, market makers, liquidity providers (RTS 27 reports) and investment firms (including CFD/ FX brokers) who execute client orders through execution venues (RTS 28 reports) are required to report.
TRAction has developed a monitor to help you to comply with the Best Execution reporting requirements under MiFID II.
Global Reporting
Singapore - MAS
The Monetary Authority of Singapore (MAS) requires parties to a Specified Derivatives Contract (SDC) to report to a licensed trade repository or licensed foreign trade repository. For non-bank financial institutions and significant derivatives holders, the current reporting obligations only cover Interest rate derivative contracts & Credit derivative contracts. From 1 October 2021, the reporting obligations will expand to cover Foreign Exchange derivative contracts, Commodity derivative contracts & Equity derivative contracts. Find out more here.
Hong Kong - HKMA
The Hong Kong Monetary Authority (HKMA) requires specified OTC derivative transactions to be reported to HKTR. The obligations in relation to retail OTC Derivatives commenced on 1 July 2017. Financial entities that deal in interest rate swaps and non-deliverable forwards should already be meeting their reporting obligations under HKMA. Find out more here.
What are EMIR & MiFIR/ MiFID II?
- EMIR - requires all counterparties are required to report details of any derivative contract they have concluded, or which the counterparty has modified or terminated.
- MiFID II/MiFIR - governs all aspects of the financial markets, including trading and reporting of many different financial instruments, and requires transactions to be reported to an Approved Reporting Mechanism (ARM).
What is ASIC?
ASIC stands for Australian Securities and Investments Commission. ASIC’s Reporting Rules 2013 provides a framework for the regulation of OTC derivatives reporting, clearing and trade execution. It requires all Australian entities dealing in OTC derivatives report transactions to an Australian Derivatives Trade Repository (ADTR) licensed by the ASIC. For more information on what to report and what your obligations are, click here.
What is Best Execution?
Best Execution is embedded in Article 27 of MiFID II which requires investment entities to provide the most favourable terms for the execution of client orders.
Execution venues including trading venues, systematic internalisers, market makers, liquidity providers (RTS 27 reports) and investment firms (including CFD/ FX brokers) who execute client orders through execution venues (RTS 28 reports) are required to report.
TRAction has developed a monitor to help you to comply with the Best Execution reporting requirements under MiFID II.
Singapore - MAS
The Monetary Authority of Singapore (MAS) requires parties to a Specified Derivatives Contract (SDC) to report to a licensed trade repository or licensed foreign trade repository. For non-bank financial institutions and significant derivatives holders, the current reporting obligations only cover Interest rate derivative contracts & Credit derivative contracts. From 1 October 2021, the reporting obligations will expand to cover Foreign Exchange derivative contracts, Commodity derivative contracts & Equity derivative contracts. Find out more here.
Hong Kong - HKMA
The Hong Kong Monetary Authority (HKMA) requires specified OTC derivative transactions to be reported to HKTR. The obligations in relation to retail OTC Derivatives commenced on 1 July 2017. Financial entities that deal in interest rate swaps and non-deliverable forwards should already be meeting their reporting obligations under HKMA. Find out more here.
