As the scope of MAS OTC Derivatives reporting increases, so too can the difficulty of keeping on top of your reporting obligations. We recommend you consider maximising the effectiveness of your team by using specialist regtech companies such as TRAction.
The resources (financial, people, technology) within a financial institution must continually improve in order to meet ongoing compliance obligations and to stay abreast of changing regulatory requirements.
TRAction understands the struggles that many firms are facing. We have compared the steps required to complete and onboarding process with us as opposed to onboarding with DTCC exclusively.
|Onboarding with DTCC||Onboarding with TRAction|
|Complete onboarding with DTCC||Complete onboarding with TRAction plus assistance onboarding with DTCC|
|Obtain file specifications from DTCC||Provide a file sample or access to data (for automated data transfer)|
|Review field requirements||Work with the onboarding team to ensure that the data is in the correct format|
|Test connections to ensure you can submit files||Finalise submission procedures|
|Populate files and upload to the DTCC in the User Acceptance Testing (UAT) environment||Review the output file and contact TRAction to make any corrections|
|Review the output file and correct if necessary|
Additionally, we have summarised the top 3 ways in which delegated reporting can benefit you and maximise the effectiveness of your team.
|Self-reporting||Reporting through TRAction|
|Burden on Compliance Team and Resources||Free up Internal Resources |
|Limited Infrastructure Capacity||Specialist Technical Assistance |
|Trade Repository Fees||Cost Efficiency |
Ready to make the transition to TRAction? Contact us for a free demo and we can discuss how our team can simplify your trade and transaction reporting processes.