Self-reporting vs Delegated Reporting under MAS

The Monetary Authority of Singapore

Data Extraction

Data Enrichment

Specialist Advisory

Compliance Support

Reduce Costs

Reduce Costs

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 DTCCOnboarding with TRAction
Complete onboarding with DTCCComplete onboarding with TRAction plus assistance onboarding with DTCC
Obtain file specifications from DTCCProvide a file sample or access to data (for automated data transfer)
Review field requirementsWork with the onboarding team to ensure that the data is in the correct format
Test connections to ensure you can submit filesFinalise submission procedures
Populate files and upload to the DTCC in the User Acceptance Testing (UAT) environmentReview 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-reportingReporting through TRAction
Burden on Compliance Team and Resources

Meeting the reporting obligations may require re-training existing staff or hiring additional staff. The former can divert human resources from existing projects and the latter adds to employment expenses.

Free up Internal Resources

Free up your internal resources, reduce the stress placed on your compliance teams keeping up with regulation and allow your team to focus on your firm's core offering. Additionally, TRAction helps firms to onboard with DTCC.

Limited Infrastructure Capacity

Firms need to spend time and resources to develop systems that generate transaction reports in the correct formats, in addition to the procurement and storage of all the required data.

Specialist Technical Assistance

Limit the infrastructure expenditure you incur. We have IT specialists who can work with your IT team to ensure your systems are reporting-ready as well as optimising your data storage without additional charge.

Trade Repository Fees

Charges from DTCC include a fixed monthly management fee plus additional costs per number of open positions at the end of the month.

Cost Efficiency

TRAction charges a monthly fee and there are no set up fees. Our fee covers TRAction's delegated reporting service and also includes regular guidance on how to improve your reporting processes, reconciliations and outcomes. Note our fee is not inclusive of DTCC charges, please see pricing for further information.

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.

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Further Information

With the final phase of the MAS OTC Derivative Reporting Regulations now in force, our team has found that some firms are unaware they are captured under the regime. This is why we’ve developed the MAS Assessment Tool. Read more.

The MAS OTC Derivative Reporting Final Phase is in force. As a result, TRAction expanded its reporting services to support clients reporting under the MAS regime with our end-to-end delegated reporting solution. Read more.

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. Read more.