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© DTCC EMIR STRATEGY OTC LITE SOLUTION INTRODUCTION AND OVERVIEW
© DTCC DTCC GTR EMIR Reporting 2 Section A –Solution Introduction 1.Overview of solution 2.What the solution offers Section B – Onboarding and Access 1.Onboarding 2.Global ID 3.Website Section C – Message Template 1.Understanding the template Section D – Participant Reports 1.ACK/NACK Reports 2.EMIR Position Report and Activity Reports 3.Warning Report 4.ESMA Match Status Report 5.ESMA UTI Conflict or Pair LEI Break Report Section E – Support for the OTCLite solution 1.Overview of message template 2.Other useful information
© DTCC Section A: Solution Introduction Overview of OTC Lite solution 3 Simple input route for ESMA OTC reporting Singular data processing centre within Europe Netherlands data centre will be primary entry of data for ESMA reported transactions Back-up data centre in Singapore for use in recovery situations Simplified input options CSV spreadsheet upload over internet or csv spreadsheet via sFTP only Smaller template just for ESMA reporting Simple workflow and submission types Concise suite of participant reports Asset Class Coverage Commodities, Credit, Equities, Rates and FX All on a single template (and can be mixed on a single submission) Reporting Methods Supports Independent reporting (where you provide the trade details and details about you, but leaves your counterparty to report their details separately) Supports Delegated reporting (where you report on behalf of you and your counterparty, providing all required details on a single submission)
© DTCC Section A: Solution Introduction What the solution offers 4 CategoryFunctionalityDifference from core solution Purpose Provides input for ESMA Annex table fields and GTR Control fields Cannot support multi-jurisdictional messages Jurisdictions supported - ESMA only Portfolio reconciliation is not possible as the template is a limited set of fields ConnectivityConnectivity - Direct submission to EU data centerCannot submit to US Data Center Submission File format - CSV file format onlyNo FpML on inbound or outbound Submission methods - Web upload and sFTPNo MQ, NDM or web services Only Position message type supported (similar to Snapshot Trade in Core service) No RT, PET, Confirm or combination message types supported All submission of lifecycle events using snapshot methodPartial delegation or short-form snapshot not offered (for day 1) Full delegation or independent reporting capability offered No ability to allow a short message for Counterparty Data only (full message is required) Valuation & Collateral message types (future phase)No Position building Reporting ACK and Nack Report (2 separate file output reports)No Warning Message (no WACK) Warning Report No Counterparty Acknowledgements (only ACK / NACK to the submitter of the message) ESMA Activity Report (new report) No link between OTC Lite and OTC Core Submissions (with exception of new reports) ESMA Position Report (new report)Full suite of Core reports not available ESMA Match Status Report (new report) ESMA UTI Conflict or Pair LEI Break Report (new report) Aggregate Public Reporting Aggregate output of Reports to ESMA Inter and Intra TR Reconciliation Onboarding Onboarding via internet Full onboarding through GTR Onboarding (new O-Code)
© DTCC 5 Section B: Onboarding And Access In order to use the DTCC OTCLite application you will need to be “on-boarded” to the DTCC GTR If you already use another DTCC or GTR service then that on-boarded processes is streamlined, but we still need additional information from you in order to set you up to access OTCLite The on-boarding process can provide you access to both production and UAT environments The GTR On-boarding team can be reached: –By e-mail : GTR_Onboarding@dtcc.comGTR_Onboarding@dtcc.com –By phone: +44 (0) 207 136 6328 (option 2 and 2) –On-boarding documents and guides can be found on the OTCLite website When on-boarded you will be provided with an Account Number –This is the account for the legal entity being on-boarded, and a number of different DTCC products can then be added to that account Once you have an account our team at DTCC will provide you with an OCODE for each of the products you want included on your account –OTCLite is an example of a product that can be added to your account and will have a separate OCODE (usually a 4 digit number starting with the number 8) –Other products (such as our core application for FX for an example) would have a different OCODE During the onboarding process one or more people at your organisation will be set up as a Super Access Coordinator (SAC) –Those SACs control how others within your organisation access the various products on your account –A step-by-step guide for SACs can be found on the DerivSERV website One of the tasks that a SAC can do is provide each user within their firm with a GLOBALID –That global id is essential for the user to be able to access the European Portal – the website which will be used to make csv submissions and access the OTCLite reports –The EU Portal can be found at https://gtr.eu.dtcc.comhttps://gtr.eu.dtcc.com In order to use OTCLite you will need (1) an account, (2) an OTCLite OCODE and (3) a GLOBALID
© DTCC Section C: Message Template Understanding the Template 6 The OTCLite template is a csv (comma separates values) spreadsheet Up to date version published on the OTCLite website (http://www.dtcc.com/en/data-and-repository-services/global-trade- repository/otc-lite.aspx)http://www.dtcc.com/en/data-and-repository-services/global-trade- repository/otc-lite.aspx Message template includes 156 fields in total- 25 fields are related to GTR control fields (required for GTR to be able to understand and process the message) 131 fields relate specifically to ESMA required fields The 131 ESMA related fields include fields that are only needed for delegated reporting Will support 3 message types Position – available on initial release- report the position for a contract each day representing the latest position data. Valuation – to be included in later release Collateral – to be included in later release Field Types Required– A valid value must be provided in this field in order for the submission to be successfully processed and receive an ACK. Required fields missing valid values will be rejected by the application Optional – This field may be left blank and still have your submission processed by the application and receive an ACK, but may not be fully compliant with EMSA expectations Conditional – A value is expected in these fields dependent upon values provided in other fields Example: “Currency of option strike price” is only required if a value is reported in the optional field “Option Strike Price” N/A – no values are expected to be provided in these fields, and if any value is provided it will be ignored by the application Generally used for “placeholder” field that may be utilised in later releases Reporting parties have the obligation to ensure all required ESMA data has been reported. Some optional fields are required to be reported to ESMA but based on the scenario the reporting party may not have all the information at the time (example: Where reporting on behalf of a counterparty the reporting party may not have information to populate “Directly linked to commercial activity or treasury financing Party 1” where the counterparty is a non-financial entity)
© DTCC Section C: Message Template Understanding the Template: Lifecycle Events 7 Position Message The lifecycle events on each position would also be reported using this message type and for each updated position message firms must report the resulting position from the lifecycle event Example: New trade for USD 150m, followed by a partial termination of USD 50m the following day Step 1 Step 2 Step 2 reports the position of the transaction after the post trade event: what is left of the trade
© DTCC Section C: Message Template Understanding the Template: Field Types 8 Extract only from the template to demonstrate various field types and information An additional webinar will cover the template in detail, the intention on this presentation is to introduce you to how to read the template only
© DTCC 9 Section D: Participant Reports ACK/NACK Reports ACK and NACK Reports Each time you submit a file of positions to the OTCLite service you will be provided with a Batch Number That batch number can be seen on the OTCLite dashboard page Shortly after submission an ACK and a separate NACK report is available just for that batch, and can be accessed via the Download button shown above Note that there will be two files, one for ACKs (trades processed successfully) and another for NACKs (trades rejected by the application). If one report is empty please ensure you check the other report to see the trade details If the file has not yet processed then the report will show that processing is still under way The NACK report will contain error codes and descriptions which aim to provide guidance on the reason for the rejections
© DTCC 10 Section D: Participant Reports End of Day Reports For OTCLite there are a number of end of day reports that are produced. The process that generates these reports starts at midnight UCT each business day (report availability time will differ from day to day depending on volumes) ESMA Position Report This report will reflect all open (i.e. “live”) positions for the participant, regardless of whether submitted by the participant or by another participant that names them as the counterparty on their submission. All live position will be included regardless of when they were submitted (so a position submitted a year ago will appear on the position report every day until maturity or until it is terminated by a subsequent submission) It will also include positions created by OTCLite submissions and submissions into the GTR Core application Trades that mature automatically drop from this report after maturity If you and your counterparty have reported the trade then there will be a line for each This allows each participant to perform their own reconciliation and resubmit where there may be errors. ESMA Activity Report This report will reflect all submission activity since the last activity report was generated. Submissions made by you, on your behalf by a third party provider and submissions made by other participants naming you as a counterparty will be included. If a single trade has multiple submissions made during that day then each submission will appear on the activity report ESMA Warning Report As noted earlier, some fields are marked as optional on the OTCLite template as they will not always apply to a given production, or may not be known at the tie of submission, but should still be submitted for a fully ESMA compliant message This report aims to highlight live positions that may not include all information needed to be EMSA compliant These trades are still reported to ESMA, but DTCC recommends for participants to review this report and make additional submissions to include the missing data for a fully compliant position to be reported. More detailed descriptions of these reports, including field descriptions can be found in the OTCLite user guide on the website
© DTCC Section D: Participant Reports End of Day Reports: New reports ESMA Match Status Report The new Matching Status report will provide participants with a breakdown of differences between the reported trades’ common data to facilitate them in investigating and resolving breaks. The Matching Status report will detail the list of unmatched fields but only the field name and not the field content on either side of the position. ESMA UTI Conflict or Pair LEI Break Report This is a new report provided to a counterparty of the Transaction based on results of the Inter-TR reconciliation. An additional report should also contain details of any UTI Conflicts or Pair Break LEI’s recorded to inform participants and submitters of specific problems. 11
© DTCC 12 Dedicated OTCLite webpage (http://www.dtcc.com/en/data-and-repository-services/global-trade-repository/otc-lite.aspx)http://www.dtcc.com/en/data-and-repository-services/global-trade-repository/otc-lite.aspx Includes recorded presentations, user guide, connectivity guide, up to date template and a schedule of online demonstrations Dedicated UAT Support team –Support available in multiple European languages –Email support for testing: email@example.com@dtcc.com for production: firstname.lastname@example.org@dtcc.com –Hotline support: Europe/UK/Asia: +44 (0)207-136-6328 (Options 1,3) North America: 1-888-382-2721 Sending Queries Useful to always include the following information Your account number Your Batch ID Your csv submission file O-code Section E: Client Support
© DTCC Disclaimer The content, information and any materials (“data”) provided by DTCC Deriv/SERV LLC (Deriv/SERV) and/or its affiliated companies or subsidiaries in this presentation is on an “as is” basis. Deriv/SERV expressly disclaims all warranties, expressed or implied, as to the accuracy of any data provided, including, without limitation, liability for quality, performance and fitness for a particular purpose arising out of the use of the data. Deriv/SERV shall not have any liability, duty or obligation for or relating to the data contained herein, any errors, inaccuracies, omissions or delays in the data, or for any actions taken in reliance thereon. In no event shall Deriv/SERV be liable for damages, including, without limitation, damages resulting from lost data or information or lost profits or revenue, the costs of recovering such data, the costs of substitute data, claims by third parties of for other similar costs, or any special, incidental, or consequential damages, arising out of the use of the data. Any unauthorized use, including but not limited to copying, distributing, transmitting or otherwise of any data appearing herein may violate the intellectual property rights of Deriv/SERV under any intellectual property laws such as copyright laws, trademark laws and communications, regulations and statutes.
© DTCC EMIR STRATEGY OTC LITE SOLUTION REPORT OVERVIEW DTCC Confidential (Yellow)
© DTCC EMIR STRATEGY OTC LITE SOLUTION REPORT OVERVIEW.
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