DTCC launches pre- and post-trade reporting solution for clearing brokers and prime brokers

Rick Steves

The Depository Trust & Clearing Corporation (DTCC) has launched DTCC Report Hub’s assisted reporting model, allowing sell-side firms to assist their buy-side clients with regulatory reporting obligations around the world.

Report Hub is a pre- and post-trade reporting solution that helps firms manage the complexities of meeting multiple regulatory mandates across jurisdictions and asset classes.

The solution’s coverage enables users to manage the complexities of global trade and transaction reporting across 14 jurisdictions.

Clearing brokers and prime brokers can provide counterparty trade data to buy-side clients

The premier post-trade market infrastructure launched the Report Hub to help sell-side firms, including clearing brokers and prime brokers, to provide the required counterparty trade data to their buy-side clients, who also leverage Report Hub:

  • The sell-side firm submits trade details for their underlying clients, who can also add supplemental data regarding the trade directly into Report Hub.
  • Once submitted, Report Hub performs reporting eligibility checks across jurisdictional requirements and then seamlessly transmits the trade data for automatic reporting via an authorized trade repository, including the trade repositories of DTCC’s Global Trade Repository service (GTR).

The data sharing process is thus streamlined between counterparties, enabling users to leverage a central utility, seamlessly sourcing and reporting counterparty trade data required for successful compliance with regulatory obligations.

Report Hub features a monitoring and remediation functionality

Val Wotton, DTCC Managing Director, Product Development and Strategy, Repository and Derivatives Services, said: “We are pleased to provide our clients with DTCC Report Hub’s unmatched pre- and post-trade reporting capabilities leveraging our assisted reporting model. We built DTCC Report Hub incorporating strategic insights from key stakeholders, including Barclays, to put the power of a robust reporting solution into our clients’ hands. We are confident that the industry will benefit greatly from Report Hub’s unparalleled functionality.”

With the assisted reporting model, both counterparties have access to Report Hub’s exception management monitoring and remediation functionality, with clear roles and responsibilities defined between the sell-side and their clients for remediating any failed submissions. The sell-side firm has access to Report Hub to view and remediate errors within Report Hub, and their buy-side clients can monitor and fix any trade detail issues.

Gary Saunders, Managing Director, Global Head of Prime Derivative Services at Barclays, commented: “Barclays was proud to work with DTCC to share insights and perspectives to make Report Hub a go-to resource for sell and buy-side clients. The new Report Hub assisted reporting model will help to increase data transparency and drive more efficient self-reporting. Report Hub will also help industry participants reduce unnecessary costs and operationally intensive processes while creating a more seamless and efficient trade reporting process for all parties involved.”

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