TR ACCURACY PRODUCT RELEASE – 29.01.2021

January 21, 2021

We have a product release due on the 29th January 2021 at 1700 UK local time.

The release includes 2 new EMIR validations, 11 EMIR validation amendments and 1 new Global Reference data file.

For features which are configurable (TR Accuracy MI report and validations etc), you will be able to log into your management portal and turn them off if you do not wish to see the functionality.

If your TRAC version is from before 18 December 2020, please download new version from CN Portal: ‘Resources -> Downloads’ as your current TRAC version will no longer work following release date.

If your TRAC version is from after 18 December 2020, this update will not require any action from users of TR Accuracy or TR Completeness. All changes will automatically be applied to your solution from the release date.

 

Please let us know if you have any questions: .

Issue key Summary Description
TRD-191 EMIR: ‘is_TV’ definition update Amended interpretation of ‘trading venue’ definition as per ESMA EMIR Q&A update from 21st of December 2020. Affected validation: E93.
TRD-3 New validation: E179 CCP ID not recognised New validation checking validity of the CCP LEI provided in the report.
TRD-2 TRA: New global reference data: CCP_applied TRA new global reference data:  List of non-EEA CCPs which have applied forrecognition under Article 25 of Regulation (EU) No 648/2012
TRD-118 E49 CCP ID not a CCP – correction to only flag where clearing obligation applies TRA EMIR validation amendment – to restrict flagging only to OTC transactions subject to clearing obligation
TRD-98 E7 – exclude UCITS and AIFM from validation EU member status of the reporting counterparty will not be validated for UCITS and AIFMs as Sovereign wealth funds established in third countries are not exempted from the scope of EMIR.
TRD-99 E123 – correction of FIRDS lookup field Updated lookup in FIRDS to cross check report values against additional FIRDS field: [FXNotionalCurrency2].
TRD-122 E47:  corrected for Regulated Markets Tightened validation rules to only flag for Regulated Markets according to EMIR definition.
TRD-121 E15 don’t flag if NC1=NC2 Due to some of TRs treating ‘Notional Currency 2’ field as mandatory, we are relaxing validation to not flag where ‘Notional Currency 2’ is the same as ‘Notional Currency 1’.
TRD-101 E20, E22 – simplifying logic Amended logic for 2 validations: Underlying is expected to be populated with ‘NA’ for currency and commodity products.
TRD-76 New validation E177: Non compressed trade without valuation New validation developed to identify trades that were not compressed into positions, where no valuation has been reported.
TRD-151 E128 Update: FIRDs Mismatch: Commodity Details Validation corrected by mapping FIRDS values to expected EMIR report values for ‘Commodity base’ field.
TRD-150 E127 Update: FIRDs Mismatch: Commodity base Validation corrected by mapping FIRDS values to expected EMIR report values for ‘Commodity base’ field.
TRD-221 E147 – Bug At the moment the system is chacking Exchange rate basis (3,3) not (4,3)

Correction to validation E147 (added in previous release) – to identify second currency in ‘Exchange rate basis’ correctly

 

Control Now Ltd, founded in 2017, is a provider of Transaction Reporting Assurance software tools to empower market participants to perform oversight of their Regulatory Reporting Processes.

Control Now Ltd provide TR Accuracy (Data Quality Assurance) and TR Completeness (Reconciliations) services. Please get in touch for a Free Health Check – .