We have the following features due for release on the 13th of May at 1700 UK local time.

KEY POINTS

• ASIC – 1 update to validation
• MiFIR – update to 8 temporary validations
• EMIR – updates to 7 validations, update to 2 MIs, update to record filtering logic
• Update to 1 Client Reference Data file
• Portal User Interface changes
• 4 new Portal functionalities
• 1 functionality update to the TRAC Desktop tool

WHAT DO YOU NEED TO DO?

There is no action required.

Ref	Product	Change	Affected feature	Client Description	Issue key
1	Accuracy	Fix: Validation	A44 – Collateral Portfolio code(1.42) reported with different currency codes	We have amended validation to not flag where collateral currency inconsistency results from some rows having blank currency value (no collateral value reported).	TRD-723
2	Accuracy	Fix: Validation	MT027d, MT027e  – Buyer LEI XXX is not valid (CON-070); MT043d, MT043e – Buyer decision maker LEI XXX is not valid (CON-120); MT56d, MT56e – Seller LEI XXX is not valid (CON-160); MT072d, MT072e – Seller decision maker LEI XXX is not valid (CON-210)	We have updated the ESMA validations related to the v.1.7 update going live at ARMs/NCAs on 30.05.2022	TRD-726
3	Accuracy	Fix: Validation	E97 – Collateral portfolio code (1.23) not updated	We are relaxing the validation, as some TRs are allowing clients to submit margin values for Collateral Portfolios on the trade/position level, opposed to a separate collateral record. The validation will still flag if no margin values are provided for portfolio.	TRD-729
4	Accuracy	Fix: Validation	E41  – Master agreement type (2.30) populated for non-OTC product; E49 – CCP ID (2.37) not a CCP; E112 – Venue of execution (2.15) OTC, no ISIN; E113 – Venue of execution (2.15) OTC, ISIN not listed on TV; E114 – Venue of execution (2.15) OTC, ISIN listed on TV; E116 – Venue of execution (2.15) FIRDs Mismatch	We have updated the interpretation of ‘ETD’ under EMIR. MTF and OTF executions, cleared by CCP within T+1 are no longer considered ‘ETD’.	TRD-713
5	Accuracy	Enhancement: MI	EMIR MI – OTC FX Derivatives	We have updated the MI to reduce the amount of data displayed in MS Excel. The report will show aggregated data and all detailed trade level data will be available in a separate .csv report.	TRD-719
6	Accuracy	Ingestion	EMIR MI – File Summary	We have implemented a pre-validation filtering of EMIR reports. Records modified, corrected and self-compressed will be validated only according to the most recent version of trade/position. Valuations, collateral updates and compression records will always be validated.	TRD-700
7	Accuracy	Reference data	Client Reference Data – Blacklist Reference Data	We have redefined management of the Blacklist reference data allowing clients more flexibility in exception management – from now on all report fields are allowed to be used in combination with any validation. All reference data files used by clients have been moved to the new format.	TRD-658
8	Accuracy	New Functionality	Portal	We have re-organised the Portal menu: moved the ‘Report Settings’ (ability to switch on/off certain parts of the report) to ‘TRA Configuration’ section. We have also added an option for the client to define the maximum report size for relevant reports. The changes allow individual configuration of the output report per reporting regime.	DEV-1470
9	Accuracy	User Interface Update	Portal	We have implemented a new structure to the ‘TRA Configuration’ Portal menu (previously ‘Regime Configuration’). The new structure is organised by the regime and allows users to navigate more intuitively and configure all modules of the Accuracy output in one place.	DEV-1463
10	Accuracy	User Interface Update	Portal	We have moved the ‘MI settings’ under ‘TRA Settings’ in the Portal and amended the layout of the MI settings menu.	DEV-1384
11	Accuracy	New Functionality	Portal	We have a added a feature for clients using the TR Accuracy ‘Client config’ settings. The new report allows to observe the differences between the ‘CN default config’ vs ‘Client config’ and monitor when the changes were made.	DEV-1424
12	Accuracy	New Functionality	Portal	We have implemented an ability to individually activate the MI Details reports (previously called ‘debug reports’) and moved the setup of these reports under ‘TRA Configuration’ menu.	DEV-1460
13	Accuracy	New Functionality	Portal	We have added a new section on the Portal under TRA Configuration: Core validations. This allows clients to view and manage the checks of the validations applied by ARM/TR. The MIFIR Core Validations module will go live on 27.05	DEV-931
14	Accuracy	User Interface Update	Portal – Action Log	We have added a timezone indication to Report Scheduler	DEV-1578
15	Accuracy	Functionality Update	Portal – Action Log	We have added a new Action Log item status: ‘Urgent’.	DEV-1618
16	Accuracy	Functionality Update	Portal – Action Log	We have amended Action Log functionality to allow users with admin and write access level to edit and delete comments.	DEV-1602
17	Accuracy	New Functionality	Desktop App	We have added a functionality in the TRAC desktop app to abort processing current set of files.	DEV-1621

 

Please let us know if you have any questions: 

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 –