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20th March 2023

TR Accuracy Product Release – 27/03/2023

KEY POINTS

TR Accuracy

  • EMIR – 9 validation amendments, 1 MI amendment, 1 ingestion logic amendment;

  • MiFIR – 2 validation amendments, 1 validation deletion;

  • All Regimes – 3 Summary report amendments, 1 Statistics report amendment;

  • Portal – 1 fix for Market Reference Data section;

  • Action Log – 2 new functionalities

WHAT DO YOU NEED TO DO?
All users are recommended to re-start their TRAC desktop tool after the release. Otherwise, you can continue using TRAC tool as normal, there are no configuration changes required to benefit from the new features.

Ref

Product

Change

Affected feature

Client description

Issue key

1

Accuracy: EMIR

Fix: Validation

E76  – Variation margin posted (1.26) when transaction is a sell, E77 – Variation margin received (1.30) when transaction is a sell, E78 – Variation margin received (1.30) when transaction is a buy, E79 – Variation margin posted (1.26) when transaction is a buy

Validations were amended to flag only when collateral is reported on position level (not a portfolio level).

DEV-2096

2

Accuracy: EMIR

Fix: Validation

E57 – Collateral Portfolio code (1.23) duplicated in a day’s reporting data

We have amended the validation to avoid flagging false positive results when collateral update is provided on a collateral update report instead on valuation report (as seen on Regis-TR submission format).

DEV-2112

3

Accuracy: EMIR

Fix: Validation

E56 – Position Level (2.94) record Trade ID (2.12) has been duplicated across a single day

We have amended the validation to avoid flagging false positive results when valuation timestamp field is blank.

DEV-2114

4

Accuracy: EMIR

Fix: Validation

E54 – Variation margin (1.26/1.30) populated for a new position

We have amended validation to not flag when collateral is reported on portfolio level.

DEV-2081

5

Accuracy: EMIR

Fix: Validation

E182 – Inconsistent Collateral Portfolio margins (1.24-1.35)

We have amended the validation to avoid flagging false positive results when collateral update is provided on a collateral update report instead on valuation report (as seen on Regis-TR submission format).

DEV-2113

6

Accuracy: EMIR

Fix: Validation

E160 – Reporting Counterparty ID (1.2) is unknown

We have amended the validation to not create false flags for fund managers reporting on behalf of funds.

DEV-2154

7

Accuracy: EMIR

Enhancement: MI

EMIR MI: Notional Tolerance

We have added 2 new tables coresponding to pie charts on Notional Tolerance MI.

DEV-2107

8

Accuracy: EMIR

Ingestion

Regis-TR R010 and R001 format

We have amended ingestion for Valuation Timestamp and Reporting Timestamp fields.

DEV-2111

9

Accuracy: MiFIR

Fix: Validation

M276 – Currencies (31, 34) not in line with market convention

We have corrected an issue with validation checking base vs quote currencies for price and quantity currencies for FX Forwards.

DEV-2110

10

Accuracy: MiFIR

Fix: Validation

M16 – Trading date time (28) granularity for off exchange execution

We have amended the validation identification criteria for executions outside of trading venues.

DEV-2120

11

Accuracy: MiFIR

Delete: Validation

M248 – Price Multiplier (46) is not 1 for Swaps

We have deleted the validation based on the incorrect statement in the MIFID Guidelines (as confirmed by ESMA).

DEV-2160

12

Accuracy: ASIC, MiFIR, EMIR

Enhancement: MI

Summary report: Validations Summary

We have updated the ‘Validations Summary’ tab on the Summary report by adding fields representing the earliest and latest occurence of each flag.

DEV-1973

13

Accuracy: ASIC, MiFIR, EMIR

Enhancement: MI

Summary report: Validation Status

We have added the Threshold information to ‘Validation Status’ tab on the ‘Summary Report’.

DEV-1975

14

Accuracy: ASIC, MiFIR, EMIR

Enhancement: MI

Summary report: Distinct Errors Per TRN/UTI

We have enhanced the ‘Distinct Errors per TRN/UTI’ report in the ‘Summary report’ for all regimes, to include product related information.

DEV-1969

15

Accuracy: ASIC, MiFIR, EMIR

Enhancement: MI

TR Accuracy: Statistics Report

We have refreshed the visual side of the TR Accuracy Statistics .xsl report for more clarity.

DEV-2161

16

Accuracy: General

Portal Configuration

Action Log

We have added a functionality to Action Log to allow linking Action Items to each other.

DEV-1498

17

Accuracy: General

Portal Configuration

Action Log

We have added the ‘Archive’ section to ‘Action Log’ functionality – this allows clients to archive old Actions and remove them from the regularly reviewed lists.

DEV-1499

18

Accuracy: General

Portal Configuration

Market Reference Data

We have fixed an issue with the search functionality in the “Market Reference Data” section on TRAC Portal.

DEV-2124

Please let us know if you have any questions: client.support@control-now.com.

Control Now can help you seamlessly manage such changes as amendments and modifications are automatically integrated into our software.

For more details, including a demo of our products, please contact: info@control-now.com

Control Now Ltd, is a provider of Transaction Reporting software tools to empower market participants to perform oversight of their Regulatory Reporting Processes. Control Now Ltd accepts no liability for any loss or damage caused by use of or reliance on this information or any other information published by Control Now Ltd. Recipients of this information must perform their own due diligence to confirm the information is accurate and relevant for their business scenario. Control Now Ltd reserves its right to re-publish the information.