New model enables prime brokers and clearing brokers to assist their buy-side clients with reporting
New York/London/Hong Kong/Singapore/Sydney ‒ November 21, 2022 – The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that it 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 leading pre- and post-trade reporting solution that helps firms manage the complexities of meeting multiple regulatory mandates across jurisdictions and asset classes.
With DTCC Report Hub’s assisted reporting model, sell-side firms including clearing brokers and prime brokers are able to seamlessly provide the required counterparty trade data to their buy-side clients, who also leverage Report Hub. Leveraging this workflow, 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 industry leader in trade reporting. Report Hub streamlines the data sharing process between counterparties, enabling users to leverage a central utility, seamlessly sourcing and reporting counterparty trade data required for successful compliance with regulatory obligations.
“We are pleased to provide our clients with DTCC Report Hub’s unmatched pre- and post-trade reporting capabilities leveraging our assisted reporting model,” said Val Wotton, DTCC Managing Director, Product Development and Strategy, Repository and Derivatives Services. “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.
“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,” says Gary Saunders, Managing Director, Global Head of Prime Derivative Services at Barclays. “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.”
Report Hub’s extensive coverage enables users to manage the complexities of global trade and transaction reporting across 14 jurisdictions.
About DTCC Report Hub
DTCC Report Hub is designed to assist firms with managing their pre and post reporting needs across 14 jurisdictions, covering global derivatives, SFTR and MiFID II. With a proven track record, the customizable and cloud hosted service helps clients increase efficiency, certainty and control over their reporting process while lowering risk. The solution also helps reduce costs for enhancements related to future regulatory changes, as there are no additional license fees for regulatory upgrades including the upcoming regulatory trade reporting rewrites.
DTCC’s Repository and Derivatives Services (RDS) is a growing business dedicated to providing the industry’s leading solutions for trade reporting and derivatives contract servicing. Repository Services enable firms to meet their global trade repository and reporting obligations for derivatives and securities financing transactions (SFT) through DTCC’s locally registered trade repositories as part of the award winning Global Trade Repository service (GTR). Derivatives Services also automate critical processes at key points in the post-trade lifecycle of credit and equity derivatives including credit event processing. And with award winning DTCC Report Hub, a user can access a comprehensive suite of pre and post reporting capabilities to help mitigate compliance risks, enhance operational efficiencies and drive down costs.
With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 21 locations around the world, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2021, DTCC’s subsidiaries processed securities transactions valued at nearly U.S. $2.4 quadrillion. Its depository provides custody and asset servicing for securities issues from 177 countries and territories valued at U.S. $87.1 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes 16 billion messages annually.