The Depository Trust & Clearing Corporation (DTCC) has launched DTCC Report Hub’s assisted reporting model which enables sell side firms to assist buy side clients with regulatory reporting requirements.
Report Hub is a pre- and post-trade reporting solution that aims to help firms manage the complexities of meeting multiple regulatory mandates across jurisdictions and asset classes.
With the newly launched model, sell side firms including clearing brokers and prime brokers are able to provide the required counterparty trade data to their buy side clients which also use Report Hub, according to DTCC.
The sell-side firm submits trade details for their underlying clients, which can add data regarding the trade directly into Report Hub.
The Report Hub then conducts reporting eligibility checks across jurisdictional requirements and transmits the trade data for automatic reporting via an authorised trade repository.
The Report Hub will then streamline the data sharing process between counterparties, enabling users to draw on the benefits of a central utility, sourcing and reporting counterparty trade data required for compliance with regulatory obligations.
With the assisted reporting model, counterparties have access to Report Hub’s exception management monitoring and remediation functionality, with roles and responsibilities defined between the sell-side and their clients for resolving any failed submissions, explains DTCC.
The sell side firm has access to Report Hub to view and address errors within Report Hub, while their buy-side clients can monitor and fix trade detail issues.
“We are pleased to provide our clients with DTCC Report Hub’s pre- and post-trade reporting capabilities leveraging our assisted reporting model,” says Val Wotton, DTCC managing director of product development and strategy, repository and derivatives services.
He adds, “We built DTCC Report Hub incorporating insights from key stakeholders including Barclays, to put the power of a robust reporting solution into our clients’ hands.”
Gary Saunders, managing director and global head of prime derivative services at Barclays, says, “The new Report Hub assisted reporting model will help to increase data transparency and drive more efficient self-reporting.
Report Hub will help industry participants reduce unnecessary costs and operationally intensive processes while creating a more seamless and efficient trade reporting process for all parties involved.”