In the aftermath of the 2008 financial crisis, financial authorities have enforced more stringent regulations on derivatives trading. One of the measures adopted by most regulators is the obligation to report derivative transactions and/or positions, whether OTC or exchange traded, to a central trade repository (CTR) or swap data repository (SWDR).
We detail hereafter the datamodel of how trades have to be recorded in the juridictions most relevant for Commodities trading and map those with our generic model.
Singapore - MAS
The Monetary Autorithy of Singapore (MAS) is the Central Bank of Singapore. As such it supervises and enforces regulations to safeguard financial stability, among which the Securities and Futures Act, in our case more precisely the regulation pertaining Reporting of Derivatives SFA2001-S668-2013, dated 31st October 2013.
Europe - ESMA
The European Securities and Markets Authority (ESMA) is in charge of rolling out the European Market Infrastructure Regulation (EMIR, Regulation (EU) 648/2012) for over the counter derivatives. The trade reporting technical standards set the outline of the records to be reported. A first version (Delegated Regulation (EU) 148/2013 dated 19th December 2012) has been superseded by a revised one (Delegated regulation (EU) 2017/104 dated 19th October 2016) as explicited in the validation rules which are detailed below.
United States - CFTC
In the United States, Commodities trading is regulated by the Commodities Trading and Futures Commision CFTC. As such it oversees implementation of the Dodd-Franck Act, which enforces reporting of derivatives activity by most market participants. The technical details are set forth in Title 17, Chapter 1, Part 45, Appendix 1.
Mapping the Commopedia generic trade attributes to the corresponding attribute accross jurisdictions.
- Mapping across jurisdictions.