Yulia Pryazhnikova, Financial Stability Department Bank of Russia. NSD, October, 7, 2014
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1 Yulia Pryazhnikova, Financial Stability Department Bank of Russia NSD, October, 7,
2 Trade repository financial market infrastructure providing posttrading services (collecting and electronic storing of OTC derivatives transactions data). ECB definition: central registry of authoritative copies of open OTC derivatives trades. CPMI-IOSCO (PFMI): entity that maintains a centralised electronic record (database) of transaction data. Repository market functions: minimizing the information costs by means of centralized data storing; decreasing the financial losses during the clearing member bankruptcy by means of close-out netting; increasing the market transparency by means of prices aggregated and trade volumes publicity; decreasing transaction costs using clearing and netting of operations; decreasing financial instability risk by means of transparency of clearing members off-balance positions. 2
3 Global regulation (G20 Leaders Statement, Pittsburgh summit, September, 2009): Improving OTC derivatives markets: all standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end 2012 at the latest; OTC derivative contracts should be reported to trade repositories. non centrally cleared contracts should be subject to higher capital requirements. we ask the FSB and its relevant members to assess regularly implementation and whether it is sufficient to improve transparency in the derivatives markets, mitigate systemic risk, and protect against market abuse. EU: Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ( EMIR ) USA: Dodd-Frank Wall Street Reform and Consumer Protection Act ( Dodd-Frank Act ) 3
4 Repository registration; assessment of Repository systemically importance; oversight: control of data accurate and complete; data monitoring and analysis; inspections; enforcement actions; qualifying recognition (inter-depository activity). NSD Bank of Russia St.Pb Exchange 4
5 Trade Repository Jurisdiction Year of foundation 1 DTCC Data Repository (U.S.) USA Regis-TR S.A. Spain UnaVista Limited UK Krajowy Depozyt Papierów Wartosciowych S.A. (KDPW) Poland ICE Trade Vault USA CME Trade Repository USA Clearing Corporation of India India CME European Trade Repository (CME ETR) EU ICE Trade Vault Europe Ltd. (ICE TVEL) UK NSD RUSSIA Indonesia National Trade Repository Indonesia DTCC s Global Trade Repository (GTR) Canada DTCC Derivatives Repository (DDRL) ЕС DTCC Data Repository (Japan) Japan DTCC s Global Trade Repository (GTR) Hong Kong DTCC Data Repository (Singapore) Singapore DTCC Derivatives Repository (DDRL) Australia BSDR USA 2014 EU (List of registered trade repositories): USA (Swap Data Repository Organizations): 5
6 standardization of data record and storage transactions acceptance for legal purposes clearing houses participation in netting, margining and settlement close-out netting transparency improvement: indexes, prices, volumes and positions 6
7 Reporting to the Repository Data control Margin calculation and margining Close-out netting OTC contracts clearing and payment services 7
8 Problem data adequacy, safety and completeness operability of transaction accounting transaction costs of repository clients clients feedback economic efficiency of the repository information exchange with foreign repositories aggregation of information, formation of consolidated statistics using repository information in close out netting purposes Solution development of qualifiers; increase of the responsibility: data control, inspection s and penalties transition from quarterly to daily frequency decrease in operational loading by means of trades confirmation and reduction the number of fields necessity of creation the client service at the NSD undefined long-term period necessity of EMIR compatibility creation of indexes and price series examples are absent 8
9 Financial Stability Department monitoring of NSD s own risks consolidated position of financial conglomerates money market analysis aggregate trends on OTC market Securities Market and Commodity Market Department separate market participant positions (prudential supervision for non credit financial institutions) 9
10 Perspectives future reduction of administrative load and financial market participants costs (the role of NCC); optimize the financial market participants accounting and deletion of duplication of information providing to the Bank of Russia; providing the safety and confidentiality; observance of timeliness, completeness and data accuracy; trading data unification; availability of analytical instruments in aggregated form. Problems delay in implementation the concept of full value repository in Russia; Current additional administrative load and financial costs; status uncertainty of private repositories established under the NSD and Non-commercial partnership RTS; necessity of introduction of changes to the current legislation on repository and formation a number of subordinate legislation. 10
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