就像全球同行一样, market participants in the Asia-Pacific region (APAC) are preparing to comply with the biggest round of OTC derivatives trade reporting changes since the original reporting mandates came into effect over a decade ago. 然而, APAC is not a homogenous region with markets progressing at different levels of maturity and changes to existing requirements remaining unclear in some parts of the region. 在派生源Q中&A与奥利弗·威廉姆斯, 存总经理, 企业管理-亚洲, 资料库及衍生服务, we explore how nuances in the APAC region and related challenges are driving some firms to consider industry partner and vendor-driven trade reporting solutions.
相关内容:利用监管变化的浪潮
Q. 亚太地区的场外衍生品交易报告方法与其他地区有何不同?
A. 亚太地区拥有各种各样的政治、社会、法律和监管环境. 比如，你在欧洲就不会看到这种跨地区的一致性. 欧洲, 尽管它很复杂, 尽管英国脱欧, 不同制度之间是否有更多的协调, 感谢欧洲理事会(EC). 亚太地区正逐步向更加协调的方向转变, 但这种差距仍然非常普遍.
除了, 而日本和香港在大约10年前迅速实施了贸易报告规定, 他们和亚太地区的大多数司法管辖区通常更喜欢“快速跟随者”的方法, 让他们先看看北半球的报告要求是如何运作的. 在贸易报告被重写的情况下尤其如此.
在亚太地区, there is a marked difference between how global financial institutions are approaching upcoming regulatory rewrites compared with their regionally headquartered counterparts. Global firms operating in APAC are typically driven by how their colleagues in the Northern Hemisphere are approaching the same challenges. 他们采用同样的解释, 技术, 以及早期版本中使用的数据分析和测试用例. 与此形成鲜明对比的是, firms that are headquartered in the APAC region are often not as globally active and may have fewer reporting obligations. 他们采用新的规章制度，并在更临时的基础上进行改写, 减少重复使用，提高效率. This means there is some inconsistency across the global derivatives industry in how firms manage their regulatory change programs.
尽管亚太地区的制度之间存在市场差异, 所有的要求都是“双面的”。, 这意味着衍生品合约必须在合约双方报告. 澳大利亚市场有很多委托报告, 买方公司在哪里将报告外包给卖方公司, 但在澳大利亚以外, 这种情况不太常见. 在亚太地区，委托报告模型的使用缺乏一致性, 这与欧洲市场形成了对比.
最后, 亚太地区一些贸易报告职能的外包率略高, driven by regulatory complexities in the region and a relative lack of local subject matter 专业知识.
Q. What are the main challenges APAC firms face as they prepare to meet the trade reporting requirements?
A. The APAC markets are smaller and less mature than those in the Northern Hemisphere and access to trade reporting 专业知识 can be more difficult to source in Asia than in other regions. 虽然香港有大型的知识中心, 新加坡, 澳大利亚, 和东京, 没有庞大的人才库或vns6060威尼斯城官网, 而那些能找到的人需求量很大.
This presents a significant challenge for firms because the rewrites are very technical and specialised, 公司需要找到能够支持实施的人. Some firms struggle to find the right resources and are consistently seeking additional experts to complete the required work. 高需求意味着，与银行内部的其他能力相比，vns6060威尼斯城官网相对昂贵. 传统团队往往过于臃肿，很难留住顶尖人才. 在任何时候，大多数公司都是在vns6060威尼斯城官网限制下运作的. The latest rewrites are very technical and the pressure on firms to find the right people will only increase.
跨国公司可以利用不同制度的技术和vns6060威尼斯城官网, 但以亚太地区为中心的企业的全球影响力较小. The bulk of their obligations and resourcing is in Asia and the challenge of meeting a global remit and agenda for these rewrites is quite onerous. 例如, 澳大利亚和新加坡的一些大型银行拥有重要的抵押贷款和零售业务. 与美国银行相比，这些公司的全球市场业务规模相对较小, 然而，它们面临着与全球贸易公司相同的贸易报告要求. 他们获得vns6060威尼斯城官网的途径非常不同，这是一个日益困难的挑战.
这些挑战汇聚在一起——缺乏获得专业知识的途径, high costs and the scale of technological change required—is driving some firms to consider both industry trade reporting solutions and complementary consulting services.
相关:存荣获亚洲监管大奖
Q. 为什么公司会寻求第三方解决方案而不是内部构建?
A. 监管 rewrites are forcing firms to reassess the viability of their systems in meeting new reporting requirements. 一些公司要么是在线的, 或者转向战略平台, 而其他人正在处理不适合新需求的遗留体系结构. 在旧系统的情况下，这些系统在其生命周期内被修补和添加了太多次, it can be challenging to understand the current technological capabilities and whether the 技术 can meet best practice for the rewrites. The gaps in existing 技术 stacks are driving some firms to explore industry solutions for some of their trade reporting tasks. 例如, firms can leverage 存’s Report Hub® service to simplify their pre and 帖子 trade processes and hence manage the complexities of reporting across multiple jurisdictions. 鉴于该地区缺乏专业知识, 供应商可能能够提供内部战略无法提供的规模. 例如, a vendor operating in 澳大利亚 with multiple clients will have economies of scale which not only drives efficiency, but also gives access to a community of experts offering a consensus-driven interpretation of requirements alongside solutions to common problems. 当供应商能够利用功能社区时, 专业知识, 和想法, 这有助于推动合规的确定性, 随着法规的不断变化，哪一点对公司来说尤为重要.
咨询服务为亚太地区公司提供了另一种选择，因为当地专业人才市场吃紧. 例如, 存 consultants are currently supporting firms at all levels of rewrite preparations across the globe. Engaging with our team of experts can be useful to firms whether they are moving to an industry solution or staying with in-house capabilities. 存’s consultants can also help firms understand and review their internal reporting control mechanisms to mitigate compliance issues and manage operational risk.
Q. 企业在采用第三方解决方案之前应该考虑什么?
A. 公司应该考虑供应商是否有合适的工具, subject matter 专业知识 and teams in place to take ownership of key trade reporting tasks in the long term. It is important to clarify here that while a firm can outsource the 技术 or the capability to deliver the reporting, 它不能将最终的监管义务外包出去, 但选择合适的合作伙伴可以显著减少内部vns6060威尼斯城官网的总体负担.
另一个关键考虑因素是数据透明度, 哪些与公司和衍生品交易报告业务越来越相关. The solutions provider must deliver complete transparency around data migration treatment so that at any point in time, a firm can easily trace all the way back to source and understand exactly what has been done to their data.
在考虑集成第三方平台时, firms need to be strategic and look at what they want to achieve and whether the solution provider will help them realise that goal now and in the future.
问:使用第三方解决方案的缺点是什么?
A: 一些公司可能认为他们的业务太复杂，第三方无法理解. 有时，这是由于笨拙的遗留系统导致的流程缺乏透明度, 但它通常不是不可克服的. It is important to plan the implementation well and think strategically about how they want to handle data integration.
也可能有人反对前期成本, 但从长远来看，第三方解决方案可能会节省成本. 运行一个效率低下的平台是有机会成本的. Choosing to partner with third-party can also free up high skilled and limited resources for other work.
问:在这里使用第三方解决方案的长期战略效益是什么?
A: Using a third-party solution means that regulatory reporting is no longer project driven but becomes mutualised across the providers’ users. 这减少了单个客户的变更负担, 节省时间和精力, 并使公司能够专注于他们的核心业务. 使用第三方解决方案还可以减少遵从性的不确定性. 失败的代价不仅仅是罚款，还包括补救措施和限制损害的所有努力.
本文最初发表于 DerivSource 2024年1月10日.