就像全球同行一样, 自十多年前最初的报告规定生效以来，亚太地区(APAC)的市场参与者正准备顺应最大一轮场外衍生品交易报告改革. 然而, 亚太地区并不是一个单一的地区，市场在不同的成熟程度上发展，并且该地区某些地区现有要求的变化仍不明确. 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, 我们探讨了亚太地区的细微差别和相关挑战如何促使一些公司考虑行业合作伙伴和供应商驱动的贸易报告解决方案.
Related: Riding the waves of regulatory changes
Q. How is the APAC approach to OTC derivatives trade reporting different to other regions?
A. The APAC region has a wide variety of political, social, legal, and regulatory environments. There is not the kind of cross-regional consistency you would see in 欧洲, for example. 欧洲, 尽管它很复杂, 尽管英国脱欧, has much more harmonisation across different regimes, 感谢欧洲理事会(EC). There is a gradual shift towards greater harmonisation in APAC, 但这种差距仍然非常普遍.
除了, while Japan and Hong Kong quickly went live with trade reporting rules about ten years ago, they and most jurisdictions in the APAC region generally prefer a “fast follower” approach, where they wait and see how reporting requirements work in the Northern Hemisphere first. This is especially true now with trade reporting rewrites.
在亚太地区, 与总部设在地区的金融机构相比，全球金融机构应对即将到来的监管改革的方式存在显著差异. 在亚太地区运营的全球公司通常会受到北半球同事如何应对同样挑战的驱动. 他们采用同样的解释, 技术, and data analysis and test cases used in earlier releases. 与此形成鲜明对比的是, 总部设在亚太地区的公司通常不那么活跃，报告义务也较少. They adopt new regulations and rewrites on a more ad hoc basis, with less re-use and the efficiency that brings. 这意味着全球衍生品行业在企业如何管理监管变革计划方面存在一些不一致之处.
While there are market differences between APAC regimes, 所有的要求都是“双面的”。, meaning derivatives contracts must be reported on both sides of the contract. The 澳大利亚n market sees a lot of delegated reporting, where buy-side firms outsource reporting to their sell-side counterparts, 但在澳大利亚以外, 这种情况不太常见. There is a lack of consistency around the use of delegated reporting models in APAC, 这与欧洲市场形成了对比.
最后, there are slightly higher rates of outsourcing of some trade reporting functions in the APAC region, 由于该地区监管的复杂性，以及当地相关专业知识的相对缺乏.
Q. 亚太地区公司在准备满足贸易报告要求时面临的主要挑战是什么?
A. 与北半球的市场相比，亚太地区的市场规模较小，成熟度也较低，在亚洲获得贸易报告专业知识可能比在其他地区更难. While there are large knowledge hubs in Hong Kong, 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.
这对公司来说是一个重大的挑战，因为重写是非常技术性和专业化的, and firms need to find people who can support implementation. 一些公司很难找到合适的vns6060威尼斯城官网，并不断寻求额外的专家来完成所需的工作. High demand means resources are relatively costly compared with other capabilities within the banks. Legacy teams are often stretched too thin, and it can be hard to retain top talent. At any given time, most firms are operating under resource constraints. 最近的改写技术性很强，公司寻找合适人选的压力只会增加.
Global firms can leverage 技术 and resources across regimes, but APAC-centric businesses have a smaller global reach. 它们的大部分义务和vns6060威尼斯城官网都在亚洲，而满足这些改写的全球职责和议程的挑战相当繁重. 例如, some large 澳大利亚n and 新加坡an banks have significant mortgage and retail businesses. These firms’ global markets businesses are relatively small compared with those of US-based banks, yet they face the same trade reporting requirements as global trading houses. Their access to resources is very different and that is an increasingly difficult challenge.
This confluence of challenges—lack of access to 专业知识, 高成本和所需的大规模技术变革促使一些公司同时考虑行业贸易报告解决方案和补充性咨询服务.
Related: 存 recognized at Regulation Asia Awards for Excellence
Q. Why might a firm look to a third-party solution rather than build in-house?
A. 监管法规的修改迫使企业重新评估其系统的可行性，以满足新的报告要求. 一些公司要么是在线的, 或者转向战略平台, while others are dealing with legacy architecture that is not suitable for the new requirements. In the case of older systems that have been patched and added too many times over their life span, 理解当前的技术能力以及该技术是否能够满足重写的最佳实践是具有挑战性的. 现有技术堆栈的差距正在推动一些公司探索一些贸易报告任务的行业解决方案. 例如, 公司可以利用存的报告中心®服务简化其交易前和交易后流程，从而管理跨多个司法管辖区报告的复杂性. 鉴于该地区缺乏专业知识, vendors may be able to provide scale that an in-house strategy cannot. 例如, 在澳大利亚拥有多个客户的供应商将拥有规模经济，这不仅能提高效率, 而且还提供了一个专家社区，提供共识驱动的需求解释以及常见问题的解决方案. When a vendor is able to leverage a community of capabilities, 专业知识, 和想法, 这有助于推动合规的确定性, which is especially important for firms as regulations continue to change.
Consulting services offer another option for APAC firms given the tight market for local 专业知识. 例如, 存的顾问目前正在全球范围内为各个级别的公司提供重写准备. 与我们的专家团队合作对于公司来说是非常有用的，无论他们是转向行业解决方案还是保持内部能力. 存的顾问还可以帮助公司了解和审查其内部报告控制机制，以减轻合规问题并管理运营风险.
Q. What should firms consider before they move ahead with a third-party solution?
A. Firms should think about whether the provider has the right tools, 拥有专业的专业知识和团队，长期负责关键的贸易报告任务. 这里需要澄清的是，虽然公司可以外包技术或能力来交付报告, it cannot outsource the ultimate regulatory obligation, but choosing the right partner can significantly reduce the overall burden on internal resources.
另一个关键考虑因素是数据透明度, which is becoming increasingly relevant for firms and derivatives trade reporting operations. 解决方案提供商必须在数据迁移处理方面提供完全的透明度，以便在任何时间点, 公司可以很容易地追溯到数据的来源，并确切地了解他们的数据被做了什么.
When thinking about integrating a third-party platform, 公司需要有战略眼光，看看他们想要实现什么，以及解决方案提供商现在和将来是否会帮助他们实现这一目标.
Q: What are some of the perceived disadvantages around using third-party solutions?
A: Some firms may think their business is too complex for a third-party to understand. Sometimes that is down to a lack of transparency of processes caused by unwieldy legacy systems, 但它通常不是不可克服的. 很好地规划实现并战略性地考虑如何处理数据集成是很重要的.
There can also be objections around the upfront costs, but a third-party solution may deliver cost savings over the long term. There is an opportunity cost in running an inefficient platform. 选择与第三方合作还可以释放高技能和有限的vns6060威尼斯城官网用于其他工作.
Q: What are the long-term strategic benefits of using a third-party solution here?
A: 使用第三方解决方案意味着监管报告不再是项目驱动的，而是在提供商的用户之间共同完成的. This reduces the burden of change on individual clients, 节省时间和精力, and enables firms to focus on their core business. Using a third-party solution also reduces compliance uncertainty. The cost of failure is not just a fine, but remediation and all the efforts around damage limitation.
本文最初发表于 DerivSource 2024年1月10日.