匹兹堡峰会至今已经过去了十多年, at which Group of 20 leaders pledged to implement new derivatives trade reporting requirements to provide greater transparency and risk mitigation for the global derivatives markets following the global financial crisis that began in 2007–08. 衍生品行业现在的状况要好得多, with firms worldwide actively reporting the required transactions via authorized trade repositories, 提供新的透明度和降低风险水平. 现在, with numerous global regulatory refits and rewrites under way to introduce more standardization in the derivatives transaction data collected in local jurisdictions, the industry is moving closer to the G20 vision of systemic risk management. 存 has been a strong advocate for greater standardization of global trade reporting requirements from the outset.
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存 has been at the forefront of the evolution of the derivatives industry, providing comprehensive services to minimize the operational burden of global trade reporting mandates. 通过其在当地注册和授权的交易存储库, 存’s Global Trade 存储库 (GTR) service processes an estimated 80% of all derivatives transactions globally. 存报告中心服务是一个云托管技术平台, allowing clients to seamlessly complete pre- and 帖子-reporting activities to ensure timely, 准确完整的报告.
根据汤姆·菲茨杰拉德, 董事总经理兼首席技术官, 存的存储库和衍生品服务, 当衍生品报告首次生效时, the GTR service used a “hub-and-spoke” model designed to facilitate the reporting of common data elements to various regulatory reporting bodies across the industry. “当时, 我们选择了同类中最好的, 支持该模型的分布式技术,他解释道. “然而, as divergence in regulatory reporting requirements and standards across individual regimes emerged, coupled with stringent rules around the separation of trade repositories, 我们认为进一步现代化是必要的.”
作为行业拥有和行业治理的市场基础设施, 存继续放稳, security and resiliency of the GTR service at the center of the first phase of its modernization program, 2017年启动，2021年完工. “首先也是最重要的, 作为一个行业公用事业, providing a scalable and resilient solution is at the core of our service,菲茨杰拉德说. “With the magnitude of data we process—about 400 million transactions per day with a historical footprint of 4 petabytes—moving to the cloud has enabled us to leverage computer capacity on-demand to provide even greater service capabilities. 另外, the multi-location redundancy model offered in the cloud ecosystem has further strengthened our overall resiliency.”
优化GTR
存’s initial focus was to optimize its GTR application and data architecture—abstracting business logic from code and creating smaller service modules, 同时确保自动化是驱动交付的核心. “在专注于应用程序和数据之后, 我们把重点放在了底层平台技术的现代化上, 扩展到云，然后利用最佳的数据平台,菲茨杰拉德继续说道.
The firm’s modernization effort has been underpinned by two key technology and data partnerships: Amazon Web 服务 and Snowflake. Fitzgerald explains that 存’s investment in automation and application re-architecture has increased its delivery agility, 为客户提供更好的服务，提高vnsr威尼斯城官网登入质量. 最后, 他说, modernization has improved data access and insights for clients and regulators alike. “Historical data access is a key component of reporting assurance and market risk oversight, and the capabilities provided by our modernized platforms has improved the user experience, allowing faster access to broader datasets and better insights around the data that has been reported,他说.
跟上变化的步伐
正如许多在资本市场工作的技术专家所证明的那样, regulations invariably change from statute book to feedback period and implementation, 上线后的规则修订现在是理所当然的. This means developing the underlying technologies to help firms comply with those regulations can present a challenge, given that revisions will almost certainly be required at some point down the road.
克里斯•蔡尔兹, Managing Director and Head of 存的存储库和衍生品服务, 也是存衍生/服务业务的首席执行官兼总裁, explains that leveraging cloud technology has also enabled the firm to provide improved tooling along with early availability of its GTR test environments for incoming rule refits and rewrites. “One benefit of being in the cloud is the ability to operate multiple environments in a cost-effective manner,查尔兹补充道. “More UAT [user acceptance testing] environments can be run simultaneously, which is crucial with the various regulatory reporting rules changes that are fast approaching or are already underway. Our clients need a UAT environment with the current production version as well as the new version. 现在, 我们可以有多种环境, which can be easily implemented and then taken down after they have served their purpose”.
Childs’ comments also point to the challenge facing clients with respect to preparing for and complying with new reporting obligations, 其中测试起着至关重要的作用. 本质上, market participant firms are having to contend with preparing for upcoming versions of reporting regulations while simultaneously complying with current trade policies.
Fitzgerald concurs with Childs’ assessment: “That’s going to be key to the [various upcoming regulatory] rewrites and helping clients navigate the evolving regulatory landscape and meet forthcoming obligations,他说.
本文最初发表于 水技术 2023年2月10日.