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Regulatory update

Portfolio reconciliation regulation

Regulatory agencies around the globe continue to publish new regulations for portfolio reconciliation of OTC derivatives portfolios.  TriOptima’s award-winning service, triResolve, assists market participants in meeting those guidelines. With over 1400 firms using triResolve, it is the market leader offering a network community platform that includes all major counterparties.

TriOptima regularly hosts regional roundtables focusing on local rules and complaince. Click here to find out when and where the next one will take place.

We have summarized the European and U.S. regulations below as a general framework but implementation should be guided by each institution’s compliance and legal teams.

United States – CFTC Rules
The CFTC published the final rules pertaining to portfolio reconciliation in the Federal Register on September 11, 2012. They are described in Sect. 23.502 of 17 CFR Part 23  “Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants”; Final Rule, and can be accessed directly on the CFTC website.

A summary of the final rules is presented below. triResolve assists subscribers in meeting the standards by providing key functionality for reconciliation, exception resolution workflow and reporting analytics.

United States - summary of the new CFTC rules relating to portfolio reconciliation
 click on image to enlarge

Europe – ESMA Rules
On 27 September 2012, ESMA issued its Draft Technical Standards Final Report which put forward a number of suggested  rules for  the European  OTC derivatives market, including a section on compulsory portfolio reconciliation and dispute resolution processes. The European Parliament adopted the standards without objection after which they were published in the European Union’s Official Journal on 23 February 2013. Once they entered into force on 15 March 2013, participants were given until 15 September 2013 before they had to be fully compliant with the portfolio reconciliation and dispute resolution requirements. 

Below is a summary of the rules relating to portfolio reconciliation and dispute resolution.

Europe – summary of the new ESMA rules relating to portfolio reconciliation

 click on image to enlarge


This summary presents TriOptima’s understanding of the rules, is for informational purposes only and is not intended to be comprehensive. TriOptima does not warrant its accuracy or completeness and TriOptima and its affiliates accept no liability whatsoever for any use of this information or any action taken based on or arising from the information. This summary does not constitute a recommendation to take any action, and TriOptima is not providing and does not intend to provide any legal or regulatory advice. You should consult with your counsel for any legal or regulatory advice regarding this information as it may apply in your circumstances.

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