The deltaconX regulatory reporting solution is built to simplify the burden of compliance across a number of regulations so that our clients don’t have to lose time and resources to looking after compliance themselves.
Our platform enables compliance Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or the “Act”) in a way that helps streamline day-to-day reporting to ensure CTFC compliance.
In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or the “Act”) was signed into U.S. federal law. The Act made changes to the financial regulatory environment in the United States as a way of promoting financial stability by, among other things, improving accountability and transparency in the financial system.
Within the Act, Title VII addressed concerns regarding the regulation of the over the counter (OTC) swaps markets, and in particular, required certain OTC derivatives and FX instruments to be traded on a regulated Swap Execution Facility (SEF).
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All Swaps, cleared or uncleared, must be reported to a Swap Data Repository (SDR) and the SDR is responsible to collect and maintain data related to swap transactions, keeping such data electronically available for regulators or the public.
The deltaconX platform supports clients to meet their obligations to provide data to the SDR under Part 45 record-keeping, transaction reporting, allowing regulators to monitor for systemic risk. This is a ‘Single Sided’ regime unlike EMEA Transaction Reporting Obligations.
Firms trading OTC derivatives in the US must report details to a registered Swap Data Repository (SDR).
The CFTC has also started the implementation of a substantial revision of the reporting rules, known as the CFTC Rewrite, and reporting under the new rules, the introduction of which is split into 2 phases.
The most relevant reporting entities are below, especially when they are non-US domiciled firms.
Reports must be submitted to a recognised SDR the next Business Day (T+1)
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deltaconX provides highest flexibility by supporting multiple jurisdictions within a unified platform.
The deltaconX SaaS platform offers the capability to incorporate these CTFC & SEC requirements into our unified and standardized workflow, which simplifies compliance by only highlighting the actual areas requiring attention. We essentially eliminate any confusion or complexity around Dodd-Frank by ensuring that the necessary data is captured and provided as required by the Act.
The unified deltaconX workflow means that your attention is focused only where it’s needed so that the relevant data in OTC derivatives are captured and available to meet the enhanced scrutinization requirements of both the CTFC and SEC.
Instead of using internally managed solutions that take up significant time and resources, or turning to expensive experts, deltaconX actually lessens the burden of CTFC compliance.
We eliminate the need for in-house experts completely and have simplified working with our platform by reducing manual efforts by up to 80%, so that it’s both quick and easy to make sure that everything is available to validate your OTC derivative trades.
By building expertise from across our entire data reporting chain into the platform itself, we’re also able to proactively work on of bigger shifts, changes, or even revisions to the regulations without passing the burden on to you.
The impending revision of the Dodd-Frank Act is about to change the game by introducing new submission data requirements, daily collateral, valuation and reporting requirements, along with more stringent data verification requirements.
Instead of putting more pressure on internal resources on refactoring existing compliance solutions or pouring more money into consultancy fees, deltaconX offers a simplified alternative by handling the CTFC / Dodd-Frank changes for you.
With extensive experience in data-quality driven reporting compliance and enabling customers to make the switch from DIY compliance solutions – deltaconX offers a unique opportunity to simplify compliance with the Dodd-Frank rewrite.
As the regulatory reporting bodies start to move their focus away from data completeness towards data quality, remaining compliant will prove to become a bigger challenge over time.
Unlike other solutions deltaconX can actually provide you with the complete picture of the cost of compliance, with an unprecedentedly clear TCO that gives you a crystal-clear insight into what the bottom line is.
As the Dodd-Frank rewrite is due to go live in May 2023 knowing exactly how much it’s going to cost to adapt to these changes has never been more vital.
With deltaconX you get more than just a SaaS based solution provider, you get a long-term partner that proactively helps you reduce the burden of compliance.