From July, CFD, margin FX and equity OTC derivatives will need to be reported using the "life cycle" method.
The Australian Securities and Investments Commission (ASIC) has published its market integrity report for the July to December 2018 period, where it reminded firms that they need to be ready for the upcoming reporting changes for several derivative products.
In the report, the regulator has outlined its steps to execute its vision of a “fair, strong and efficient financial system.” One of the ways the Aussie regulator plans to do this is to change the reporting standard for contracts for difference (CFDs), margin foreign Exchange (Forex) and equity over-the-counter (OTC) derivatives transactions.
Specifically, ASIC will require these transactions to be reported to derivative trade repositories using a ‘life cycle’ method instead of an end-of-day ‘snapshot’ method. This new reporting standard will come into effect from the 1st of July 2019.
At the moment, firms only need to report these transactions using the 'snapshot' method, that is, they only need to report the positions which are open at the end of the business day.
However, as highlighted by Quinn Perrott, co-CEO Traction Fintech: "Lifecycle reporting requires you to report the entry into, exit of, as well as any modification of an OTC derivative which occurred during the preceding business day. This is often referred to as 'intraday reporting.'"
Although current derivative transaction rules allow reporting entities to choose either the snapshot or life cycle reporting method, ASIC has the power to determine certain derivatives to be "Excluded Derivatives" for using snapshot reporting, which it has done so in this case.
However, the Aussie regulator can only make this change if the determination will either promote financial stability, support the detection and prevention of market abuse, or enhance the transparency of information available to relevant authorities.
"ASIC considers these changes will be useful for monitoring market misconduct and the prevention of market abuse in these products," Perrott added.
ASIC is Focusing on Firm Behaviour and Culture
ASIC also outlined in the report that it has enhanced its supervision on the top players in the financial markets so that it can get a better understanding of their behaviors, culture, and business models.
“Achieving behavioural change is an important part of our work. By changing behaviour, we may be able to avoid future instances of risky conduct and breaches, and prevent investor losses before they occur,” the report said.
Over the past few months, rumors have been mounting at the Aussie regulator might follow in the footsteps of the European Securities and Markets Authority (ESMA) and implement product intervention measures.
The poor culture of brokers in the European Union (EU) is largely thought as one of the main reasons ESMA implemented its restrictions, in an attempt to regulate a market that was riddled with bad practices. In the report, ASIC highlights that analyzing the culture and behavior of firms is one of its top priorities.
In April of this year, ASIC took one step closer to this potential route, when the Australian parliament passed a product intervention law which gives the regulator the same powers as ESMA, however, the amendment is pending a so-called Royal Assent procedure.
The Australian Securities and Investments Commission (ASIC) has published its market integrity report for the July to December 2018 period, where it reminded firms that they need to be ready for the upcoming reporting changes for several derivative products.
In the report, the regulator has outlined its steps to execute its vision of a “fair, strong and efficient financial system.” One of the ways the Aussie regulator plans to do this is to change the reporting standard for contracts for difference (CFDs), margin foreign Exchange (Forex) and equity over-the-counter (OTC) derivatives transactions.
Specifically, ASIC will require these transactions to be reported to derivative trade repositories using a ‘life cycle’ method instead of an end-of-day ‘snapshot’ method. This new reporting standard will come into effect from the 1st of July 2019.
At the moment, firms only need to report these transactions using the 'snapshot' method, that is, they only need to report the positions which are open at the end of the business day.
However, as highlighted by Quinn Perrott, co-CEO Traction Fintech: "Lifecycle reporting requires you to report the entry into, exit of, as well as any modification of an OTC derivative which occurred during the preceding business day. This is often referred to as 'intraday reporting.'"
Although current derivative transaction rules allow reporting entities to choose either the snapshot or life cycle reporting method, ASIC has the power to determine certain derivatives to be "Excluded Derivatives" for using snapshot reporting, which it has done so in this case.
However, the Aussie regulator can only make this change if the determination will either promote financial stability, support the detection and prevention of market abuse, or enhance the transparency of information available to relevant authorities.
"ASIC considers these changes will be useful for monitoring market misconduct and the prevention of market abuse in these products," Perrott added.
ASIC is Focusing on Firm Behaviour and Culture
ASIC also outlined in the report that it has enhanced its supervision on the top players in the financial markets so that it can get a better understanding of their behaviors, culture, and business models.
“Achieving behavioural change is an important part of our work. By changing behaviour, we may be able to avoid future instances of risky conduct and breaches, and prevent investor losses before they occur,” the report said.
Over the past few months, rumors have been mounting at the Aussie regulator might follow in the footsteps of the European Securities and Markets Authority (ESMA) and implement product intervention measures.
The poor culture of brokers in the European Union (EU) is largely thought as one of the main reasons ESMA implemented its restrictions, in an attempt to regulate a market that was riddled with bad practices. In the report, ASIC highlights that analyzing the culture and behavior of firms is one of its top priorities.
In April of this year, ASIC took one step closer to this potential route, when the Australian parliament passed a product intervention law which gives the regulator the same powers as ESMA, however, the amendment is pending a so-called Royal Assent procedure.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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