NSD Repository Announces an Improvement in the Quality of Information Submitted by Clients Due to Formatting and Logic Checks

27 September 2017
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National Settlement Depository (NSD) reports that the launch of a format and logical check services (FLC) has led to a substantial improvement in the quality of information submitted by clients to NSD Repository. In particular, the number of potential errors in transaction parameters reported by clients has been reduced.

Ten months ago, NSD launched the FLC service. This is a system that “soft” checks message parameters; these checks do not affect the data registration process. The service is designed to help clients correctly complete message fields and submit regulatory reports in due time.

To date, the following checks of incoming data have been implemented:

  • A more than 10% deviation in the currency transaction rate from the official rate;
  • A more than 0.1% deviation in the repo transaction interest rate from the calculated one;
  • The correct classification of a transaction as a derivative/non-derivative transaction based on the agreement’s terms;
  • The timely submission of reports to the Repository (a report shall be dated not later than three business days from the date when the transaction was concluded/changed/deregistered).

NSD is working on developing and launching additional checks within this service.

According to NSD’s statistics, there has been a significant decrease in the number of messages with incorrect transaction parameters submitted by the Repository’s clients who have connected to the FLC service.

A representative of Moscow Credit Bank pointed out: “Using the FLC service helps banks report on new types of trades, allows them to reduce human errors that occur when working with large amounts of data, and minimizes the number of errors. We are waiting for additional checks as part of the FLC service; in particular, we are interested in checking information on the fair value of registered derivative transactions and the timeliness of reports on fulfilling obligations on open transactions.”

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