Trade Repository Message Formats and Structure
The NSD Trade Repository collects and maintains the records of over-the-counter repos, derivatives and other transactions.
Message formats and specifications for electronic documents used by NSD to provide repository services are published in the EDI Documents section.
The Repository Service Rules and the accession documents are published in the Repository Documents section on the NSD website.
Additional information on message formats is published on the specialized portal of the NSD Trade Repository.
The concept of a trade repository as an infrastructure element responsible for collecting data on over-the-counter derivatives was presented at the G20 summit in Pittsburgh, United States, where participating countries decided that information on OTC derivatives (hereinafter referred to as "derivatives") should be provided to trade repositories by market participants.
Summit participants, as well as supranational organisations such as the Financial Stability Board, committed to implementing trade repositories in their financial markets.
The primary function of a trade repository is to collect and maintain records of all over-the-counter derivatives and provide this information to market regulators.
In accordance with the requirements of Article 3 of Bank of Russia Ordinance No. 4104-U, other legal entities established in accordance with the legislation of the Russian Federation are required to report on over-the-counter transactions if at least one of the following conditions is met:
if the total liabilities under the agreement on the date of execution, in Russian rouble or the equivalent in foreign currency, calculated at the official exchange rate of the foreign currency against the Russian rouble established by the Bank of Russia, exceeds RUB 1 billion;
if the total liabilities under the agreements in aggregate at the end of each of three consecutive months (hereinafter, the "reporting period"), are at least RUB 10 billion or the equivalent in foreign currency, calculated at the official exchange rate of the foreign currency against the Russian rouble established by the Bank of Russia on the calculation date (hereinafter, the "threshold value");
if such agreements are executed on or after the first day of the month following the reporting period in which the threshold values were reached.
There are two types of participants in repository operations:
clients (parties to the master agreement/contract);
reporting agents.
Legal entities may combine both functions.