Report on the Description of the National Settlement Depository Controls, Suitability of Controls Design and Operating Effectiveness,
12 October, 2015
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Objective 5. Controls provide reasonable assurance that agreements concluded in the over-the-counter (OTC) market are
completely and accurately recorded in the register in a timely manner and are only based on client orders
Ref # Control procedure
Testing performed
Results of tests
5.1
Client's data (repository codes, requisites, letter of attorney on
basic informing entity etc.) is automatically and accurately
transferred from KBD to Repo X during the day closure
operation
For a sample of client’s data inspected transferring procedure
and noted that Repo-X functionality provides automatic and
accurate transfer.
No exceptions noted
5.2
The standard actions of the day closure procedure are executed
automatically after having been initiated in Repo-X by the
Repository department.
For a sample of days of audit period inspected day closure
procedure and ensured all required actions of the day closure
procedure were executed completely and accurately recorded in
the register in a timely manner.
No exceptions noted
5.3
Documents are registered and recorded automatically in
Repo-X based on orders (electronic messages) received from
clients and providing information on the general agreement /
contract.
Observed
the documents registering and recording process in
Repo-X and noted documents were registered and recorded
automatically based on orders.
No exceptions noted
