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Notice
Update to mandatory Cash Rate and Trade Date fields when entering a Market Repo in Austraclear
As referenced in the Austraclear Market Repo Customer Update (published in August 2020), Austraclear has delivered a number of enhancements to the Market Repo Module and associated functionality including Linked Settlements, Automatic Unwind of the Closing Leg, and Future Dated Closing Leg.
Participants should note that Austraclear will deliver the following updates to the existing requirements for the input of the mandatory “Cash Rate” and “Trade Date” tags in Austraclear for Market Repo transactions as below:
Field |
Mandatory |
Matching |
Change Description |
Change date |
Additional comments |
|---|---|---|---|---|---|
Cash Rate |
Yes |
Yes |
This field currently defaults to “0” if left blank. This default will be removed and will require a matching input from Participants. Failure to provide an input will result in the instruction being rejected. |
Austraclear Service Release 11, targeting 28 June 2021 |
To allow for increased flexibility on pricing levels, the “Cash Rate” field will allow for entries to 4dps (eg x.xxxx%) for inputs made via GUI and SWIFT. The system will use conventional rounding beyond 4dps. |
Trade Date |
Yes |
No |
This field currently defaults to the current business day if left blank. This default will be removed and will require an input by Participants. Failure to provide an input will result in the instruction being rejected. |
Austraclear Service Release 12, targeting 22 November 2021 |
Based on market feedback, ASX suggests that in order to allow for consistency of entry of trade date, the approach to be taken is that the trade date refers to the date that trade details were agreed between the parties, based on the Australian AEST timezone.
|
What do I need to do by when?
Participants are encouraged to review and prioritise any development work required to ensure the above updates can be facilitated.
Participants are reminded that from 22nd November 2021 all market repo transactions must be instructed and matched in Austraclear as market repo transactions. See notice at https://asxonline.com/public/notices/2020/aug/0910.20.08.html
Should you have additional queries, please contact us below for further information.
Need more information?
Issued by
John Pearce, Head of Settlement & Collateral
Contact information
Contact Details
Any enquiries should be directed through to the Austraclear and ASX Collateral Service Desk on 1300 362 257 or via email to Austraclear@asx.com.au