Market Repo Customer Update

The purpose of this notice is to provide Austraclear participants with a copy of the Market Repo Customer Update document.

Austraclear is making enhancements to the Market Repo module and associated functionality as part of Service Release 10 (to be released on 23 November 2020). Market-wide transition to the use of the Market Repo module to settle all Market Repo transactions is due by 22 November 2021 (see notice 0338.20.04 here).  

Austraclear released the technical specifications for the SWIFT two message market practice for Market Repo instruction on 3rd June 2020, with further details available at 0563.20.06

The Market Repo Customer Update document provides Austraclear Participants with additional information in respect of the proposed enhancements to the Market Repo module including:

• SWIFT two message market practice for Market Repo instruction (which will be available from 23 November 2020)
•  Proposed functionality being considered prior to November 2021 including:
  • Mandatory entry of Trade Date and Cash Rate
  • Matching of Trade Date – implementation structure to be finalised via market feedback
  • Removal of Austraclear defaults to current business date for Trade Date and zero for Cash Rate.
• Proposed functionality that remains subject to regulatory approval, the timing and outcome of which are to be confirmed (noting the current target for implementation is prior to November 2021):
  • Proposed ability to send future dated closing leg instruction via SWIFT and GUI at same time as first leg.
  • Proposed automatic closing leg (unwind) functionality for Market Repo
  • Proposed Linked Settlement functionality
• Timelines up to November 2021
• Early market adoption & consent to disclose participant name to market
• What is changing and the benefits
• What you need to do and by when based on participant type / SWIFT or GUI user
• SWIFT template examples across repo lifecycle and comparison to FIS SWIFT template

Please refer to the following link for the full Market Repo Customer Update document.

https://www.asx.com.au/communications/notices/2020/AustraclearMarketRepoCustomerUpdate_6Aug2020.pdf

What do I need to do by when?

Participants should review the Customer Update document at the earliest opportunity as part of their preparation for market wide adoption of SWIFT two message market practice for Market Repo instruction by 22 November 2021.  

Need more information?

Issued by

Sasha Conoplia, Sales Manager, Settlement & Collateral

Contact information

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

Disclaimer