Q1
Which derivatives transactions are excluded from the reporting of transaction details and position information under the Notice on Matters Concerning Over-the-Counter (OTC) Derivatives Trade Reporting (hereinafter referred to as the Notice)?
A: First, futures transactions. Second, OTC derivatives transactions executed electronically in China’s interbank market through financial market infrastructures such as the China Foreign Exchange Trade System (CFETS) and the Shanghai Gold Exchange, including “Swap Connect” transactions.
Q2
Are market participants required to report transaction information if they have not conducted any OTC derivatives transactions specified in the Notice?
A: If a market participant has not conducted any OTC derivatives transactions specified in the Notice during the reporting period, it is not required to report transaction details. However, it shall report position information and Exchange-Traded derivatives (ETD) & OTC statistical information, and shall submit a statement (e.g. “no OTC derivatives transactions were conducted during this reporting period”). If a market participant holds no OTC derivatives positions specified in the Notice, it is not required to report position information or ETD & OTC derivatives statistical information.
Q3
What is the reporting scope for cross?border OTC derivatives transactions?
A: Domestic market participants shall report: (1) Transaction Information on OTC derivatives transactions concluded in China’s onshore market with overseas counterparties; (2) Transaction Information on OTC derivatives transactions concluded in the offshore market with domestic or overseas counterparties.
Overseas market participants shall report the transaction details and position information on OTC derivatives transactions concluded in China’s onshore market with domestic or overseas counterparties. Overseas market participants are not required to report ETD & OTC derivatives statistical information.
Among overseas market participants, central banks, government agencies, public sector entities, multilateral development banks, and the Bank for International Settlements are eligible for reporting exemption. Nevertheless, their domestic counterparties shall report the relevant Transaction Information in accordance with the Notice.
Q4
What should market participants do when encountering problems in reporting?
A:The Reporting Specifications for OTC Derivatives Transaction Data are at the trial stage and shall be adjusted in due course in light of the regulatory requirements and feedback from market participants.
Where, for objective reasons, a market participant is unable to report data in full compliance with the Reporting Specifications for OTC Derivatives Transaction Data, it shall include explanatory notes in the document submitted.
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