PUBLIC COMMENT PERIOD - Bi-Lateral Repo trade and Post-Trade Gap Analysis

The Global Technical Committee has reviewed and preliminarily approved the Bilateral Repo Trade and Post-Trade GA proposal submitted by the Repo Working Group. The document addresses requirements identified by the group related to trade and post-trade workflows for bilateral repo transactions.

The document now enters a public comment period in which public review and feedback is encouraged. Once the public comment period closes, the Global Technical Governance Board will meet to review public comments before final approval.

Please post feedback, comments, and questions as replies to this discussion thread.

A link to the proposal can be found at:

The public comment period ends on May 10, 2020.

Instead of using the generic field Text(58), can we introduce a new field like TerminationReasonText(tbd) similar to TradeContinuationText(2374). TradeCaptureReport(AE) is a multipurpose message and the generic field Text(58) is already used for a variety of reasons in different contexts. Hence a separate field TerminationReasonText(tbd) would be better.

It would be better if Trade continuation(2374) have enum values to support collateral substitution and Re-Rate in the TradeCaptureReport(AE) as they are also standard lifecycle events for Repos.

We are introducing a new enum for TradeContinuation(1937)= tbd (Rerate). The trade and post-trade recommended practices will include the suggested workflows.

Collateral substitution is performed using CollateralAssignment(35=AY) messages where CollAction(944) identifies the action being performed. REPO WG doesn’t recommend using TradeCaptureReport(35=AE) for actions performed at collateral level.

The suggested new field cannot be added. The data dictionary description for TradeContinuationText(2374) was updated in the Gap Analysis proposal to include any text that further provides information associated with the TradeContinuation(1937) enum value.

Please note that the gap analysis (see link above) has been updated to reflect comments made during the original public comment period, the resolutions have been documented and the original submission has been updated with changes. The proposal is available for public review for another week until Friday 26th of June.

*New enumeration value to TradeContinuation(1937)