Barclays SFTR Client Delegated Reporting

January 2024

Barclays list of known material errors in the delegated trade reporting service potentially impacting the completeness and accuracy of reporting is listed below.

Internal – Transaction Reporting

Status Key Summary Asset Class(es) Category Publication Date Business Impact
New

TTRT-41627

Field - Loan Margin value is coming has zero from upstream causing the exception. For setting loan value we are using loanMargin and there is divide operation to set that loan value, here loanMargin is coming as 0 from upstream. Securities Lending Internal January 2024 Under reporting
New

TTRT-41333

As per ESMA SFTR Validation Rules 'For repos and buy-sell backs, any collateral haircut shall be specified by reference to any risk control measure applied to the underlying collateral, at ISIN level, whereby the value of that underlying collateral is calculated as the market value of the assets reduced by a certain percentage.'

Barclays currently deriving Haircut by subtracting MARGIN_PCT from 100 (100 -MARGIN_PCT). Almost in all the cases MARGIN_PCT is a value greater than 100. This results in we always reporting a negative Haircut value.

Fixed Income, Securities Lending Internal January 2024 Misreporting
Open

TTRT-41168

Mis-Reporting of Field "Collateral - Price currency" and "Price per unit - Type" when underlying is a Bond as per ESMA SFTR Guidance if the Underlying is a Bond 'Price per unit - Type' is to be populated with the value of 'PCTG' therefore 'Collateral - Price Currency' is to be populated with Blank value. New Currently Barclays populates 'Price Per Unit - Type' with the value of 'MNTRYVAL' and populates 'Collateral - Price currency' * with a currency.{{}}{*} Securities Lending Internal December 2023 Misreporting
Open

TTRT-40724

Misreporting of "security or commodity price" and "loan value" fields, as a result of incorrect FX rate.

Securities Lending Internal November 2023 Misreporting
Open TTRT-40635

As per SFTR Validation rules if 'Type of Collateral Component' is populated with either 'SECU' or 'COMM' then 'Price Per Unit' field shall be populated. 

As per SFTR Validation Rules when Price Per Unit Type is PCTG (Percentage) or YLD (Yield) then firms must populate 'Up to 11 numeric characters including up to 10 decimals in case the price is expressed as percentage or yield. The decimal mark is not counted as a numeric character. If populated, it shall be represented with a dot.'

Currently Barclays round-up Price per nit Value to 5 Decimal Place when Price per Unit Type is PDTG (Percentage).

Fixed Income, Securities Lending Internal November 2023 Misreporting
Open TTRT-40383

As per SFTR Validation rules if 'Type of Collateral Component' is populated with either 'SECU' or 'COMM' then 'Price Per Unit' field shall be populated. 

Price per unit field is reported with identical value for both Barclays and delegated client, however one side is reported + and one side is reported –

“Price per unit” field does not match on opposite polarities. Both sides should be reporting the same polarity (i.e. both sides report price per unit as + or both sides report as -). Matching breaks generated due to difference in signage.

Margin Lending Internal November 2023 Misreporting
Open

TTRT-34790

TTRT-34091

At least one of the following fields is required: Collateral basket identifier or Type of collateral component.

DTCC is rejecting trades as either of the field value in type of collateral component or collateral basket Identifier value is missing while reporting the trade.

Fixed Income Finance, Securities Lending Internal September 2023 Under reporting
Open TTRT-39972

Trades executed on Trading Venue 'TPIO' should be consuming UTIs generated and supplied by CCP. However on the Day 1 CCP UTIs are delayed and not generated until Day 2. In the interim, on Day 1 Barclays generated UTI is consumed for reporting purpose.

Day 2, CCP generated UTI is received and consumed through Modification, leaving the earlier generated Market UTI to stay open at the TR leading to over reporting and creating stale positions as, Onereg does not recognise that the old UTI is no longer valid and should be exited.

Fixed Income Internal September 2023 Over reporting
Open TTRT-39321 For trades executed on Equilend platform, we should be reporting Trading Venue = EQIE, we are incorrectly reporting Trading Venue=XXXX. Fixed Income Finance, Securities Lending Internal September 2023 Misreporting
Open TTRT-39968

An issue has been identified with the field ‘Earliest call-back date’ where the values are incorrectly populated.

Earliest call back is an optional field applicable only for Repo. For Irepo, this is currently defaulted to Value Date(Start Date) +1 in prod.

Fixed Income Finance Internal September 2023 Misreporting
Open TTRT-38657 "Security or commodity price" and "loan value" fields should be reported indicative of the price a trade was executed at, unless a change to trade details is agreed with the client. However the “market value” field should be updated on a regular basis based on daily price updates, which would be submitted in the daily valuation report. Securities Lending Internal August 2023 Misreporting
Open TTRT-37412 Suppression of EOD submissions with invalid LEI for Repo/Sec Lending. As an Workaround for this issue, TTRO is advised to rename the LEIOfIssuer instead of deleting them. Fixed Income Finance, Securities Lending Internal June 2023 Under reporting
Open TTRT-36178 Misreporting of "market value" field. Requirements for reporting “market value” field: Market value should be reported on a T+1 basis, and calculated as market value = quantity * market price of security as of COB the prior day. Securities Lending Internal March 2023 Misreporting
Open TTRT-36107 Over reporting of matured SLEB trades due to residual cash remaining when stock is returned, hence trade remains open in Upstream System. Securities Lending Internal March 2023 Over reporting
Open TTRT-35728 Segway and iRepo are sending an FULLRETURN (ETRM) then a CANCELRETURN (MODI) after a few hours on the very same day which is leading to rejections, as DTCC rejects submission post ETRM as an ETRM can’t be overturned once reported. Fixed Income Finance, Securities Lending Internal February 2023 Under reporting
Open TTRT-35168 We are under reporting trades for delegated clients (both “optional” and mandatory delegated clients) where execution timestamp of the trade is prior to the date which the delegated reporting setup was completed.
For reporting of delegated client trades, currently our Reporting Platform will generate a client report only if execution timestamp of the trade is after the date that delegated reporting setup was completed. This results in under reporting of delegated client trades, and pairing and matching breaks.
Fixed Income Finance, Margin Lending, Securities Lending Internal January 2023 Under reporting
Open TTRT-34825 ICMA recommendations state that "where a standard version of the master agreement being reported has a publication year, this should be reported in field 2.13 Master Agreement Version." ICMA have also provided a list of standard publication dates for various Master Agreements types.
“Master agreement version” field for SFTR reporting is currently populated based on the “Agreement Type Version” in our internal system.
Fixed Income Finance, Securities Lending Internal January 2023 Misreporting
Open TTRT-34027 We are reporting incorrect maturity dates for agent lending allocation trades, which is causing rejections at DTCC. Fixed Income, Securities Lending Internal November 2022 Under reporting
Open TTRT-33467 “Currency Of Nominal Amount” is not being reported to DTCC as security is incorrectly identified as “Equity” Internal mapping needs to be corrected to prevent these Misreporting. Fixed Income, Securities Lending Internal September 2022 Misreporting
Open TTRT-33276 Trades are being rejected by DTCC (TR) as incorrect “Action Type” is populated on previously successfully submitted trades. Fixed Income, Securities Lending Internal September 2022 Under reporting
Open TTRT-33313 Barclays is Misreporting LEI of one delegated reporting client with their parent LEI instead of branch LEI which is not in scope for SFTR. Margin Lending Internal September 2022 Misreporting
Open TTRT-32879 Barclays to extend implementation as per latest ICMA rules on populating manually created CFI’s for 4th & 5th character. Margin Lending, Securities Lending Internal August 2022 Misreporting
Open TTRT-32999 Barclays to enhance “Principal Amount at Value Date” field for Tri-party Repo’s in line with latest ICMA recommendations where this field needs to be reported to nearest whole number. Currently Barclays is populating this field as received from “Upstream systems”. Fixed Income, Securities Lending Internal August 2022 Misreporting
Open TTRT-32240 It is observed that, “Central Securities Depository” participant field is not populated in all lifecycle events. This field needs to be populated with CSD participant & reported ahead if available on all events. Fixed Income, Securities Lending Internal June 2022 Misreporting
Open TTRT-32334 As per latest ICMA guidance, Barclays to implement change for Master Agreement to have “Standard Publication” date instead of current “agreement signed date”. Fixed Income, Securities Lending Internal June 2022 Misreporting
Open TTRT-32672 It is seen that Barclays submission with respect to “Other Master Agreement Type” is not in line with latest ICMA recommendations with respect to CCP specific rule book. Fixed Income, Securities Lending Internal June 2022 Misreporting
Open TTRT-32686/ 32684 Barclays need to review the logic implemented for “Security & Collateral Quality. Currently small subset of population not being reported correctly. Securities Lending Internal June 2022 Misreporting
Open TTRT-32687 For all Tri-party Repo trades, managed by other than JP Morgan need to be populated as “FALSE” as per Open ICMA recommendation. Currently being populated by Barclays as “TRUE”. Fixed Income Internal June 2022 Misreporting
Open TTRT-32193 It is seen that Barclays is reporting “Loan Value” field post currency exchange; As per ICMA guidelines currency exchange should not be considered for this field. Fixed Income, Securities Lending, Margin Lending Internal May 2022 Misreporting
Open TTRT-32199 It is seen that for COLU submissions, Barclays is reporting “Collateral Market Value” in USD only instead of issue currency. Fixed Income, Securities Lending Internal May 2022 Misreporting
Open TTRT-32259 It is seen that, “Issuer Country Incorporation” field is not being reported as expected and is not consistent with GLEIF data. Fixed Income, Securities Lending, Internal May 2022 Misreporting
Open TTRT-31620 Barclays has identified that small subset across asset class is not being reported out or stuck in internal queue due to incorrect instrument static data. Fixed Income, Securities Lending, Margin Lending Internal April 2022 Under reporting
Open TTRT-31619 Barclays has identified that small subset across asset class is not being reported out or stuck in internal queue due to incorrect client static data. Fixed Income, Securities Lending, Margin Lending Internal April 2022 Under reporting
Open TTRT-30569 Barclays is sending out EOD feeds for CDR clients where Intraday feed is missing and hence getting TR rejections. Fixed Income, Securities Lending Internal March 2022 Over reporting
Open TTRT-30684 It is observed that on small population of Margin Lending trade Barclays need to submit event as “Early Termination” where internal static is deleted or no longer valid. Margin Lending Internal March 2022 Over reporting
Open TTRT-30310 Rejections seen in “EOD” submissions across asset class from trade repository as “Intraday” leg is not reported successfully and position is not created in Trade Repository. Fixed Income Finance, Securities Lending, Margin Lending Internal March 2022 Under reporting
Open TTRT-30667 For some Fixed Income & securities Lending Exit submissions, Barclays has identified rejections received from DTCC whereby matured/stale trades are still present in the GTR. Fixed Income Finance, Securities Lending Internal November 2020 Over reporting

Fixed – Pending Resubmission

Status Key Summary Asset Class(es) Category Publication Date Business Impact
Fixed – Pending Resubmission TTRT-35107

We expected to remediate below two rejections as in most of the cases one trade (allocation) is being rejected by DTCC with both the messages.

1. The Event date must be less than or equal to Maturity date (End date)
2. The Maturity date (End date) must be greater than or equal to Value date (Start date)

Fixed Income Finance, Securities Lending Internal January 2023 Under reporting
Fixed – Pending Resubmission TTRT-33281 Barclays is populating “Maturity of Security” field incorrectly for “Perpetual Bonds”. For perpetual bonds, we should be reporting the default date of “9999-12-31” to indicate that the security does not have a maturity date. Fixed Income, Securities Lending Internal September 2022 Misreporting
Fixed – Pending Resubmission TTRT-32059

We are reporting value “True” for the field “Collateralisation of net exposure”. The rule says when this field is reported as “True” then the value for “Method used to provide collateral” should be given. 

“Method used to provide collateral” – Must have either of these specific value as ‘TTCA’ or ‘SICA’ or ‘SIUR’.* This value is missing thus causing rejection from DTCC.

Securities Lending Internal August 2023 Under reporting
Fixed – Pending Resubmission TTRT-33527 Issue seen specifically for agent lending repo trades with action type MODI, where Barclays is not populating the “Agent Lender” LEI within the report submitted to DTCC (where this field is applicable and should be populated). Fixed Income Internal September 2022 Misreporting
Fixed – Pending Resubmission TTRT-32195 Barclays has identified that for equity securities “Security Type” & “Collateral type” is incorrectly reported as “OTHR” instead of field – OEQU. Fixed Income, Securities Lending, Margin Lending Internal May 2022 Misreporting
Fixed – Pending Resubmission TTRT-33832 It is observed that “Fixed Rate” field is misreported for Termination” event where we have “Rerate” event earlier in lifecycle. This field is currently reported with old rate details instead of newly agreed rates. Fixed Income Internal October 2022 Misreporting
Fixed – Pending Resubmission TTRT-32835 It is observed that “Haircut or “Margin” field is currently rounded off to nearest whole number. As per ICMA recommendations, this field should be reported with up to 10 decimals. Barclays to implement ICMA recommendations. Fixed Income, Securities Lending Internal August 2022 Misreporting

Impact Category: Impact Definition

Late Reporting: Trades are not reported within the required timeframe, as set out by the relevant regulator.

Under Reporting: Reports not being sent to/being rejected from the Trade Repository.

Over Reporting: Non reportable reports being sent to the Trade Repository.

Misreporting – Economic Data: Accepted by the DTCC but may not be 100% correct as far as the SFTR Tech Standards are concerned or Accepted by DTCC and meets SFTR tech standards but not strictly correct representation of the trade.

Misreporting – Data: Accepted by the DTCC but may not be 100% correct as far as the SFTR Tech Standards are concerned or Accepted by DTCC and meets SFTR tech standards but not strictly correct representation of the trade.

Misreporting – Events: Accepted by the DTCC but may not be 100% correct as far as the SFTR Tech Standards are concerned or Accepted by DTCC and meets SFTR tech standards but not strictly correct representation of the trade.

Industry: Originating from Third Parties (e.g. DTCC, MarketWire, TradeWeb) or gaps in Industry standards.

Internal: Originating from Barclays systems or processes.

Disclaimer

Whilst you have appointed Barclays to carry out trade reporting on your behalf, pursuant to the provisions of EU SFTR and/or UK SFTR, you retain responsibility for ensuring that any reports submitted are accurate, and to check them for completeness. Clients with DTCC accounts are able to log on to check their trade reports have been submitted accurately. We encourage you to do this, and to let us know if you believe there are any errors in the reporting of your trades by contacting sftrdelegatedreporting@barclayscorp.com. For clients who have not previously opened a DTCC account please contact 'GTR Support' for service information and registration details. Further DTCC information on onboarding options for prospective clients can be found at: www.dtcc.com.

Barclays is unable to provide you with advice and, as a result, you should ascertain, using such advice as you deem necessary, your own regulatory obligations, including whether you should be notifying your local regulator of any errors which may have an impact on your trade reporting. Whilst Barclays is liaising with its relevant regulatory authorities regarding its own trade reporting obligations, this will not extend to your own trade reporting obligations.

© Barclays Bank PLC 2023.