What is MAS Transaction Reporting?

The Monetary Authority of Singapore (MAS) transaction reporting regime requires certain firms to report details of their over-the-counter (OTC) derivative transactions to a designated trade repository regulated by MAS.

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💡What is MAS Reporting? MAS Reporting Explained.

About MAS Transaction Reporting

The MAS transaction reporting regime was first implemented in 2014. In October 2021 its scope was expanded to include equity, foreign exchange and commodity derivatives.

The regime was the subject of a Rewrite, which went live on 21 October 2024. The aim of the Rewrite was to align the MAS regime with global standards.

MAS transaction reporting plays a pivotal role in ensuring transparency and stability in Singapore's over-the-counter (OTC) derivatives market. This framework requires certain financial institutions to report detailed information about their OTC derivative transactions to a designated trade repository.

Institutions that are required to report, as well as their counterparties, must report their OTC interest rate, credit, foreign exchange, commodity, and equity derivative transactions to MAS (exchange-traded derivatives are excluded from this mandate) within two business days following the trade execution (T+2).

MAS Rewrite

The MAS Rewrite went live on 21 October 2024 and implemented changes that sought to align Singapore’s reporting standards with global practices. This included adopting the ISO 20022 XML message format, reducing reporting fields from 162 to 136 and introducing new requirements, such as reporting the Unique Transaction Identifier (UTI) and Unique Product Identifier (UPI), etc. It did not, however, introduce the requirement to report on T+1.

Rely On Qomply To Help

Qomply has a variety of solutions to help firms comply with their regulatory MAS Transaction Reporting  Reporting requirements:

  • Diagnostic Auditor - Ensure Reports Are Accurate

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  • DualRec - Intelligent, automated trade reconciliation 

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FAQs: MAS Transaction Reporting

  • The Singaporean transaction reporting regime that requires certain firms to report details of their over-the-counter (OTC) derivative transactions to a designated trade repository on T+2.

  • The regime affects a diverse group of financial institutions in Singapore. This includes banks, merchant banks, finance companies, insurers, any entity holding a Singaporean capital markets services licence, and any Significant Derivatives Holder. The definition of each is set out in a number of different Singaporean statutes, including the Banking Act 1970 and the Monetary Authority of Singapore Act 1970, as well as the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013.

  • There were a number of key changes that aligned MAS transaction reporting more closely with other regimes. This included the adoption of ISO 20022 XML message format and a decrease in reportable fields from 162 to 136. There was also the introduction of the Unique Transaction Identifier (UTI) and Unique Product Identifier (UPI) fields, as well as new Action Type and Event Type fields.

  • The reporting obligation is double-sided – i.e. if either counterparty has a reporting obligation, both parties must report the transaction to MAS.

  • This regime requires the reporting of interest rate, credit, foreign exchange, commodity, and equity OTC derivative contracts that are traded or booked in Singapore. Exchange-traded derivatives contracts, which also includes futures and block futures contracts are not within scope. As such, they do not need to be reported.

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