There’s less than three months until the HKMA Rewrite

With less than three months until HKMA Rewrite, Michele Hillery (pictured), Managing Director, Head of Repository & Derivatives Services at DTCC, offered the following comments, “As the countdown to the September 29, 2025, deadline for the Hong Kong Monetary Authority (HKMA) OTC derivatives regulatory reporting rewrite approaches, DTCC urges market participants to prioritize their preparations ahead of implementation. The HKMA rewrite represents a pivotal shift toward aligning Hong Kong’s trade reporting requirements with other global markets, including the introduction of new Critical Data Elements (CDEs), Unique Transaction Identifiers (UTIs) and Unique Product Identifiers (UPIs).

“The rewrite provides firms with an opportunity to think holistically and elevate their operational standards, harmonize processes to enhance overall reporting capabilities, streamline workflows and mitigate risks. At the same time, for firms to achieve compliance, it is critical for testing arrangements to be well underway. In support of this, DTCC encourages organizations to utilize its comprehensive simulator tool and end-to-end UAT environment that is specifically designed to aid users in achieving compliance with the newly introduced CDEs, UTIs and UPIs.

“As the leading provider of OTC derivatives trade reporting solutions, DTCC is dedicated to supporting the industry as they navigate these important regulatory changes. In the final months of the rewrite implementation, DTCC Consulting Services is ready to assist firms prior to go-live as well as providing guidance on post-implementation reviews.”