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--- name: australia-asic-drt-obligations description: Compliance validation engine enforcing ASIC Derivative Transaction Rules (DRT) 2024, ensuring mandatory LEI, UTI, and UPI fields for OTC derivatives reporting. domain: regulatory-compliance-global subdomain: regulatory tags: - compliance - asic - australia - otc-derivatives - trade-reporting - lei - uti - upi brokers_frameworks: - generic version: "1.1.0" author: System license: MIT --- ## When to Use Use this skill when your quantitative trading desk executes Over-the-Counter (OTC) derivatives (e.g., Interest Rate Swaps, FX Forwards, Credit Default Swaps) in the Australian jurisdiction. The **ASIC Derivative Transaction Rules (Reporting) 2024** mandate that all reporting entities submit detailed transaction reports to a licensed Trade Repository (TR) within a strict **T+2** window. This engine validates that a given trade contains the three mandatory ISO standard identifiers required by ASIC before the trade is serialized and transmitted to the trade repository. ## Prerequisites - Python 3.9+ - The trading system must generate or ingest: - **LEI (ISO 17442)**: Legal Entity Identifier. - **UTI (ISO 23897)**: Unique Transaction Identifier. - **UPI (ISO 4914)**: Unique Product Identifier. ## Workflow 1. **Trade Capture**: An OTC derivative trade is executed and booked in the firm's Order Management System (OMS). 2. **Data Enrichment**: The firm's middle-office systems attach the counterparty LEI, generate the UTI, and fetch the UPI from the Derivatives Service Bureau (DSB). 3. **ASIC Validation**: The trade record is passed to `AsicDrtReportingEngine.validate_report()`. 4. **Rejection/Approval**: - If any mandatory identifier is missing, the engine flags a critical compliance error, preventing the submission of an invalid XML message to the repository. - The engine also warns if the submission is attempting to be made outside the T+2 reporting window. 5. **Submission**: Compliant trades are forwarded to the XML generation pipeline. ## Common Pitfalls - **Missing UPIs**: Assuming that a proprietary internal product code is sufficient. ASIC explicitly requires the ISO 4914 UPI for the 2024 rewrite. - **T+1 vs T+2 Confusion**: Historically, reporting was T+1. The 2024 rules relaxed this to T+2, but submitting on T+3 is a direct regulatory breach resulting in fines. ## Verification Run `python scripts/test_australia_asic_drt_obligations.py` to confirm that trades missing identifiers or breaching the T+2 deadline are correctly flagged as non-compliant. ## Related Skills - `mifid-ii-algo-trading-compliance-eu` - `automated-tax-lot-reporting-pipeline`