News from the FSA

SPRiNG eNews text:

Changes to Liquidity Reporting

By now I'm sure you will be aware of the latest changes to liquidity reporting. This is a summary of the changes, and comments on how SPRiNG will allow you to implement them with the minimum of effort.

Whilst the liquidity reporting regime will start for large firms on 1 June as before, from 1 June to 3 September the data must be submitted on the LRP spreadsheet rather than on the FSA047/48 through Gabriel. This is following dialogue between the FSA, software vendors and firms about their readiness to meet the 1 June deadline for Gabriel reporting. SPRiNG has met this deadline in plenty of time, with the software already updated and passed initial testing with the FSA.

SPRiNG users who are required to submit from 1 June will still be able to use SPRiNG to do so. The data can be imported as planned into the FSA047/48 in SPRiNG, and then exported into the LRP spreadsheet ready for submission to the FSA - you will not need to develop another system to cope with this interim reporting method, or start another separate project for the LRP, and definitely not manually re-key the data.

Those of you already reporting the LRP can also benefit, as from 1 June you will no longer be permitted to submit on a 'best efforts' basis - it therefore makes sense to move to importing robust data directly into the FSA047/48, as required from 3 September.

Gabriel submission of FSA047/48 will be available from SPRiNG from 1 June for testing purposes - although the FSA will discard any data sent in this way, they recommend you send weekly data for testing. FSA052 will be deferred to 3 September under "waiver by consent" - information to follow on FSA website. Currency and DLG reporting will come into effect as planned and will be submitted via LRP. The FSA are currently looking into extending the number of columns on FSA047 to match the "modified following basis" reporting on the LRP.

Firms due to report from 1 October will be unaffected by these changes and will be able to test submissions from SPRiNG to Gabriel between June and September. The remaining Data Items will start as planned on 1 November.

Daily reporting is still possible during the June-September period if the FSA considers it necessary, which is another good reason to automate your data collection and reporting through SPRiNG! Contact andrew.corsi@spring.co.uk at an early stage if you would like more information, whether you start liquidity reporting in June or November.

Please note: the above was issued in a SPRiNG eNews which is published by Spring Programs Ltd. It is intended as an aid to relevant recipients, but must not be considered as definitive in any way.