Please note: The algorithm descriptions in English have been automatically translated. Errors may have been introduced in this process. For the original descriptions, go to the Dutch version of the Algorithm Register.
Secondary Market Transaction Reporting (SMTR)
- Publication category
- Impactful algorithms
- Impact assessment
- Field not filled in.
- Status
- In use
General information
Theme
Begin date
Contact information
Responsible use
Goal and impact
The Dutch State uses Primary Dealers (PDs). These are banks appointed to purchase, promote and distribute Dutch State Loans (DSLs) and Dutch Treasury Bills (DTCs). A one-year contract is concluded with the PDs. PDs have the exclusive right to participate in the DSTA's DSL auctions and to use the repo and strip facility. PDs also receive a financial remuneration that depends on the quantity of DSLs taken from issues. Against these rights there are also obligations; for instance, PDs are obliged to continuously issue bid and offer prices for DSLs, the so-called quoting obligation. PDs are also obliged to report monthly on activity in the secondary market.
The secondary market is the financial market where investors buy and sell existing securities such as bonds from each other. This is in contrast to the primary market, where new securities are sold directly. This algorithm focuses on reporting the activities on this secondary market. It gives the DSTA insight into the trading transactions on part of the secondary market, which provides more information on the liquidity of Dutch government securities.
Considerations
The deployment of the algorithm has no drawbacks. It gives the dsta insight into trading transactions on part of the secondary market. The dsta needs this information to better understand the liquidity of Dutch government securities.
Human intervention
No automated decision-making takes place. Data is manually placed in a location and then automatically read into an SQL database.
Risk management
The risks of its use are low. The algorithm does not use personal data. Risk of incorrect content is mitigated by the use of automated content checks.
Links to legal bases
Operations
Data
The data are delivered according to the Harmonised Reporting Format defined by the European Financial Committee. This includes the following data:
- Transaction date
- ISIN code
- Type of transaction (buy/sell)
- Nominal value
- Counterparty
- Country code
- Trading system
- Value date (day on which transaction takes effect)
- Trading entity (BIC)
Technical design
The data are supplied by means of an XML file. The format of the XML file is predefined. A transaction contains the following information: transaction date, ISIN code, type of transaction (buy/sell), nominal value, counterparty, country code, trading system, value date (day on which the transaction takes effect) and trading entity (BIC). The data are automatically loaded into the DSTA's data warehouse.
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