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Introduction to Open Protocol Reporting

Open Protocol (previously OPERA – Open Protocol Enabling Risk Aggregation) is a private sector initiative designed to help standardise reporting procedures for collection, collation and conveying hedge fund risk information.

There is a standard reporting template which covers all areas relating to performance and risk reporting for hedge funds. It defines common principles, metrics and language to facilitate better understanding and aggregation of risk information.

As Open Protocol is increasingly being adopted by institutional investors as part of their investment due diligence, it is consequently driving the use of the reporting by hedge fund managers.

Changes were made to the template in June 2018. The changes relate to the sector tree, specifically the strategy tree in equity, credit and convert tab.

The templates can be found on the Open Protocol section of the SBAI Toolbox.

The following documents are available. New downloadable files include:

  • Open Protocol Manual I – October 2018 (without highlighted changes): updated manual for those who are new to OP

  • Open Protocol Manual I – October 2018 (with highlighted changes): same as previous version but the changes from the August 2016 version are highlighted in red for those who are already producing OP reports

  • Open Protocol Template I Revised October 2018: changes to the strategy tree in equity, credit and convert tab

  • FAQ section of the OP webpage

Managers are advised to start using the new template after 1 October 2018. In the meantime, they should continue to use the 2016 version, which is also available on our website.

Please note that the XML template will be updated and made available for downloading later this year. Updates will be announced via the SBAI monthly newsletters as well as via a separate email to you.

The changes come into effect on 1st October 2018. The earliest the managers would be required to produce reports in the new format will be 28th November 2018 (20 business days after October month-end).

Click here for the Funds-Axis Presentation on Open Protocol.

Funds-Axis Open Protocol Solution

We are able to offer our clients full Open Protocol reporting services.

This includes:

  • All necessary risk calculations, data enrichment, data aggregation; and

  • Population of the Open Protocol templates.