Validation and verification of the '5.2 Commodities' Sheet (September 2019)

Summary

This is a technical guidance note from the JFSC explaining the automated validation and verification checks that run on the '5.2 Commodities' sheet of the prudential reporting template used by Objects of International Business (OIBs). It describes the data ranges, input rules and calculation formulas the JFSC's system applies when an OIB submits the sheet, and lists the error/check codes that will be returned if a test fails.

• Input validation: Monetary amount cells (Gross Long and Gross Short for items A.1 to A.4) must contain whole numbers between -1,000,000,000 and +1,000,000,000, representing units of £1,000.
• Excel limitations: Built in Excel validation only checks direct or manually requested input, so OIBs must independently verify their data rather than relying on the spreadsheet alone.
• Submission process: Submitting the template to the JFSC triggers the listed checks; if all pass, the submission is accepted and the OIB is notified together with any warnings.
• Calculation checks: Net Open Position cells and the summary row (A.0) are calculated automatically using set formulas (e.g. Net Open Position = Gross Long minus Gross Short; totals via SUM and SUMIF formulas).

The note is purely explanatory and technical; it does not introduce new reporting obligations beyond the existing prudential reporting requirement, but clarifies how OIBs' data will be checked and what error messages mean.

Key obligations

• OIBs should check their own data for accuracy before and during submission, since Excel's built in validation is not a failsafe.
• Gross Long and Gross Short entries for each commodities item (A.1 to A.4) must be whole numbers within the range -1,000,000,000 to +1,000,000,000.

Applies to

OIBs (entities subject to JFSC prudential reporting requirements)