DTCC is the only JFSA-registered trade repository in Japan. Leveraging the existing GTR functionality, DTCC went live with this service on 1st April 2013.
The Depository Trust & Clearing Corporation (DTCC) has established a Japanese over-the-counter (OTC) derivatives trade repository and has been given regulatory approval by the Financial Services Agency of Japan (JFSA).
DTCC began operating this service ahead of the JFSA’s mandated 1 April, 2013 deadline for market participants in Japan to begin reporting their OTC derivatives transactions directly to regulators or to a third-party trade repository.
Based in Tokyo and operated by the company’s DTCC Data Repository (Japan) KK (DDRJ) subsidiary, this is the first trade repository to be approved and established for the Japanese market.
"DTCC is pleased to be able to deliver to regulatory authorities and market participants in Japan a comprehensive, robust trade repository that brings greater transparency and risk mitigation to the OTC derivatives markets," said Michael Bodson, Chief Executive Officer, DTCC. "We are committed to working with supervisors to promote a safer environment for OTC derivatives trading as well as helping our clients in Japan and worldwide meet their reporting obligations."
DDRJ supports trade reporting across four major OTC derivatives asset classes including credit, equities, interest rates, and FX. The service uses the same messaging and software capabilities as DTCC's currently operating repository services in Europe and the US ensuring consistency in the data accessed by regulators in addition to helping DTCC's global client base avoid duplicative costs as they comply with reporting requirements in multiple jurisdictions across the globe.
DTCC's DDRJ subsidiary is also operating a client support office in Japan to help participants in this market comply with current and future regulatory requirements.
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