DTCC’s Global Trade Repository announced its intention to expand operations into Singapore by establishing an Asian-based global data center to ensure regulators have seamless access to data for systemic risk mitigation in over-the-counter (OTC) derivatives markets.
“We are dedicated to helping clients and regulators globally establish a strong operational infrastructure that brings greater transparency and risk mitigation to the OTC derivatives market,” said Michael Bodson, DTCC President and CEO-elect. “Our global trade repository services have played an important role in providing the public and supervisory authorities worldwide with a complete view of market participants’ risk exposures to OTC derivatives transactions and a clearer picture on the size and scope of this complex market.”
First in Asia
The data center will be DTCC’s first in Asia and part of the network in the U.S., Asia and Europe that collects and stores global OTC derivatives information to bring transparency to the market. DTCC recently established a new European data center, in the Netherlands, to support the Global Trade Repository.
The new Singapore data center will be a key component of the Global Trade Repository’s comprehensive business continuity planning and strategy to ensure the repository can provide regulators around the world with timely and equal access to transaction information. The data center will also support market participants in meeting current and future regulatory requirements as supervisors worldwide finalize new rules that will require the reporting of all derivatives and other OTC transactions to trade repositories.
The data center in Singapore is expected to be completed and begin initial operations late in 2012. DTCC also intends to register the Global Trade Repository in Singapore for all five asset classes and will be working closely with Singapore and all regional regulators, as well as the industry, to gain further acceptance for the Global Trade Repository as DTCC expands its operations into Asia.
“Locating a data center in Singapore is an important next step in our global expansion and is a reflection of our commitment to enabling DTCC to deliver a robust global network, comprehensive business continuity and true 24-hour client service,” added Stewart Macbeth, President and CEO of DTCC’s Deriv/SERV LLC subsidiary. “This is becoming even more crucial given Asia’s prominence as a critical component of the global capital markets."@
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