by Michael Bellini
DTCC has opened its Asia-Pacific global data center in Singapore. The Singapore location is part of the global trio of infrastructure designed to support DTCC’s Global Trade Repository services. The other two locations are in the U.S. and the Netherlands.
This expansion into the Asian market highlights DTCC’s commitment to worldwide systemic risk mitigation and enhanced market surveillance in the over-the-counter (OTC) derivatives market.
In addition to establishing the Asia-Pacific data center, DTCC has set up operations and client support in Singapore and Japan. This staff will play a key role in helping the region’s market participants comply with current and future regulatory requirements for OTC derivatives trade reporting. These offices will also provide client support and operational processing in the region.
“By establishing a global data center in Asia, DTCC is working to ensure the region’s regulators have the ability to gain seamless and timely access to the transaction data relevant to their areas of jurisdiction,” said Michael Bodson, DTCC President and CEO. “Our new Singapore facility is part of the company’s global network of operations established to provide robust, 24/7 OTC derivatives trade reporting and processing services to regulators and market participants around the world.”
DTCC also announced that it is applying for a trade repository license with the Monetary Authority of Singapore (MAS) to establish a Singapore-based global OTC derivatives trade repository to support trade reporting in Singapore’s financial markets. The MAS has made reference to establishing an appropriate regulatory college to ensure effective oversight and data-sharing capabilities in the region for the purpose of meeting G20 commitments in terms of trade reporting.
Elsewhere in Asia, DTCC will support trade reporting to the Hong Kong Monetary Authority operating as an agent for its customers through this global infrastructure. DTCC is also working to be designated by the Japan Financial Services Agency to operate as a trade repository.
“The opening of our office and Asia-Pacific data center in Singapore demonstrates DTCC’s commitment to bringing more transparency and risk mitigation to the global OTC derivatives market,” said Bodson. “We continually strive to provide the financial system with an infra-structure that improves functionality and risk controls for all involved.” @
[For more information on the Asia-Pacific global data center, please contact Struan Lloyd at +65 6407 1226 or mailto:firstname.lastname@example.org.]
The DTCC GCF Repo Index is the first – and only – index that tracks the average daily interest rate paid on overnight transactions in the $400 billion daily market for general collateral finance repurchase (GCF Repos®) agreements in U.S. Treasury, federal agency and mortgage-backed securities issued by Fannie Mae and Freddie Mac.Read More