The Depository Trust & Clearing Corporation (DTCC) has extended its Global Trade Repository (GTR) service in Asia to assist a broader range of firms meet new over-the-counter (OTC) derivatives reporting requirements that went into effect April 1.
The DTCC Data Repository (Singapore) Pte Ltd (DDRS) is the only licensed GTR operating in the region to support firms who must comply with requirements mandated by the Monetary Authority of Singapore (MAS) and Australian Securities & Investments Commission (ASIC).
“The DTCC GTR is an important tool for managing systemic risk and providing transparency into the OTC derivatives market,” said Peter Tierney, Regional Head of Asia-Pacific at DTCC . “As the only GTR that supports all five OTC asset classes we will continue to engage regulators and market participants to develop solutions that can serve multiple jurisdictions.”
Licensed and merchant banks approved by the MAS are now required report their over-the-counter (OTC) credit and interest rate derivatives transactions to a licensed trade repository.
The next reporting deadline in Singapore is July 1 when all trustees and fund managers and other capital market service license holders, registered insurers, finance companies as well as subsidiaries of banks incorporated in Singapore must commence reporting.
As part of Phase 2 reporting requirements, the following entities are now required to report transactions: Australian Authorized Deposit-taking Institutions (ADIs), Foreign ADIs, Australian Financial Services (AFS) licensees, Clearing and Settlement (CS) facility licensees and exempt foreign licensees, in each case with total gross notional outstanding positions of Australian $50 billion or more as of December 31, 2013.
The Phase 3 reporting deadline is October 1, when remaining entities will start reporting interest rate and credit derivatives, with other derivatives starting to be reported 6 months later.
“Through ongoing and constructible dialogue between DTCC and the Asia regulators, the regulators are taking a pragmatic approach to the rollout of the reporting regimes,” Tierney said. “There has been very detailed scrutiny of the EMIR project and the challenges associated with buy-side and corporate reporting. We expect to see further phasing of these segments in Singapore and Australia through the rest of 2014 and 2015.”
For more information:
DTCC Global Trade Repository
DTCC Expands Global Trade Repository in Australia to Support Phase 2 of Regulatory Reporting
DTCC Expands Support of OTC Derivatives Trade Reporting in Singapore