Next steps of the developments of DTCC’s GTR in the APAC region:
Phase 1 and 2
- Existing CFTC registered swap dealers and major financial institutions who exceed the AUD 50 billion threshold to commence reporting for all asset classes (credit, interest rate, equity, FX and commodity derivatives) on 1 October 2014.
- Entities with AUD 5 billion or more gross notional outstanding OTC derivative positions need to report credit and interest rate derivatives by 13 April 2015 and equity, FX and commodity derivatives by 12 October 2015.
- Entities with less than AUD 5 billion gross notional outstanding OTC derivative positions need to report credit, interest rate, equity, FX and commodity derivatives by 12 October 2015.
Significant derivatives holders with aggregate gross notional exceeding SGD 8 billion in derivatives exposures will begin reporting their credit and interest rate derivatives on 1 October 2014.
In September 2014, DTCC announced that its Singapore-based subsidiary, DTCC Data Repository (Singapore) Pte Ltd (DDRS), has received the first Australian derivative trade repository (ADTR) license from the Australian Securities and Investment Commission (ASIC).
DDRS is the only licensed trade repository supporting firms who must comply with requirements mandated by the Monetary Authority of Singapore (MAS) and ASIC.
“The license formalizes our repository’s position in Australia where, since 2013, DTCC has provided derivatives reporting services through our European subsidiary,” said Peter Tierney, Regional Head of Asia, DTCC. “We look forward to supporting our clients further with their reporting requirements by delivering our services through our Asian subsidiary.”
“The licensing of a trade repository in Australia that is already licensed and operating in Singapore demonstrates ASIC's commitment to accepting equivalent foreign regulatory regimes where possible,” ASIC Commissioner Cathie Armour said in a statement posted on the ASIC web site. “This, together with the alternative reporting arrangements in our trade reporting regime, avoids cross-border duplicate reporting obligations and trade repository supervision where possible.”
DTCC via its subsidiaries in the globe is the only entity providing global trade repository services (GTR) in the market and is the market leader in each region it services. It supports reporting for all five major derivatives asset classes, including credit, interest rate, equity, FX and commodity derivatives.
In Asia-Pacific, DTCC’s GTR provides derivatives reporting services in Japan, Singapore, Australia and agency services in Hong Kong. DTCC’s GTR is already tracking more than 1 million open trades for reporting and processes around 2 million submissions a week. To date, over 100 firms are leveraging the service to fulfill their regulatory reporting requirements to MAS in Singapore. In Australia, 15 firms have on-boarded with DDRS for DTCC’s GTR.
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