DTCC recently won two awards – Market Infrastructure of the Year and Consulting Firm of the Year – at the 6th Annual Regulation Asia Awards for Excellence in-person ceremony.
The awards recognize financial institutions, technology companies, legal and consulting firms, exchanges, and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry.
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Market Infrastructure of the Year
For the Market Infrastructure of the Year award, DTCC’s Global Trade Repository service (GTR) was acknowledged as the industry leader in supporting firms for the trade reporting of over-the-counter (OTC) derivatives transactions to regulators in Asia Pacific, the United States, Canada, Europe, and the United Kingdom. As a user-owned and governed service, GTR upholds the highest standards of client service and collaboration by serving the data and risk management needs of clients and regulators through its group of licensed trade repositories across the globe.
Sharing her excitement on the latest win for GTR, Priya Kundamal, DTCC General Manager, Head of DTCC Data Repository, Singapore (DDRS), commented, “I am pleased that our journey to build the future state of GTR by enhancing our infrastructure and implementing a best-in-class governance and collaborative structure did not go unnoticed. To accommodate the upcoming major changes in trade reporting rules in Singapore, Australia, and other key Asia Pacific markets, we have migrated our data repository to Snowflake – a cloud-based storage environment that is powered by Amazon Web Services (AWS) – to handle data more efficiently and at scale.”
She continued, “DTCC has been engaging with regulators in Asia Pacific on the upcoming rules reforms as it is important to ensure the harmonization and standardization of derivatives data globally to increase transparency across jurisdictions, avoid future regulatory amendments, and reduce complex implementation burdens faced by reporting firms. In the same vein, we are equally focused on helping our clients prepare for the rules changes and this win would not have been possible without the steadfast efforts of our regional and global teams to continually evolve our support practices to meet the unique needs of our clients.”
Consulting Firm of the Year
DTCC Consulting Services was credited by the Regulation Asia awards panel for its end-to-end approach to helping firms manage risk and comply with incoming regulatory changes, providing expertise in areas from impact analysis to project design, testing and execution, all the way through to post-implementation review. DTCC Consulting Services was also commended for its innovative and adaptable framework that not only reduces cost, mitigates risk, and boosts operational efficiencies, but also centres on capabilities that deliver the most value to the industry.
Receiving the award on behalf of DTCC Consulting Services, Oliver Williams, DTCC Executive Director and APAC Advisor, Repository and Derivatives Services, said, “DTCC Consulting Services was designed – in response to our clients’ demand – to help them manage the complexities of today’s evolving post-trade regulatory landscape. This award serves to confirm that increasing regulatory demands are driving firms to look for external experts to help examine their infrastructure and identify changes necessary to improve efficiencies, optimize their operations and drive down costs.”
He added, “Our team of consultants who bring decades of financial markets and consulting know-how to the table are pleased with the award. Driving some of the most transformative market wide programs across the post-trade derivatives and securities ecosystems, our experts will continue to work closely with market participants to address their practical needs in areas such as trade reporting, infrastructure enhancement and business process changes. Their deep expertise that runs across various product sectors, regulatory reporting regimes and market environments is especially valuable in times of evolving regulatory demands.”