Capabilities being added in support of forthcoming MAS requirements which are scheduled to take effect in October 2018
GTR is the only trade reporting service in the world that supports regulatory reporting across the Asia-Pacific region for all five major OTC derivatives asset classes
New York/London/Hong Kong/Singapore/Sydney, 2 July, 2018 ‒ - The Depository Trust & Clearing Corporation (DTCC), the premier post-trade infrastructure for the global financial services industry, today announced that it will be enhancing its Global Trade Repository[1] service (GTR) in support of the next phase of the Monetary Authority of Singapore’s (MAS) derivatives trade reporting requirements which are scheduled to take effect on 1 October 2018. Under the new regulations, firms will be required to report their equities and commodities transactions to MAS, in addition to the credit, interest rate and FX asset classes which already fall under the regime.
All firms that are in scope for the next phase of MAS’ derivatives trade reporting regulatory requirements will need to start submitting their derivative contracts directly to a licensed trade repository. Oliver Williams, a Regional Head of DTCC’s GTR business in Asia, stated: “We applaud MAS’ efforts to continue to bring increased transparency and reduced risk to the derivatives markets by adding equities and commodities to the reporting regime and we look forward to continuing to work with MAS and the industry to drive increased value from reported trade data.”
DTCC operates regulated trade repositories in several countries and GTR is the only service that supports regulatory reporting across the Asia-Pacific region for all five major OTC derivatives asset classes, including credit, interest rates, equities, FX and commodities. In addition to supporting the MAS requirements in Singapore through DTCC Data Repository (Singapore) Pte. Ltd., GTR also supports reporting regimes through licensed trade repositories for the Australian Securities & Investments Commission (ASIC), as an agent to the Hong Kong Monetary Authority (HKMA), for the European Securities and Markets Authority (ESMA), for the Financial Services Agency of Japan (JFSA), for Canadian regulators in each of the thirteen Canadian provinces and territories and for the U.S. Commodity Futures Trading Commission (CFTC).
Mr. Williams added: “DTCC’s GTR is the only trade repository service approved by the MAS to operate in Singapore (through DTCC Data Repository (Singapore) Pte. Ltd.), and we look forward to expanding our service to meet forthcoming equities and commodities trade reporting requirements. It is critical that firms assess whether they are subject to the regulations, and review their preparedness as soon as possible.”
The new capabilities support DTCC’s on-going efforts to continue to improve and enhance GTR to deliver increased value. The enhancements will be launched following a complete re-architecture of DTCC’s Singapore trade repository, bringing improved usability, reduced complexity and increased transparency to users.
Today, GTR in Singapore has over 400 clients reporting over 3.5 million open positions under their ASIC and MAS obligations. Globally, GTR maintains approximately 40 million open OTC positions per week and processes over one billion messages per month, making it the largest trade repository service in the world.
About DTCC
With 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to financial markets. In 2017, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $1.61 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at U.S. $57.4 trillion. DTCC’s Global Trade Repository maintains approximately 40 million open OTC positions per week and processes over one billion messages per month. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube and Facebook.
[1] Operated through DTCC Data Repository (Singapore) Pte. Ltd.