DTCC’s Global Trade Repository continues to add new jurisdictions to provide the industry with a single platform to support global trade reporting
Solution recognised as ‘Trade Repository of the Year’ for a third time – independently judged by a panel of industry experts
New York/London/Hong Kong/Singapore/Sydney, January 8, 2019 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that it has received regulatory approval from the Swiss Financial Market Supervisory Authority to provide trade reporting services in Switzerland via DTCC’s Global Trade Repository service (GTR)1 in Europe.
DTCC’s GTR in Europe is the largest European Markets Infrastructure Regulation (EMIR)-registered trade repository in terms of reports collected from its clients, according to figures2 from the European Securities Markets Authority (ESMA). The service has more than 3,500 clients sending over 500 million messages per month, with 46 European regulators regularly accessing its data.
Now having also obtained recognition as a Foreign Trade Repository in Switzerland, GTR will further expand its services to market participants in support of reporting obligations that fall under the Swiss Financial Markets Infrastructure Act (FMIA), also known as FinfraG. FinfraG aligns Swiss derivatives trading regulation with international standards and requires that firms with a registered office in Switzerland report their derivatives trades to an authorised or recognised trade repository.
Val Wotton, Managing Director, Product Development and Strategy, Derivatives and Collateral Management at DTCC, said: “We are pleased to have received regulatory approval to provide trade repository services in Switzerland. Market participants continue to seek a single platform that handles trade reporting across multiple jurisdictions and asset classes, and we are proud to extend our capabilities to Swiss market participants and to provide increased value to our clients.”
Today, GTR provides derivatives trade reporting services through its registered trade repositories across several jurisdictions, including the United States, Canada, Europe, Hong Kong, Singapore, Japan and Australia, and across all over-the-counter (OTC) asset classes, including credit, interest rates, equities, foreign exchange and commodities. With this announcement, DTCC’s GTR in Europe will now be able to fully support EMIR, Securities Financing Transactions Regulation (SFTR), subject to regulatory approval, and FinfraG regulations from a single platform.
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 service maintains approximately 40 million open OTC positions per week and processes over one billion messages per month through its group of licensed trade repositories.
1. The GTR operates as DTCC Derivatives Repository Plc in Europe.
2. Source: ESMA Thematic Report on Fees Charged by Credit Rating Agencies & Trade Repositories, 11 January 2018, Page 24, Chart 6