The Depository Trust & Clearing Corporation (DTCC) is to further enhance its global trade reporting capabilities as investors prepare for the upcoming reporting obligation contained within Singapore’s derivatives regulation, which is expected to begin to take effect in October 2018.
The Monetary Authority of Singapore’s derivatives trade reporting rules will require firms which are subject to the next phase of MAS’ requirements to report securities transactions including equities and commodities to a registered trade repository.
DTCC’s Global Trade Repository (GTR) service now supports regulatory reporting across borders for all five major OTC derivatives asset classes, which also include the credit, interest rate, and FX transactions.
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DTCC’s centralized platform provides its clients with the ability to report trades only once and seamlessly meet regulatory requirements to MAS and multiple other jurisdictions.
DTCC operates trade repositories across the globe. In the US, it supports trade reporting to the CFTC through its US swap data repository (SDR). DTCC also operates a trade repository approved by the Japan Financial Services Agency (JFSA).
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.”
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.”