The Depository Trust & Clearing Corporation (DTCC) has opened a global data site headquartered in Singapore to support its Global Trade Repository services. DTCC has two other sites located in the U.S. and Netherlands.
The site supports DTCCs trade repository, which gathers over-the-counter derivatives trade information for systemic risk mitigation and enhanced market surveillance purposes.
DTCC also has set up operations and client support in Singapore and Japan, which will help regional market participants comply with current and future regulatory requirements for OTC derivatives trade reporting.
Furhtermore, DTCC says it is also applying for a trade repository license with the Monetary Authority of Singapore (MAS) to establish a Singapore-based global OTC derivatives trade repository to support trade reporting in Singapores financial markets. The MAS purportedly is considering establishing an appropriate regulatory college to ensure effective oversight and data sharing capabilities in the region for the purpose of meeting G20 commitments in terms of trade reporting, DTCC says.
DTCC also has plans to support trade reporting to the Hong Kong Monetary Authority, operating as an agent for its customers through its global repository infrastructure. DTCC is awaiting JFSA approval to operate a trade repository.
The opening of our office and Asia data center in Singapore demonstrates DTCCs commitment to bringing more transparency and risk mitigation to the global OTC derivatives market, says Michael Bodson, president and CEO of DTCC. We continually strive to provide the financial system with an infrastructure that improves functionality and risk controls for all involved.
(CG)