The Depository Trust & Clearing Corporation’s (DTCC) Global Trade Repository will expand operations into Singapore by establishing an Asian-based global data center. The center will give regulators access to data for systemic risk mitigation in OTC derivatives markets.
“We are dedicated to helping clients and regulators globally establish a strong operational infrastructure that brings greater transparency and risk mitigation to the OTC derivatives market,” said Michael Bodson, CEO-elect of DTCC. “Our global trade repository services have played an important role in providing the public and supervisory authorities worldwide with a complete view of the market participants’ risk exposures to OTC derivatives transactions and a clearer picture on the size and scope of this complex market.”
The data center will be DTCC’s first in Asia and part of the worldwide network in the US, Asia and Europe that collects and stores global OTC derivatives information to bring transparency to the market. The new Singapore data center will be a key component of the Global Trade Repository’s comprehensive business continuity planning and strategy to ensure that the Global Trade Repository can provide regulators around the world with timely and equal access to transaction information.
A new European data center, which is located in the Netherlands, was recently established to support the Global Trade Repository. The data center in Singapore is expected to be completed and begin initial operations late in the second half of 2012. DTCC also intends to register the Global Trade Repository in Singapore for all five asset classes.
DTCC was awarded competitive contracts by the global OTC derivatives industry to build repositories to report information to regulators on OTC credit, equity, interest rates, commodities and foreign exchange derivatives transactions across the globe. The global repositories for credit, equity, interest rates and commodity derivatives are currently operational, while the repository for foreign exchange derivatives is expected to be operational later this year.
(JDC)