OpenLink Financial is expanding its Dodd-Frank Regulatory Compliance solutions to include access to the Depository Trust & Clearing Corporations (DTCC) service for Swap Data Repository (SDR), which was approved last week by the Commodity Futures Trading Commission (CFTC).
OpenLinks solution will enable interest rate, credit and commodity market participants to comply with CFTCs SDR requirements, which stipulate that swaps counterparties must report trades to an SDR.
Counterparties in credit and interest rate derivatives must begin reporting to SDRs beginning October 12, while all other derivatives classes will need to be reported beginning in January. Trades between buy-side firms must be reported beginning in April next year.
We are delighted to work with OpenLink Financial to provide our mutual customers in the financial community with regulatory reporting solutions, says Stan Preston, vice president and global product lead for commodities reporting at DTCC. The SDR will ultimately support the full range of reporting for both physical and financial commodity swaps, as well as credit, interest rate, foreign exchange and equities swaps.
OpenLinks Dodd-Frank suite also supports reporting of CFTC required swap data including primary economic terms, confirmation, continuation, and valuation data.
Our clients represent market participants in all asset classes, and DTCCs SDR service greatly facilitates derivatives reporting for different business lines by providing a common reporting framework, says Phil Wang, senior vice president of Product Management at OpenLink. The flexible nature of DTCCs SDR is well suited to our diverse client set whether the market participant has limited reporting needs for a single product or wants to consolidate global reporting across many major asset classes.
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