The Monetary Authority of Singapore (MAS) has approved the Depository Trust & Clearing Corporation (DTCC) to operate a global trade repository (GTR) that supports reporting of OTC derivatives trades under the jurisdiction of MAS.
The first bank commenced reporting on Nov. 4 2013.
The DTCC Data Repository (Singapore) (DDRS) is the first entity to receive approval from MAS and is DTCC’s third trade repository licensed globally in addition to licensing in the U.S. and Japan.
The Singapore GTR will serve as a hub for supporting regulatory reporting for other jurisdictions in the region including Australia. Five of the major Australian banks active in the OTC derivatives market are now reporting their transactions to DTCC’s Global Trade Repository, under trade reporting rules recently finalized by the Australian Securities and Investments Commission (ASIC).
“DTCC commends the MAS for its proactive role in advancing harmonization of regulations and its collaboration with the industry and supervisors in other jurisdictions to foster stronger market surveillance for this dynamic market,” says Michael Bodson, president and CEO, DTCC.
DTCC opened its Asia Pacific data center headquartered in Singapore in December 2012 and has since set up operations and client support in Singapore and Japan. The Singapore-based APAC Trade Repository complements DTCC’s existing European and U.S. Trade Repositories and strengthens DTCC’s global footprint and client service model.
Ong Chong Tee, deputy managing director, MAS, says: “The reporting of OTC derivative trades is an important step in enhancing regulators’ oversight of the OTC derivatives market. We have granted DTCC Singapore a trade repository license. Having a licensed trade repository will increase transparency, improve risk management practices and provide a more robust environment for the trading of OTC derivatives in Singapore.”
Singapore’s trade reporting regime for OTC derivatives commenced on Oct. 31 2013, starting with the reporting of interest rate and credit derivatives.
DTCC has begun onboarding of MAS-regulated dealers and banks in preparation for mandatory reporting by all banks by April 1 2013.
Singapore Authority Green-lights DTCC Global Trade Repository
The Monetary Authority of Singapore (MAS) has approved the Depository Trust & Clearing Corporation (DTCC) to operate a global trade repository (GTR) that supports reporting of OTC derivatives trades under the jurisdiction of MAS.
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