DTCC expands global trade repository in Singapore
02 July 2018 Singapore
Image: Shutterstock
The Depository Trust & Clearing Corporation (DTCC) is enhancing its global trade repository (GTR) service in support of the next phase of the Monetary Authority of Singapore鈥檚 (MAS) derivatives trade reporting requirements which are scheduled to take effect on 1 October 2018.
According to DTCC, the new capabilities support DTCC鈥檚 ongoing efforts to continue to improve and enhance GTR to deliver increased value.
The enhancements will be launched following a complete re-architecture of DTCC鈥檚 Singapore trade repository.
Under the new MAS regulations, firms will be required to report their equities and commodities transactions to MAS, in addition to the credit, interest rate and foreign exchange asset classes which already fall under the regime.
All firms that are in scope for the next phase of MAS鈥檚 derivatives trade reporting regulatory requirements will need to start submitting their derivative contracts directly to a licensed trade repository.
Oliver Williams, a regional head of DTCC鈥檚 GTR business in Asia, commented: 鈥淲e applaud MAS鈥檚 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.鈥�
Williams added: 鈥淒TCC鈥檚 GTR is the only trade repository service approved by the MAS to operate in Singapore, and we look forward to expanding our service to meet forthcoming equities and commodities trade reporting requirements.鈥�
鈥淚t is critical that firms assess whether they are subject to the regulations, and review their preparedness as soon as possible.鈥�
According to DTCC, the new capabilities support DTCC鈥檚 ongoing efforts to continue to improve and enhance GTR to deliver increased value.
The enhancements will be launched following a complete re-architecture of DTCC鈥檚 Singapore trade repository.
Under the new MAS regulations, firms will be required to report their equities and commodities transactions to MAS, in addition to the credit, interest rate and foreign exchange asset classes which already fall under the regime.
All firms that are in scope for the next phase of MAS鈥檚 derivatives trade reporting regulatory requirements will need to start submitting their derivative contracts directly to a licensed trade repository.
Oliver Williams, a regional head of DTCC鈥檚 GTR business in Asia, commented: 鈥淲e applaud MAS鈥檚 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.鈥�
Williams added: 鈥淒TCC鈥檚 GTR is the only trade repository service approved by the MAS to operate in Singapore, and we look forward to expanding our service to meet forthcoming equities and commodities trade reporting requirements.鈥�
鈥淚t is critical that firms assess whether they are subject to the regulations, and review their preparedness as soon as possible.鈥�
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