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Michael Bodson, DTCC

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DTCC gets approval for trade repository in Singapore

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The Depository Trust & Clearing Corporation (DTCC) has received approval from the Monetary Authority of Singapore (MAS) to operate a global trade repository (GTR) that supports reporting of over-the-counter (OTC) derivatives trades under the jurisdiction of MAS.

The first bank commenced reporting on 4 November 2013.
 
The DTCC Data Repository (Singapore) PTE Ltd. (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 US 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 finalised by the Australian Securities and Investments Commission (ASIC).
 
“The launch of our Singapore GTR reinforces DTCC’s on-going commitment to work with regulators and market participants in Asia and worldwide to reduce systemic risk and improve transparency in the OTC derivatives market,” says Michael Bodson (pictured), president and chief executive officer, DTCC. “DTCC commends the MAS for its proactive role in advancing harmonisation of regulations and its collaboration with the industry and supervisors in other jurisdictions to foster stronger market surveillance for this dynamic market.”
 
DTCC opened its Asia Pacific data centre headquartered in Singapore in December 2012 and has since set up operations and client support in Singapore and Japan. The regional expansion plays a key role in helping Asia’s market participants comply with current and future regulatory requirements for OTC derivatives trade reporting. The Singapore-based APAC Trade Repository complements DTCC’s existing European and US 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 31 October 2013, starting with the reporting of interest rate and credit derivatives. DTCC has begun on-boarding of MAS-regulated dealers and banks in preparation for mandatory reporting by all banks by 1 April 2013. The International Swaps and Derivatives Association (ISDA), on behalf of 20 industry participants, submitted a letter on 5 November to MAS to drive trade reporting of OTC derivatives in Singapore ahead of the mandatory reporting timeline.
 
“The implementation of the TR in Singapore was very much a three-way partnership between MAS, the industry and ourselves and the result leverages emerging global OTC reporting best practices,” says Peter Tierney, DDRS CEO and the regional head for DTCC’s trade reporting initiatives in Asia.

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