03 September 2015

Asic consults on trade repository regime

15 March 2013  |  1725 views  |  0 Source: Asic

ASIC today proposed draft rules and regulatory guidance to establish a trade repository regime - the next step in implementing Australia's international commitments regarding over-the-counter (OTC) derivatives such as credit default swaps.

Consultation Paper 201 Derivative trade repositories (CP 201) sets out proposals for the licensing of, and rules governing, derivative trade repositories, or data warehouses, which maintain an electronic database of records of derivative transactions.

The proposed regime is consistent with international principles for financial market infrastructures as developed by the Committee on Payment and Settlement Systems and International Organization of Securities Commissions, and with Australia's existing regulatory regime for market operators and clearing and settlement facilities. ASIC has also considered regimes for trade repositories in other parts of the world including the EU, US, Singapore and Canada.

ASIC Deputy Chairman Belinda Gibson said establishing an efficient and effective regime for trade repositories was key to increasing the integrity and stability of OTC derivatives markets and the financial system more broadly, including enhanced market transparency and an increased capacity for the oversight and monitoring of systemic risk indicators.

'We also want to facilitate local and foreign trade repositories to provide their services in Australia, supporting the global and domestic trading activity of our market participants,' Ms Gibson said.

The guidance sets out the proposed approach to granting Australian derivative trade repository licences and how to apply for them. It also includes draft rules relating to the operation of trade repositories in Australia.

Submissions to CP 201 are due by 12 April 2013.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 

Top topics

Most viewed Most shared
Third of Brits expect day-to-day mobile pa...
7937 views comments | 37 tweets | 15 linkedin
SunGard system glitch causes havoc for BNY...
7380 views comments | 14 tweets | 12 linkedin
Payments UK sets out vision for 'world cla...
6537 views comments | 17 tweets | 10 linkedin
HSBC glitch leaves thousands of customers...
5954 views comments | 13 tweets | 7 linkedin
Swedish mPOS firm iZettle raises EUR60m fo...
5833 views comments | 12 tweets | 8 linkedin

Featured job

Basic £100K+ OTE £200K+
London

Find your next job