The Depository Trust & Clearing Corporation (DTCC) has received approval from the Monetary Authority of Singapore (MAS) to operate a global trade repository (GTR) for OTC reporting and has begun processing its first trades.
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 US and Japan.
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 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.
The DTCC says 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).
In addition, the DTCC also plans to support trade reporting to the Hong Kong Monetary Authority (HKMA), while in the EU, the US-based clearing entity is seeking approval to operate DTCC Derivatives Repository Limited (DDRL), its European data reporting facility, as a registered trade repository.