In view of the forthcoming implementation of a new regulatory obligation requiring counterparties to an over-the-counter derivatives transaction to report their data to a trade repository, the Autorité des marchés financiers (the "AMF") is notifying market participants that Chicago Mercantile Exchange Inc. ("CME") has filed an application for recognition as a trade repository in Québec.
This application is in addition to the applications for recognition filed by DTCC Data Repository (U.S.) LLC ("DDR") and ICE Trade Vault, LLC ("ICE TV").
The publication of these applications for recognition is another step in the adoption this October 31 of Regulation 91-507 respecting trade repositories and derivatives data reporting, which sets out the obligation to report data to a trade repository.
The AMF invites interested parties to submit their observations with respect to this application no later than September 22, 2014. To help ensure a successful transition toward this new reporting regime, the AMF is also pursuing exchanges with local counterparties by asking them to contact one or all of these three trade repositories in order to start setting up connectivity procedures.