The Depository Trust & Clearing Corporation (DTCC) continues to play a key role in mitigating systemic risk with the launch of its Global Trade Repository in Canada - the seventh jurisdiction where DTCC is enabling financial firms to meet new regulatory mandates requiring the reporting of over-the-counter (OTC) derivatives transactions.
DTCC Data Repository (U.S.) LLC has been designated an authorized trade repository for Canadian derivatives trade reporting by the Ontario Securities Commission, the Autorité des Marchés Financiers in Québec and the Manitoba Securities Commission.
Under the Canadian rules, which were finalized in December 2013, reporting of trades involving a dealer or a clearing agency began on October 31, 2014, while other counterparties, such as buy-side firms, have until June 30, 2015 to comply with the reporting requirements.
“We have expanded our trade reporting services to Canada as part of our ongoing efforts to enhance transparency and to help mitigate systemic risk in the global derivatives market,” said Marisol Collazo, managing director and CEO, DTCC Data Repository (U.S.). “We have longstanding, established relationships with Canadian banks – which play an important role in facilitating derivatives trading globally – and are working in partnership with them and the regulatory authorities to ensure that phased reporting – the implementation of which is expected to help them gain a more holistic view of the marketplace – progresses smoothly. We look forward to expanding our service to support the buy-side when new trade reporting rules go live later in 2015.”
DTCC’s Global Trade Repository (GTR) is the only repository that supports reporting in multiple jurisdictions and for all five major derivatives asset classes (credit, interest rate, equity, FX and commodity). Despite differences in local reporting requirements, DTCC has built a robust and flexible infrastructure to provide trade reporting to multiple regulators and in multiple formats across the globe.
Over the past 24 months, DTCC’s GTR has onboarded 3,400 firms and provided them with access to trade reporting infrastructure, in addition to connecting them to more than 220 vendors and middleware provi0 vendors and middleware providers globally. On a weekly basis, DTCC’s GTR processes hundreds of millions of submissions on behalf of 100,000 distinct accounts, covering all OTC and exchange traded derivatives (where applicable) across 33 countries.