In October 2016, the Australian Securities and Investments Commission (ASIC) approved a Market Exemption License for OTCX Trading Ltd. This enables regulatory monitoring of the OTCX platform which includes a regular reporting requirement to ASIC. OTCX’s market leading RFQ platform allows full straight though processing of dealer to client OTC derivative trades and removes the reliance of unregulated chat and voice systems in an increasingly regulated environment. This will enable Australia’s leading trading houses, banks, asset and treasury managers to evidence best execution as well as straight through processing where possible.

OTCX started working with the United Kingdom Trade & Investment (UKTI) office and KPMG in Sydney and through their collaboration was introduced to ASIC’s Innovation Hub. As a result, OTCX was able to benefit from faster processing times and the more focussed and skilled support network of the Innovation Hub in order to successfully develop in Australia.

OTCX is looking to rapidly expand its OTC trade capture coverage by offering clients the ability to trade cleared and non-cleared products as well as more complex OTC workflows. OTCX will also roll out its platform to new clients in Europe and North America in 2017.

“OTCX is an excellent example of a global fintech company choosing to grow in the Australia marketplace. With many more companies utilising the Innovation Hub framework we are starting to see Australia rise up the ranks of attractive international destinations, especially in capital markets and trading activities” said Ian Pollari, Partner KPMG. “Working with ASIC has been a hugely positive experience. The expertise, direction and responsiveness of the team in the Innovation Hub was very helpful as we looked to establish a permanent position in the Australian market. We look forward to continue our growth and work closely with ASIC in the future.” Dan Birch, Managing Director, OTCX Asia Pacific.