The Depository Trust & Clearing Corporation (DTCC) says that it has booked 50 of Singapore’s leading licensed banks and broker-dealers to use its global trade repository service.
Singapore’s trade reporting regime for OTC derivatives commenced on 31 October 2013 for OTC credit and interest rate derivatives. DTCC’s Singapore entity received regulatory approval to operate its repository on November 1, 2013 at which point the firm began on-boarding licensed banks and merchant banks.
Market participants are required to start reporting from certain pre-set commencement dates. All banks licensed in Singapore and merchant banks approved by the Monetary Authority of Singapore have been required to report their OTC credit and interest rate derivatives transactions to a licensed trade repository since 1 April 2014.
From 1 July 2014, all fund managers, registered insurers, finance companies and subsidiaries of banks incorporated in Singapore will be required to report to a trade repository. DTCC, which supports regulatory reporting in Asia-Pacific for credit, interest rates, equities, foreign exchange and commodity derivatives, predicts more business activity ahead of this July deadline.
On 1 October, 2014 the Singapore OTC requirement will apply to all significant derivatives holders.