DTCC Derivatives Repository (Singapore) has been named as the first recipient in Australia of a derivativesmtrade repository licence.
The licence, given by the country’s regulator, the Australian Securities and Investments Commission (ASIC), is a further step in the implementation of mandatory trade reporting requirements for OTC derivatives.
ASIC said that the granting of the licence followed a process to ensure that the Singaporean firm complied with Australian standards for trade repository licensees, including issues such as cybersecurity and governance, while remaining subject to the oversight of the Monetary Authority of Singapore.
ASIC said that as the firm is already licensed and operating in another country, this demonstrated it was prepared to accept equivalent foreign regulatory regimes where possible.
For firms that held between A$5bn and A$50bn in gross notional outstanding positions in reportable OTC positions as at 30 June 2014, the start date for reporting interest rate swaps will be 13 April 2015 and for currency, foreign exchange and commodity swaps, the reporting requirement will begin on 12 October 2015.