Canadian regulators have extended a deadline to report OTC derivatives trade reporting until 20 June 2015 for buy-side firms.
Trade reporting was meant to commence on 2 July for clearing agencies and dealers. This has also been extended to 31 October this year by the Canadian Securities Administrators (CSA), the council of the securities regulators of Canada's provinces and territories. All other market participants were set to report trades from 30 June 2015.
The CSA said no trade repository that can accept all OTC derivatives asset classes has completed its application to be recognised or designated within the required timeframe in the provinces of Quebec, Manitoba and Ontario.
“This extension will provide additional time for trade repositories currently engaged in the designation or recognition process to accept market participants onto their systems and develop the reporting infrastructure necessary to comply with provincial trade reporting rules.”
Trade reporting began in Europe on 12 February, after the start date was also pushed back. In the US, market participants have been reporting since last year. The OTC derivatives reforms set by the G20 following the financial crisis, require the central clearing and reporting of most OTC derivative trades.