The Depository Trust & Clearing Corporation (DTCC) announced that its Global Trade Repository (GTR) service, via its legal entity in Singapore, will support firms with trade reporting services for the final phase of the Monetary Authority of Singapore’s (MAS) derivatives trade reporting requirements, which are scheduled to take effect on 1 October 2021.
The final phase of MAS’ Reporting Regulations for over-the-counter (OTC) derivatives contracts marks the last step in trade reporting rules, set out in the Securities & Futures Act (SFA). The forthcoming regulation brings finance companies, subsidiaries of banks in Singapore, insurers and CMS license holders with specified derivatives contracts in an annual aggregate gross notional amount of more than S$5 billion ($3.7bn), as well as significant derivatives holders — namely, persons with specified derivatives contracts in an annual aggregate gross notional amount of more than S$8 billion — into scope.
DDRS is the only trade repository service approved by MAS to operate in Singapore. Firms will be able submit their applicable derivatives contracts either directly to DDR or by delegated submission through a counterparty that uses DDRS’ trade reporting services. In order to leverage DTCC’s trade reporting capabilities to comply with the forthcoming reporting requirements, firms will first need to onboard to DDRS and begin testing their submissions ahead of the 1 October 2021 compliance date.
Priya Kundamal, DTCC general manager and head of DDRS, said in a statement: “We look forward to providing our extensive set of trade reporting capabilities to additional firms in Singapore, enabling them to meet forthcoming trade reporting requirements. Now is the time for newly in-scope firms to review their preparations as the compliance date draws near.”
Today, DTCC’s GTR service in Asia has more than 400 clients across the region, reporting approximately 3 million open positions under the Australian Securities and Investment Commission (ASIC), the Financial Services Agency (JFSA), the Monetary Authority of Singapore (MAS) and the Hong Kong Authority (HKMA). GTR is the only trade reporting service in the world that supports regulatory reporting across the Asia-Pacific region for all five major OTC derivatives asset classes.
Globally, the GTR service, through locally registered trade repositories, has almost 9,000 clients and 150 partner firms, providing reporting to over 60 regulators across 35 countries, maintaining approximately 40 million open OTC positions per week and processing over one billion messages per month, making it the largest trade repository service in the world.\