DTCC urges head start to next OTC derivatives reporting requirements phase
In the lead up to the Australian Securities and Investments Commission (ASIC) implementation of its derivatives reporting requirements, the Depository Trust and Clearing Corporation (DTCC) is encouraging institutions to get a head start.
On April 13 institutions with gross notional outstanding in reportable over-the-counter (OTC) positions between $5 billion and $50 billion, or ‘3A’ entities, will be required to report trades to the DTCC trade repository.
This requirement will then be extended on October 12 for entities holding less than $5 billion (‘3B’ entities) as well as apply to additional asset classes, including equity, FX, and commodities.
“A rigorous process underpins trade repository on-boarding, so we encourage any institutions who may qualify as 3A to opt in to the GTR [global trade repository] service immediately,” DTCC’s regional head of GTR business for Asia-Pacific, Peter Tierney, said.
“We similarly urge 3B entities to act well ahead of their respective October deadline.”
Tierney also noted that to help with this next phase of derivatives reform, Oliver Williams had been appointed as DTCC’s GTR business manager in Sydney to oversee GTR on-boarding and regulatory collaboration.
“He is well positioned to manage the initiative in Australia while helping to drive data quality and programs that lead to meaningful visibility into derivatives transactions, a key G20 objective,” he said.
DTCC has partnered closely with market participants and industry bodies in Australia to encourage early opt-in to the trade repository to prevent risk of non-compliance.
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