Asic Grants First Depository License to DTCC

sydney-night-web
The license allows for phase three entities to begin reporting in 2015.

While the repository, DTCC Derivatives Repository Singapore (DDRS), will remain under the day-to-day oversight of the Monetary Authority of Singapore (MAS), Asic has certified that it is fully compliant with its own rules.

The granting of the license is significant, as it allows Australia to move into phase three reporting for derivatives market participants, covering large deposit-taking Australian and foreign entities trading over-the-counter (OTC) instruments that are not already reporting to Asic. The largest entities, called "3A" in Antipodean regulatory parlance, must start reporting interest-rate and credit derivative transactions from April 13, 2015. The remaining firms covered under phase three, or "3B" entities, must do so from October 12, 2015. Both categories must report equity, foreign-exchange and commodity derivatives from the October date, excluding electricity derivatives.

"The licensing of DDRS represents a milestone in Australia's implementation of our Group-of-20 (G20) OTC derivatives commitments and ensures that Australian businesses subject to trade reporting obligations can report to a foreign trade repository which is licensed and supervised by Asic," says Cathie Amour, a commissioner with Asic. "The licensing of a trade repository in Australia that is already licensed and operating in Singapore demonstrates Asic's commitment to accepting equivalent foreign regulatory regimes where possible. This, together with the alternative reporting arrangements in our trade reporting regime, avoids cross-border duplicate reporting obligations and trade repository supervision where possible."

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe

You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.

Waters Wrap: The tough climb for startups

Anthony speaks with two seasoned technologists to better understand why startups have such a tough time getting banks and asset managers to sign on the dotted line.

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here