With Canada adopting new reporting regulations for improved risk analysis, the Depository Trust & Clearing Corporation (DTCC) has expanded its trade repository services to cover all provinces in the country.
DTCC added trade repository services for Newfoundland and Labrador, the last two areas not yet covered by its Global Trade Repository. The firm already supports Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec, Saskatchewan, Nunavut, the Northwest Territories, Prince Edward Island and Yukon.
Expanding into Newfoundland and Labrador comes as Canada has adopted harmonized derivatives reporting regulations. Two of these rules are 91-507 adopted by Ontario in May this year and MI 96-101 in British Columbia, which was approved in July. Both require firms to report over-the-counter derivatives (OTC) transactions and lay down rules for trade repositories.
DTCC's Global Trade Repository will look to begin support for public price dissemination in January 2017.
Marisol Collazo, chief executive officer of Global Trade Repository Americas for DTCC, said the firm hopes to bring greater transparency and risk mitigation to the OTC derivatives market.
"As the only global trade repository offering reporting services across all five asset classes, we continue to work with regulators, service providers, and end users to facilitate reporting in Canada and other major jurisdictions," Collazo said in a statement.
DTCC said over 6,000 firms leverage the global trade repository for more than 60,000 accounts. Of these, over 150 firms manage 620 accounts in Canada.
Recently, DTCC lowered the fees for its trade repository service for clients using it for Australian Securities & Investments Commission and the Monetary Authority of Singapore following the growth of its user community.
Adam Sussman joins Anthony Malakian to talk about Liquidnet's acquisition of OTAS, machine learning and AI, and what the buy side wants from analytics platforms.Subscribe to Weekly Wrap emails