DTCC, KRX Partner to Open South Korean Trade Repository
The two parties signed a memorandum of understanding to link KRX to a global trade repository.
Part of the agreement is to explore linking DTCC's Global Trade Repository solution directly to KRX so international firms can leverage it for cross-border transaction reporting to Korean regulators.
According to the DTCC, a large percentage of cross-border data Korean regulators are looking for has already been collected through the global trade repository.
"Partnering with KRX will allow us to explore opportunities to bring operational efficiencies to firms that will be required Korean trades and deliver the highest quality data to the Korean regulators," said Peter Tierney, head of the Global Trade Repository in Asia, in a statement.
By establishing a trade repository in South Korea, KRX and DTCC hope to add transparency, foster cooperation across jurisdictions and help users meet regulatory reporting obligations.
DTCC's Global Trade Repository facilitates reporting for over 7,000 firms in nine jurisdictions around the world.
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