DTCC Adds Trade Reporting for Australia, Singapore

The move is in response to transaction reporting requirements from the Australian Securities and Investments Commission (Asic), which brought its Phase II reporting mandate into force on April 1, 2014. The requirements apply to a subset of institutions in the Australian market that had outstanding notional positions of AUD $50 billion ($46.3 billion) as of December 31, 2013.

"The April 1 deadline marks an important step in creating greater transparency and risk mitigation in the over-the-counter derivatives market in Australia and globally," says Peter Tierney, Regional Head of Asia-Pacific at DTCC. "DTCC will continue to engage market participants in Australia and Asic to advance an effective and comprehensive derivatives reporting structure."

Phase I of the program began in October, when Australian swap dealers registered with the US Commodity Futures Trading Commission were required to begin reporting their transactions. The third phase is scheduled for October 1, 2014, when remaining entities will be required to report credit and interest-rate derivative transactions. In Singapore, mandatory reporting came into force on April 1 also for licensed banks operating in the nation, as well as merchant banks approved by the Monetary Authority of Singapore.