Singapore/Hong Kong, 22 November 2022 – The Depository Trust & Clearing Corporation (DTCC) has been awarded Market Infrastructure of the Year and Best Solution in Trade Reporting in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.
In the Market Infrastructure of the Year category, DTCC was recognised for its Global Trade Repository service (GTR), which through its locally authorized trade repositories processes an estimated global market share of over 80 percent of reportable derivatives and securities financing transactions. With five trade repositories covering 24 jurisdictions, GTR supports the reporting of OTC and ETD credit, equity, commodity, FX and interest rates derivatives to over 60 regulators in 35 countries.
User-owned and industry-governed, DTCC GTR’s open-access utility model enables firms to meet reporting requirements in multiple jurisdictions through one single, secure portal. The Regulation Asia awards judges credited DTCC for its client-centric approach to GTR product delivery and its continued focus on initiatives that enhance efficiencies and reduce cost.
“DTCC has been instrumental in promoting transparency in derivatives markets and improving global risk monitoring capabilities,” said one judge on the awards panel. “DTCC’s industry engagement and advocacy around the harmonization of global derivatives reporting requirements, to drive increased transparency and lower operational burdens for the industry, is now being realized in the form of the rule refits and rewrites taking place across key jurisdictions.”
Over the past 18 months, GTR completed an infrastructure re-architecture to enhance platform performance, stability and resiliency, rolled out an automated self-service onboarding tool in Asia Pacific, and enhanced the user experience by providing firms with consolidated access to DTCC services via the MyDTCC portal and direct electronic access to data and analytics within its repository.
In the Best Solution in Trade Reporting category, DTCC was recognised for its DTCC Report Hub solution, which simplifies and automates pre and post trade reporting capabilities for compliance with regulations under 14 jurisdictions globally. The solution translates trade data into the required format, enriches it, provides jurisdiction eligibility checks, and identifies errors and missing data elements. Post reporting, the solution offers reconciliation and data insights capabilities to check for reporting accuracy, timeliness and completeness.
“DTCC Report Hub builds on more than a decade of experience DTCC has in developing and operating trade repositories to deliver a highly configurable, scalable and secure platform that can process large volumes of trades seamlessly,” said another judge on the awards panel. “This is particularly important when regulatory requirements are shifting in the derivatives space and requiring firms to adapt to complex changes in multiple jurisdictions simultaneously.”
About the Regulation Asia Awards for Excellence 2022
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2022 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.