The Depository Trust & Clearing Corporation (DTCC) has been awarded the Best Solution in Trade Reporting in the inaugural Regulation Asia Awards for Excellence 2018 at a ceremony in Singapore on 13 November 2018.
In the wake of the 2007-2008 global financial crisis, G20 leaders agreed that derivatives contracts be reported to trade repositories, with the goal of improving transparency and risk management. DTCC responded by providing global trade repository (GTR) services for derivatives transactions reporting across five asset classes – credit, equity, interest rate, commodity and FX.
The GTR has since become an essential tool for regulators, providing them access to OTC derivatives data that is crucial to managing systemic risk, enhancing transparency and driving down costs in financial markets. The top 30 banks in the world and over 80% of the top 100 banks are now using DTCC’s reporting services to fulfil their reporting requirements. In Asia Pacific, the GTR has over 400 clients, reporting approximately 3 million open positions each month.
Notably, DTCC launched a re-architected GTR platform in Australia and Singapore this year, bringing improved usability, reduced complexity and increased transparency to users. It has been instrumental in helping reporting entities prepare for the latest phase of requirements under the Monetary Authority of Singapore (MAS), which in October made equity and commodity derivatives reportable for the first time.
DTCC has significantly reduced the trade reporting burden over time by harmonising data requirements across all major reporting jurisdictions and enabling market participants to meet multiple regulatory obligations from within a single platform. In consideration of increasing demands for data and transparency, DTCC has also laid the groundwork for making compliance with future trade reporting requirements simpler and easier.
Oliver Williams, Executive Director and Regional Head of DTCC’s GTR business for Asia said: “We’re very pleased and honoured to be awarded the best solution in trade reporting. This recognition reinforces the GTR as the industry’s provider of choice for global OTC derivatives reporting in Asia. We are committed to helping our clients meet their reporting obligations across all jurisdictions – within and outside Asia. This is a journey that my team and I are happy to walk with our clients.”
About the Regulation Asia Awards for Excellence 2018
The inaugural Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, our audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing us to play a key role in the regulatory agenda.
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