Singapore/Hong Kong, 15 December 2020 – DTCC has been awarded the Market Infrastructure of the Year in the 3rd Regulation Asia Awards for Excellence 2020 in an online ceremony on 15 December 2020.
In 2009, G20 leaders agreed to a raft of measures aimed at increasing transparency in the derivatives markets, including requirements for OTC derivatives transactions be reported to trade repositories. In times of crisis, this data has proven critical to regulators as they monitor for risks to the financial system and formulate policy responses.
DTCC provides its Global Trade Repository (GTR) service through locally registered and licensed trade repositories, or acts as an agent, for the reporting of OTC derivatives transactions to regulators in the US, Canada, Europe, and several Asian jurisdictions – including in Australia, Singapore, Japan and Hong Kong. Globally, GTR processes over 14 billion messages annually on approximately 100,000 individual entities, and is used by over 80 percent of the largest 100 banks as well as many corporates and asset managers to fulfill their reporting obligations.
In providing trade repository services, DTCC actively engages with market participants to facilitate compliance with new and changing reporting requirements. In 2020, this has included reporting under SFTR (Securities Financing Transactions Regulation), which has now been implemented in Europe and the UK. In Singapore, DTCC operates the only licensed trade repository and has been critical to ensuring market readiness for new requirements to report equity, commodity and foreign exchange derivatives transactions starting in October 2021.
“DTCC’s GTR provides a single point of connectivity, reconciliation and control to reduce the cost of complying with a host of regulatory standards across the globe,” remarked one judge on the awards panel. “It is clearly trusted by some of Asia’s most forward-looking regulators and has a vast wealth of clients who also rely on it. DTCC continues to demonstrate a commitment to continuous improvement through close collaboration with regulators and market participants.”
DTCC won Best Solution in Trade Reporting for its GTR services in the 2018 Regulation Asia Awards, and Market Infrastructure of the Year in the 2019 Awards, following the launch of a portal that provides global clients with direct electronic access to repository data as well an analytics dashboard that focuses on completeness, timeliness, accuracy and consistency of reporting.
About the Regulation Asia Awards for Excellence 2020
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that have helped meet the challenges of the ever-changing and increasingly complex regulatory landscape in Asia Pacific. Each year, submissions are diligently evaluated and award winners selected by a panel of industry experts serving as judges.
The full list of award winners is available here.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 8,500 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.