DTCC to Expand Global Trade Reporting Services

The Depository Trust & Clearing Corporation (DTCC) announced that its Global Trade Repository (GTR) service, via its legal entity, DTCC Data Repository (Singapore) Pte. Ltd. (DDRS), is ready to support in-scope Singapore firms with trade reporting services for the final phase of the Monetary Authority of Singapore’s (MAS) derivatives trade reporting requirements, which are scheduled to take effect on October 1, 2021. The final phase of MAS’ Reporting Regulations for over-the-counter (OTC) derivatives contracts marks the last step in trade reporting rules, set out in the Securities & Futures Act (SFA). The forthcoming regulation brings finance companies, subsidiaries of banks in Singapore, insurers and CMS license holders with specified derivatives contracts in an annual aggregate gross notional amount of more than S$5 billion, as well as significant derivatives holders—namely, persons with specified derivatives contracts in an annual aggregate gross notional amount of more than S$8 billion—into scope. As of October 2021, these firms will be required to report their equities, commodities and foreign exchange derivatives contracts traded and/or booked in Singapore to MAS. DDRS is the only trade repository service approved by MAS to operate in Singapore. Firms will be able to submit their applicable derivatives contracts either directly to DDRS or by delegated submission through a counterparty that uses DDRS’ trade reporting services. In order to leverage DTCC’s trade reporting capabilities to comply with the forthcoming reporting requirements, firms will first need to onboard to DDRS and begin testing their submissions ahead of the October 1, 2021 compliance date. The DTCC Learning Center and client service teams have been resourced to provide clients with the support they require to become familiar with the GTR system.