14 February 2016

Asic consults on trade repository regime

15 March 2013  |  1815 views  |  0 Source: Asic

ASIC today proposed draft rules and regulatory guidance to establish a trade repository regime - the next step in implementing Australia's international commitments regarding over-the-counter (OTC) derivatives such as credit default swaps.

Consultation Paper 201 Derivative trade repositories (CP 201) sets out proposals for the licensing of, and rules governing, derivative trade repositories, or data warehouses, which maintain an electronic database of records of derivative transactions.

The proposed regime is consistent with international principles for financial market infrastructures as developed by the Committee on Payment and Settlement Systems and International Organization of Securities Commissions, and with Australia's existing regulatory regime for market operators and clearing and settlement facilities. ASIC has also considered regimes for trade repositories in other parts of the world including the EU, US, Singapore and Canada.

ASIC Deputy Chairman Belinda Gibson said establishing an efficient and effective regime for trade repositories was key to increasing the integrity and stability of OTC derivatives markets and the financial system more broadly, including enhanced market transparency and an increased capacity for the oversight and monitoring of systemic risk indicators.

'We also want to facilitate local and foreign trade repositories to provide their services in Australia, supporting the global and domestic trading activity of our market participants,' Ms Gibson said.

The guidance sets out the proposed approach to granting Australian derivative trade repository licences and how to apply for them. It also includes draft rules relating to the operation of trade repositories in Australia.

Submissions to CP 201 are due by 12 April 2013.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
16722 views comments | 108 tweets | 91 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
9315 views comments | 30 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
9009 views comments | 35 tweets | 10 linkedin
Is Paym a failure?Is Paym a failure?
7349 views 16 comments | 23 tweets | 16 linkedin
Visa issues API to offer consumer control over card transactionsVisa issues API to offer consumer control...
6697 views comments | 17 tweets | 28 linkedin

Featured job

£100,000 basic, £180,000 OTE + Benefits
London

Find your next job