Copying and distributing are prohibited without permission of the publisher
Aussie banks begin reporting OTC derivatives
03 October 2013
Five of the big swap dealers in Australia are already in line with the new reporting rules
Five major Australian banks have begun reporting their OTC derivative transactions to a trade repository.
Australian swap dealers were expected to begin reporting by October 1 under rules recently finalised by the Australian Securities and Investments Commission (Asic).
Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia, Macquarie Bank, National Australia Bank Ltd and Westpac Banking Corporation are reporting their transaction data via DTCC’s global repository.
While the DTCC has had success in the US and Asia, it is still waiting approval from the European Securities and Markets Authority to run its European trade repository as a registered repository.
Trade repositories in Europe are likely to see growing interest in the next few months as derivative traders have just five months to comply with the European reporting rules. Esma had advised the European Commission to delay the rules for 18 months but the Commission decided not to follow the advice.