DTCC plans trade reporting tie-up with Korean bourse
US post-trade giant DTCC plans to link its trade reporting tool with KRX, the Korea Exchange.
The group’s Global Trade Repository (GTR), which collects and maintains the records of OTC derivatives trades, already has links with Japan, Australia, Singapore and Hong Kong.
Now DTCC plans to connect GTR directly with KRX, the sole securities and derivatives exchange operator in South Korea.
The potential tie-up, according to a statement on Tuesday, would add transparency, foster cooperation across jurisdictions and help users to satisfy their regulatory reporting obligations.
"With the introduction of trade reporting in the US, Europe and across many Asia jurisdictions, a significant portion of the world's OTC transactions have already been reported through the GTR platform,” said Peter Tierney, head of GTR Asia.
"Partnering with KRX will allow us to explore opportunities to bring operational efficiencies to firms that will be required to report Korean trades and deliver the highest quality data to the Korean regulators," he added.
A large percentage of the cross-border data needed by Korean regulators has already been collected as KRX was designated as a trade reporting service last year.
Kiwon Kang, chief operating officer of KRX’s derivatives market division, said the combination would allow market participants will be able to report their OTC market transactions in a "cost effective, streamlined manner.”
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