DTCC says phased Asia trade reporting process smoother than in Europe

Challenges remain around secrecy provisions

Singapore

Seventy firms are reporting their over-the-counter derivatives trades in Singapore and Australia one month after the second wave of reporting kicked in but firms are still facing difficulties maintaining compliance with local secrecy provisions.

All Singapore-licensed banks were required from April 1 to report their OTC credit and interest rate derivatives transactions to a licensed trade repository by the Monetary Authority of Singapore (MAS).

According to Peter Tierney, regional head for Asia

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