Three U.S. derivatives trade repositories received regulatory approval from several provincial authorities on Monday.
The Chicago Mercantile Exchange Inc., DTCC Data Repository (U.S.) LLC and ICE Trade Vault, LLC have all had recognition orders allowing them to operate derivatives trade repositories approved by securities regulators in Alberta, British Columbia, New Brunswick, Nova Scotia and Saskatchewan, the regulators announced.
As of July 29, clearing agencies and derivatives dealers will have to start reporting certain over-the-counter (OTC) derivatives trade data to approved repositories. And, on Nov. 1, other counterparties will be required to report OTC derivatives data. The move to require derivatives trade reporting forms part of policymakers’ efforts to step up oversight of the global OTC derivatives markets in the wake of the financial crisis.
The firms have already been approved in Ontario, Quebec and Manitoba, and the regulators in five other jurisdictions (Newfoundland, Nunavut, Northwest Territories, Prince Edward Island and the Yukon) are expected to approve comparable recognition orders before trade reporting requirements kick in, the regulators say in a statement.