DTCC Begins User Testing on FX Repository

The Depository Trust & Clearing Corporation (DTCC) began user testing of its new global trade repository service for foreign exchange (FX) on 1 May and is planning full production by the fourth quarter, including regulatory and public reporting. The repository is the last of five planned global repositories for over-the-counter (OTC) derivatives being developed and operated by DTCC.

The OTC FX trade repository service will be delivered in two phases to facilitate testing and provide greater flexibility for firms who plan to use the repository service to meet regulatory reporting requirements.

The first phase, which began 1 May will cover testing for data submission of primary economic terms, confirmation data and snapshot reporting for FX forwards, swaps and derivatives by firms. These capabilities bring FX to a consistent level to that of other derivative asset classes supported by DTCC. The second phase, which is expected to start around 1 July, will add testing for further message types and extend reporting, and full production is expected to be available in October.

“The rollout of the FX repository caps a busy year for DTCC of designing, developing and implementing global trade repositories for three different classes of OTC derivative products and providing reporting to regulators to monitor that trading and systemic risk globally, as well as greater public transparency,” said Stewart Macbeth, president and chief executive officer (CEO) of DTCC Deriv/SERV.


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