The Depository Trust & Clearing Corporation (DTCC) has received regulatory approval from the Swiss Financial Market Supervisory Authority to provide trade reporting services in Switzerland.
DTCC will offer its services via its Global Trade Repository service (GTR) in Europe, which has more than 3,500 clients sending over 500 million messages per month, with 46 European regulators regularly accessing its data. According to figures from the European Securities Markets Authority (ESMA), GTR in Europe is the largest European Markets Infrastructure Regulation (EMIR)-registered trade repository in terms of reports collected from its clients.
GTR services market participants with their derivatives trade reporting services across several jurisdictions, including the United States, Canada, Europe, Hong Kong, Singapore, Japan and Australia, and across all over-the-counter (OTC) asset classes, including credit, interest rates, equities, foreign exchange, and commodities.
As a Foreign Trade Repository in Switzerland, GTR will support market participants with reporting obligations that fall under the Swiss Financial Markets Infrastructure Act which aligns Swiss derivatives trading regulation with international standards. Under the regulation, firms with a registered office in Switzerland are required to report their derivatives trades to an authorised or recognised trade repository.
Val Wotton, MD of Product Development and Strategy, Derivatives and Collateral Management at DTCC, said: “We are pleased to have received regulatory approval to provide trade repository services in Switzerland. Market participants continue to seek a single platform that handles trade reporting across multiple jurisdictions and asset classes, and we are proud to extend our capabilities to Swiss market participants and to provide increased value to our clients.”
In October 2018, DTCC announced the results of a benchmark study which demonstrated for the first time ever that distributed ledger technology (DLT) is capable of supporting average daily trading volumes in the US equity market of more than 100 million trades per day.
The study, which was conducted by Accenture with additional support provided by technology service providers Digital Asset (DA) and R3, proved that DLT can perform at levels necessary to process an entire trading day’s volume at peak rates, which equates to 115,000,000 daily trades, or 6,300 trades per second for five continuous hours.