Media Centre - Henry Davis York

Final deadlines for Phase 3 Reporting Entities

18 September 2014

ASIC has granted DTCC Data Repository (Singapore) Pte Ltd (DDRS) an Australian trade repository licence which means the start dates for trade reporting by Phase 3 Reporting Entities have now been finalised.

Under ASIC Class Order 14/633, the licensing of DDRS means that mandatory trade reporting commences:

  • on 13 April 2015 for Phase 3A Reporting Entities for interest rate and credit derivatives;
  • on 12 October 2015 for Phase 3A Reporting Entities for FX, equity and commodities derivatives; and
  • on 12 October 2015 for Phase 3B Reporting Entities for all asset classes.

Phase 3A Reporting Entities are those Reporting Entities that held A$5 billion or more gross notional outstanding in OTC derivatives as at 30 June 2014.  Phase 3B Reporting Entities are all the remaining Reporting Entities that are not Phase 3A Reporting Entities, such as ADIs, AFSL holders and foreign exempt financial service providers.

This means that all Phase 3A and Phase 3B Reporting Entities will need to start planning for reporting their trades in OTC derivatives, and working towards the deadlines that apply to them. In particular, they will need to decide whether they will be reporting directly to DDRS or will be relying on delegated reporting. Either way, it will be important that Reporting Entities allow themselves sufficient time to be prepared well before the deadline that applies to them.

For further information contact:

Glenn Taylor
Head of Communications
Henry Davis York
61 2 9947 6568
61 408 939 226