First of its kind: MAS, ASIC sign MOU on over-the-counter derivatives trade repository data

Data can now be shared across jurisdictions.

The Australian Securities and Investments Commission and the Monetary Authority of Singapore have entered into a Memorandum of Understanding to allow trade repositories licensed in one jurisdiction to provide relevant data to the authority in the other jurisdiction.

Through this MOU, ASIC and MAS will facilitate each authority’s access to relevant trade repository data, while ensuring the confidentiality of the information is appropriately protected.

The MOU follows the licensing by ASIC of DTCC Data Repository (Singapore) Pte Ltd, a trade repository established and licensed in Singapore.

In a joint statement, ASIC Chairman Greg Medcraft and MAS Deputy Managing Director (Financial Supervision) Ong Chong Tee said the signing of the MOU between ASIC and the MAS is a world first for this type of arrangement and embodied the ongoing close cooperation between ASIC and MAS on financial market issues, including the implementation of the Group of Twenty over-the-counter (OTC) derivatives reforms.

“This MOU is an important framework for ensuring that both MAS and ASIC would have appropriate access to relevant data in their respective licensed trade repositories, whether such trade repositories are located in Singapore or Australia. This reflects MAS’ strong support for the effective implementation of OTC derivatives trade reporting reforms in Singapore and other jurisdictions in the region, including Australia, as part of ongoing global efforts to enhance transparency and to reduce systemic risk in the OTC derivatives markets,” said MAS Managing Director Ong Chong Tee.