OSC publishes three entity applications for designation as trade repositories
TORONTO, July 31, 2014 /CNW/ - The Ontario Securities Commission (OSC) published today for a 30-day comment period the applications by the Chicago Mercantile Exchange Inc., DTCC Data Repository (U.S.) LLC and Ice Trade Vault, LLC for designation as trade repositories in Ontario. OSC staff have coordinated with staff of the Autorités des marchés financiers and the Manitoba Securities Commission in reviewing the applications that are also filed in Québec and Manitoba, and will continue to work with them in finalizing the designation.
The publication of these applications is an important step in the OSC's effort to ensure proper infrastructure will be operational in Ontario to accept market participants on to systems and commence OTC derivatives trade reporting as planned. Clearing agencies and dealers are required under Ontario securities laws to report certain OTC derivatives transactions to a designated trade repository by October 31, 2014, and all other OTC derivatives market participants are required to report by June 30, 2015.
"Establishing the trade repositories and data reporting infrastructure is a foundational element as the OSC implements OTC derivatives reforms," said Howard Wetston, Q.C., Chair and CEO of the OSC. "With the publication of these applications we are on track to meet the October reporting deadline and achieve our goal of developing a strong, harmonized and transparent OTC derivatives regime."
As the OSC and market participants prepare for the reporting obligation deadline, the OSC will continue its dialogue with stakeholders, as industry engagement is paramount to a successful transition to the new reporting regime.
The comment period for the applications is open until August 30, 2014. To learn more about the TR rule, market participants are encouraged to visit the OSC's website at www.osc.gov.on.ca.
The OSC is meeting its G20 commitments and reinforcing Canada's financial stability framework through the implementation of Over-the-Counter derivatives reforms. The OSC is developing internationally and Canadian harmonized legislative and regulatory proposals to strengthen oversight of Ontario's OTC derivatives market.
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