The proposed new repository, which will be domiciled in Europe and jointly owned by DTCC and EFETnet, follows EFETnet and DTCC being selected by the International Swaps and Derivatives Association’s (ISDA) Commodities Steering Committee to work with the industry on the next stage of development for this new service.
EFETnet and DTCC’s industry non-commercial cooperative models will create a joint neutral platform where many competing organizations can come together to participate in a single non-commercial reporting solution.
Such a single, non-commercial, truly transatlantic solution will allow regulators globally to receive from one source most if not all of the OTC commodity derivative trade data in which they have a regulatory or supervisory interest, according to DTCC.
EFET secretary general Jan van Aken said this joint EFETnet and DTCC initiative, in partnership with the industry, is truly an international exercise that aims to meet the current and future regulatory needs of customers in the commodity derivatives market.
"We are pleased to partner with DTCC to develop a service that will ultimately record all commodity OTC derivatives transactions, which can only strengthen the infrastructure for the trading of these instruments," van Aken said.
