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TRAction Fintech’s Solution for Australia’s OTC Derivative Reporting Rules

Posted on August 27th, 2015 by Sophie Gerber in OTC Trade Reporting

Check out the recent mention in Finance Magnates about a recently launched solution for Australian margin FX and CFD brokers who will shortly need to comply with the OTC Derivative reporting rules being implemented in Australia.  You can read the article by clicking here.

Following the 2008/09 global financial crisis, one of the results was the initiation of more rules surrounding over the counter (OTC) derivative trades. In relation to the forex and CFD market, this has meant the rollout of reporting requirements across several jurisdictions.

The most notable of these reporting rules are those that have been set forth in the EU through the European Markets Infrastructure Regulation (EMIR) that was initiated by the European Securities and Market Authority (ESMA). With the new EMIR reporting laws, it has led to any institution (even non-financial firms) in the EU that is involved with certain types of derivatives to report their trades to a trade repository such as the Depository Trust & Clearing Corporation (DTCC).

Following the initiation of reporting requirements for retail brokers in the EU, among the next jurisdictions set to rollout new rules for margin forex and CFD trading is in Australia. Supervised by the Australian Securities and Investments Commission (ASIC), brokers will be required to report their forex and CFD trades starting on October 12th. Similar to other jurisdictions, the DTCC has been designated by the ASIC as the trade repository for brokers to report to.

Find out more about TRAction Fintech.

Sophie Gerber

Sophie is the director of both Sophie Grace Legal Pty Ltd and Sophie Grace Pty Ltd. Sophie has worked with some of Australia’s largest financial services organisations in compliance, legal and operational roles. She has also worked with small businesses to provide tailored solutions with a strong understanding of business practicalities as well as obligations to regulators.