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Foreign Exchange

FX banks support DTCC-Swift FX repository plan

The Global FX Division, a trade body representing 90% of the global foreign-exchange market, has said it will recommend a partnership with DTCC and messaging provider Swift to develop an FX repository, a post-trade reporting requirement that takes effect in 2012.

DTCC and Swift will work with the Global FX Division to determine the structure and requirements of the new repository to ensure it meets the regulatory requirements – which are more complex than those for other asset classes due to the greater number of FX participants and the sector’s global reach – to ensure that standards are similar in each major trading region (the US, Europe and Asia).

“To ensure that regulators have access to the maximum amount of data and that market participants of all sizes are not overburdened with multiple reporting formats, our aim as far as possible is to standardise industry reporting in all regions,” said James Kemp, managing director of the Global FX Division, in a statement.

Concerns have been raised about market fragmentation and increased back-office costs if a plethora of competing repositories operate. By throwing its support behind one solution, with a proven repository track record, the Global FX Division hopes it can create a market standard. DTCC operates the Trade Information Warehouse, a global repository for the credit derivatives market.

The Global FX Division represents the trade associations AFME, SIFMA and ASIFMA.

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