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Cappitech expands end point network with DTCC to support MAS OTC derivatives reporting

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Cappitech, a provider of regulatory reporting, best execution analysis and business intelligence solutions for the financial services industry, has extended the regulatory regimes it supports to include the Monetary Authority of Singapore (MAS) OTC Derivatives transaction reporting through The Depository Trust & Clearing Corporation (DTCC).Investment firms and Significant Derivative Holders falling under scope of the MAS’ regulation can leverage Cappitech’s transaction reporting experience and technology to automatically transform their data and submit it to DTCC’s Global Trade Repository (GTR) service. By connecting to DTCC‘s GTR service and other TRs/ARMS, Cappitech expands its existing compatibilities and provides a single interface for multiple global regimes including EMIR, SFTR, ASIC, US and Canadian reporting.

MAS reporting regulations cover OTC derivatives trades for interest rate, credit, FX, equity and commodity derivatives contracts. The regulation was expanded in October 2019 with additional company types falling under scope, with its final phase set for 2021. The 2021 date greatly increases the number of firms required to report under MAS rules.

Some of the challenges involved with reporting include matching of UTIs among counterparties, updating mark to market valuations for open positions, identifying terminated positions and filtering out non-scope trades such as ETDs.

Oliver Williams, DTCC’s Head of GTR in Asia, says: “As the leading trade repository in the world, GTR is uniquely positioned to help clients achieve compliance with the MAS October 2021 deadline. We are pleased to be partnering with Cappitech to deliver increased value to our mutual clients as they prepare for the forthcoming MAS reporting requirements.”

Ronen Kertis, Cappitech CEO and founder, comments: “For many of our clients, the opportunity to use a single platform for reporting under multiple regulatory regimes is crucial for efficiency, cost savings and business insights. Our platform offers the widest variety of services across regulations and to multiple trade repositories, with clients increasingly consolidating their reporting requirements via our platform. Adding MAS reporting to the DTCC, the only trade repository currently approved by MAS for OTC derivatives reporting, is an important step in ensuring a convenient and simple process for their Singapore trading business.”

Singapore has become an important hub for investment firms as a global centre for foreign exchange trading and due to its proximity to the rest of Asia. Cappitech’s MAS reporting service will ensure all in-scope firms, including investment firms, banks, asset managers and brokers, can access seamless, accurate daily compliance reporting and tracking, automate their transaction reporting to DTCC’s GTR service and ensure compliance with MAS regulations without additional effort or human errors.

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