OTC derivative reporting rules relaxed

— 1 minute read

The corporate regulator has amended the rules on trade reporting obligations for over-the-counter (OTC) derivatives.

Following industry consultation on ASIC’s proposed revisions to the rules, which require the mandatory trade reporting of OTC derivatives (CP 221), the regulator has made changes to the rules to make them easier to comply with.

“ASIC has carefully considered stakeholder feedback arising from CP 221 and has taken steps to make the reporting regime more effective and easier to comply with,” ASIC commissioner Cathie Armour said.


“Having access to comprehensive OTC derivatives data is key to understanding and supervising the OTC derivatives markets.

“The changes to the rules take into account the interests of participants in Australia’s OTC derivatives markets while preserving the remit of financial regulators,” Ms Armour said.

Along with a number of technical changes to reflect the proposals it made along with feedback from the industry, ASIC said other changes include introducing end-of-day reporting instead of intraday reporting.

“As part of the amendment to allow the option for reporting entities to use end-of-day (or 'snapshot') reporting on a permanent basis, we have also introduced a determination power for ASIC to require the reporting of intraday trades in a derivative or class of derivative,” a statement from ASIC said.

“Although ASIC does not presently intend to exercise the power to require these intraday trades to be reported, for market integrity purposes we will continue to keep under review the need to require certain intraday OTC derivative transactions to be reported.”


OTC derivative reporting rules relaxed
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