By Simon Miller
EFETnet B.V. and The Depository Trust & Clearing Corporation (DTCC) have begun accepting trade submissions from commodity market participants for their Global Trade Repository for Commodities.
Following a pilot program as the first global repository for OTC commodity swaps, the launch allows users to submit trades to a single repository as required by new reporting obligations coming in across the globe.
With the US is scheduled for swap data reporting to regulators later this year, submission testing for Dodd-Frank Swap Data Repository (SDR) requirements will begin 14 May including real time messages, Primary Economic Terms, Confirm Data and Valuation messages as required by the CFTC rules. At that time, the repository will accommodate single or dual-sided trade submissions, as well as support for Dodd-Frank specific fields.
The repository will offer a full range of commodities swaps, both physical and financial, and will be ready for Dodd-Frank Act reporting prior to October 14, 2012, when all OTC commodity derivatives must be reported to a trade repository if they are subject to the jurisdiction of the US Commodity Futures Trading Commission.
In addition, the repository is working with market participants and regulators from around the globe to promote a single, central location to which swaps and other trade types can be reported.
"The launch of the Commodity Derivatives trade repository by DTCC and EFETnet is another important step forward in improving regulatory transparency in the OTC derivatives markets," said Julian Day, head of Market Infrastructure for the International Swaps and Derivatives Association. "Policymakers around the world will have greater insight and access to OTC derivatives trades across the range of interest rate, credit, equity and commodities asset classes."