DTR reporting dates finalised, first licence granted & other developments for issuers of OTC Derivatives

Over-the-counter (OTC) CFD and Forex traders will be required to report all positions and transactions they enter into to a Derivative Trade Repository (DTR). Here we highlight the timeline for reporting, who to report to, and possible reporting exemptions.

1. Timeline for reporting

The timeline for AFSL holders with less than $50 billion notional principle outstanding as at 31 December 2013 (Phase 3), has recently been revised and extended. ASIC has now split Phase 3 entities into Phase 3A and Phase 3B entities.

Phase 3A: Reporting Entities that hold $5bn or more total gross notional outstanding in reportable OTC positions as at 30 June 2014. Total gross notional outstanding is defined at paragraph 1.2.7 of the ASIC Derivative Transaction Rules (Reporting) 2013 ("the Rules").