AFME: Global FX Division publishes trade repository ‘request for proposal’
12 April 2011
The move comes in response to Dodd Frank requirements in the US, which call for certain FX trades to be reported to a swap data repository, and also in response to equivalent requirements in potential European legislation on OTC derivatives, central counterparties and trade repositories.
The chosen trade repository partner will be required to store trade data, as well as to ensure that specific information is made publicly available. Written proposals should be provided to the Global FX Division by 6 May 2011, and the process is still open to new participants.
James Kemp, managing director, Global FX Division commented:
“AFME’s Global FX Division, launched in June last year, already comprises 22 dealers accounting for more than 85% of the FX market. Buy-side participants are also involved in this trade repository selection process".
“We are taking a proactive role in ensuring an appropriate industry response to transparency rule requirements, both in Europe and the US. The introduction of trade repositories is a positive step in providing greater access to information for regulators and the public.”
© AFME
