Cappitech, a regulatory reporting and intelligence solutions provider, has announced on Wednesday the addition of the reporting capabilities for the transactions of Monetary Authority of Singapore () OTC derivatives.
This will allow investment firms and other derivatives holders under the purview of the Singaporean regulator to report transactional data using Cappitech’s solutions through MAS’s Depository Trust & Clearing Corporation (DTCC).
“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,” Ronen Kertis, Cappitech CEO and founder, commented on the integration. “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.”
Building a single interface regulatory reporting
The Israeli regtech company is already offering in the United States, Canada, Australia, and Europe. To offer its services in Singapore-based clients, Cappitech has connected with DTCC ‘s GTR service and other TRs/ARMS.
MAS expanded the scope of its reporting regulations covering OTC derivatives trades for interest rate, credit, FX, equity, and commodity derivatives contracts. The regulator is expected to increase this scope further by next year.
“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,” Kertis added.
Cappitech’s press release also highlighted that its penetration into the Singaporean market was fueled by the importance of the city-state as a global center for foreign exchange trading and due to its proximity to the rest of Asia.
“As the leading trade repository in the world, GTR is uniquely positioned to help clients achieve compliance with the MAS October 2021 deadline,” Oliver Williams, DTCC’s head of GTR in Asia, said. “We are pleased to be partnering with to deliver increased value to our mutual clients as they prepare for the forthcoming MAS reporting requirements.”