About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Global FX Division Announces Trade Repository Partner for Foreign Exchange Industry

Subscribe to our newsletter

The Global FX Division of AFME, SIFMA and ASIFMA announced today that its members are recommending a partnership with DTCC and Swift in order to develop a foreign exchange trade repository, where information can be stored electronically to provide additional transparency for regulators.

This selection is the culmination of an extended evaluation, Request For Information (RFI) and public Request for Proposal (RFP) process that began back in December 2010, with the RFP issued in April 2011.

The Global FX Division, comprising 22 market participants representing over 90% of the global foreign exchange market, is leading this industry response to regulatory requirements that call for certain FX trades to be reported to a trade repository. Dodd Frank legislation in the US is at the forefront of this, with equivalent proposed requirements in other regions, including Europe and Asia.

The next phase will see DTCC and Swift working with the Global FX Division to scope out the details of the foreign exchange trade repository. Key areas include ensuring the functionality and technology meet the regulatory requirements – particularly challenging for FX due to the number of participants, the volume of trades and the fact that participants in the FX markets are truly global – as well as understanding how the needs of multiple regulators can be met.

James Kemp, managing director of the Global FX Division commented: “The industry is committed to taking a proactive role in ensuring an industry response meets the enhanced transparency requirements as driven by the G20. Trade repositories promote increased safety and soundness of financial markets through greater transparency to global regulators of transactional information and counterparty risk exposures.

“To ensure that regulators have access to the maximum amount of data and that market participants of all sizes are not overburdened with multiple reporting formats, our aim as far as possible is to standardise industry reporting in all regions. Weare actively discussing this with regulators in multiple countries, to understand their requirements and how we can help meet them.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: GenAI and LLM case studies for Surveillance, Screening and Scanning

As Generative AI (GenAI) and Large Language Models (LLMs) move from pilot to production, compliance, surveillance, and screening functions are seeing tangible results – and new risks. From trade surveillance to adverse media screening to policy and regulatory scanning, GenAI and LLMs promise to tackle complexity and volume at a scale never seen before. But...

BLOG

Governance to be Scrutinised at Inaugural AI in Data Management Summit NYC

Ensuring artificial intelligence deployments are securely governed without stymieing their potential is a delicate balancing act. It requires carefully drawn policies, frameworks and processes. As deployment of the technology expands and its capabilities and complexity multiply, the governance structure must adapt and evolve. How to get this right is among the most important topics swirling...

EVENT

RepRisk Sustainability Breakfast Roundtable London

The London sustainability breakfast is part of the global roundtable thought leadership event series hosted by RepRisk in key markets, including, New York, Toronto, London, Frankfurt, Oslo, Copenhagen, Stockholm, Hong Kong and Singapore in 2026.

GUIDE

Fatca – Getting to Grips with the Challenge Ahead

The industry breathed a sigh of relief when the deadline for reporting under the US Foreign Account Tax Compliance Act (Fatca) was pushed back to July 1, 2014. But what’s starting to look like perhaps the most significant regulation of the next 12 months may start to impact our marketplace sooner than we think, especially...