DTCC to team up with Korea exchange

The Depository Trust & Clearing Corporation (DTCC) and the Korea Exchange (KRX), South Korea’s only securities and derivatives exchange operator, say they have signed a Memorandum of Understanding (MOU) to co-operate with each other on a Trade Repository (TR) solution in Korea.

They say they will explore linking DTCC’s Global Trade Repository (GTR) solution directly to KRX, adding transparency, fostering co-operation across jurisdictions, and helping users to satisfy regulatory reporting obligations.

Peter Tierney, head of GTR Asia, stated: “With the introduction of Trade Reporting in the US, Europe and across many Asia jurisdictions, a significant portion of the world’s OTC transactions have already been reported through the GTR platform. A large percentage of the cross-border data needed by Korean regulators has already been collected. Partnering with KRX will allow us to explore opportunities to bring operational efficiencies to firms that will be required to report Korean trades and deliver the highest quality data to the Korean regulators.”