DTCC teams with Korea Exchange for trade repository solution
The Depository Trust & Clearing Corporation (DTCC) and the Korea Exchange (KRX), the securities exchange operator in South Korea, have signed a memorandum of understanding (MoU) to co-operate with each other on a trade repository solution in South Korea.
Under this deal, both organisations will explore linking DTCC’s global trade repository (GTR) solution directly to KRX, allowing firms to use GTR for cross-border transaction reporting to Korean regulators.
Peter Tierney, head of GTR Asia, says: “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.”
DTCC says its GTR has become the “largest provider of global trade repository services in the world”, assisting reporting for over 7,000 firms in nine jurisdictions around the world.
On 17 August 2015, KRX was designated as a trade repository service provider by the Financial Services Commission in South Korea.
The blockchain twins
In recent and separate deals, DTCC and KRX have both got involved in blockchain.
DTCC teamed up with Digital Asset Holdings to develop and test a blockchain solution for repurchase agreement (repo) clearing.
While KRX plans to launch a platform powered by blockchain to liven up the off-board trading market.