DTCC Comment On ASIC Consultation Paper CP 361 - Proposed Changes To Simplify The ASIC Derivative Transaction Rules (Reporting)

The Australian Securities & Investments Commission (ASIC) has released its second Consultation Paper (CP) 361 Proposed Changes to simplify the ASIC Derivative Transaction Rules (Reporting) 2013. 

DTCC’s Priya Kundamal, General Manager and Head of DTCC Data Repository (Singapore), commented on the ASIC proposed changes:

“DTCC commends the Australian Securities & Investments Commission (ASIC) for taking the lead in the APAC region to advance global data harmonization efforts that are critical in enabling cross-border data aggregation and in achieving systemic risk mitigation across global jurisdictions. Crucially, this includes incorporating critical data elements (CDEs) within the core reporting data framework, adopting common global identifiers, such as the legal entity identifier (LEI), the unique product identifier (UPI) and the unique transaction identifier (UTI), and aligning to the ISO 20022 technical format and data standards. We thank the ASIC team for their collaborative approach with the industry during the consultation process and we look forward to continued progress on this important initiative.”