Derivatives market transparency - Three entities recognized as trade repositories in Québec


Montréal - Effective October 31, 2014, derivatives market participants in Québec must report their data to one of three trade repositories that have now been recognized by the Autorité des marchés financiers (the "AMF"), namely, Chicago Mercantile Exchange Inc. ("CME"), DTCC Data Repository (U.S.) LLC ("DDR") and ICE Trade Vault, LLC ("ICE TV").

The recognition of these three entities as trade repositories is a key element in achieving the reforms sought by the G20 to improve transparency in the OTC derivatives market and more effective regulatory oversight. "The AMF is pursuing its mission set out with the implementation of the Derivatives Act in 2009 of overseeing the derivatives market and protecting investors. The data gathered by trade repositories will enhance our ability to identify and address systemic risk and the risk of market abuse," said Gilles Leclerc, AMF Superintendent, Securities Markets.

"With the recognition of CME, DDR and ICE TV as trade repositories, we are one step closer to the adoption this October 31 of Regulation 91-507 respecting trade repositories and derivatives data reporting, which sets out the obligation to report data to a trade repository. To help ensure a harmonious transition toward this new regime, we are asking local counterparties concerned to contact one or all of these three trade repositories immediately in order to start setting up connectivity procedures, which could take from two to four weeks," concluded Gilles Leclerc.

The recognition decisions will be published in the AMF Bulletin of September 25, 2014. The AMF has collaborated with the Ontario Securities Commission and the Manitoba Securities Commission in the process leading to the publication of these decisions.

The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.

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