Testing is well under way for a long-awaited repository service that will store trade data for the $4-trillion-a-day global foreign exchange market, says the Depository Trust & Clearing Corporation, which expects to go live with the new system on schedule in December.
DTCC has been working with the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, to build the trade repository as part of a looming regulatory overhaul of global financial markets.
In the wake of the global financial crisis, the Group of 20 leading economies pledged three years ago to bring trading of over-the-counter derivatives onto exchanges or approved electronic platforms before the end of 2012. They also agreed to improve overall market transparency by reporting trade data to a global trade repository.
In an interview with Dow Jones Newswires, David Thomas, who is managing the project for DTCC, said it remains on course to meet this deadline.
"We've had around 22 firms in doing some form of testing and the majority of submissions are now successful," he said.
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