OpenLink Financial LLC (OpenLink), provider of cross-asset trading, risk management and operations processing software solutions, announced today plans to expand its suite of Dodd-Frank Regulatory Compliance solutions with ICE Trade Vault Swap Data Repository (SDR) reporting capabilities.
This solution will enable commodity and energy market participants to comply with U.S. Commodity Futures Trading Commission (CFTC) SDR reporting requirements resulting from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
"The combination of ICE Trade Vault and OpenLink will allow global market participants to benefit from our functionality and compliance tools, helping them manage new reporting requirements through a well-designed, cost-effective solution," said Bruce Tupper, President of ICE Trade Vault.
OpenLink's SDR solutions are a key part of the firm's suite of Dodd-Frank Regulatory Compliance solutions and will support reporting of CFTC required swap data including, primary economic terms (PET), confirmation, continuation and valuation data.
Phil Wang, SVP of Product Management at OpenLink, said, "We are pleased to continue our strong partnership with ICE by expanding our connectivity solutions to facilitate SDR reporting to ICE Trade Vault."
The Dodd-Frank Wall Street Reform and Consumer Protection Act makes significant changes to regulation of the U.S. over-the-counter (OTC) derivatives market, with the goals of improving transparency, reducing systemic default risk and promoting market integrity. OpenLink is dedicated to addressing the new reporting requirements this regulatory regime imposes on the financial, commodity and energy markets.
As part of the implementation of Dodd-Frank, market participants have regulatory reporting obligations to submit trade data on swap transactions to SDRs. SDRs are new entities created by the Dodd-Frank Act to provide a central facility for swaps data reporting and recordkeeping. All swaps, whether cleared or uncleared, are required to be reported to registered SDRs. ICE Trade Vault is currently the only approved SDR by the CFTC for the commodity and energy, interest rate swaps, credit default swaps (CDS) and foreign exchange (FX) asset classes.
Electronic FX trading has become an arms race, with banks and brokerages securing market share through the accelerated trading brought by e-trading platforms. Customers are demanding more transparency in pricing, and more consistency in the quality and speed of FX trade execution. In this White Paper we will discuss some of the visibility challenges being encountered as FX moves to an e-trading format, and how those challenges can be mitigated by tuning into the data streaming across the FX network to provide a real-time authoritative record of all FX market data and trading activity.
To read it full, visit the smartTrade page for download here