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February 21, 2018

MAS proposed regulations to require the trading of over-the-counter (OTC) derivatives on organized markets, to help improve market transparency. This requirement will complete the implementation of G20 OTC derivatives reforms by MAS. Comments are due by March 23, 2018.

MAS proposes to impose obligations for the most globally traded OTC derivatives, namely interest rate swaps denominated in the US Dollar, Euro and Pound Sterling to be traded on organized markets—that is, exchanges or other centralized trading facilities. These obligations will apply to banks whose gross notional outstanding OTC derivatives exceed USD 20 billion. MAS expects that about 80% of the Singaporean market for these products would have to be executed on organized markets, following the commencement of the proposed trading obligations.

The US and EU regulatory authorities have already implemented similar trading obligations for the same OTC derivatives products. MAS plans to seek equivalence determinations from the US and EU for exchanges and other centralized trading facilities in Singapore.  This will allow these markets in Singapore to be used by the US and EU market participants to fulfill their trading obligations.

 

Comment Due Date: March 23, 2018

Keywords: Asia Pacific, Singapore, Securities, OTC Derivatives, Trading Obligations, Equivalence, MAS

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