AFME Global FX Division to launch trade repository selection

17 November 2010

The move comes in response to Dodd-Frank requirements in the US, which call for swap trades to be reported to a swap data repository, as well as equivalent requirements in prospective European legislation on OTC derivatives, central counterparties and trade repositories.

 The Association for Financial Markets in Europe’s (AFME) Global FX Division will launch a process, on behalf of its members, to select a provider of trade repository services for the foreign exchange market.

AFME’s Global FX Division expects to issue the request for proposal once the US Commodity Futures Trading Commission has announced interim rules on swap data repositories, expected by the end of 2010.

James Kemp, Managing Director AFME’s Global FX Division commented “AFME’s Global FX Division, launched in June this year, already comprises 20 members accounting for more than 85% of the FX market. “We view the introduction of trade repositories as a positive step in providing regulators with greater access to information. We welcome all dialogue with regulators and interested parties.”

Press release

© AFME