CICERO BRIEFING: MONETARY AUTHORITY OF SINGAPORE REVIEWS REGULATION OF THE DERIVATIVES MARKET IN SINGAPORE

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1 CICERO BRIEFING: MONETARY AUTHORITY OF SINGAPORE REVIEWS REGULATION OF THE DERIVATIVES MARKET IN SINGAPORE Introduction On February 13 the Monetary Authority of Singapore announced it is conducting a review on the regulatory oversight of the OTC market in Singapore. The proposals take into consideration international commitments at the G20 and FSB level to improve the oversight of the derivatives market. Singapore has released two consultations for public comment: 1. Regulatory oversight of the OTC Derivatives Market to include: a. mandatory central clearing of OTC derivative trades at regulated central counterparties; b. mandatory reporting of OTC derivative trades to regulated trade repositories; c. putting in place regulatory regimes for market operators, clearing facilities, trade repositories and market intermediaries for OTC derivatives; d. aligning the treatment of OTC derivatives with that for securities and futures contracts where appropriate ; e. working with the Singapore Foreign Exchange Market Committee to encourage standardisation of OTC derivatives and a consideration of the costs/benefits of introducing mandatory trading on exchanges or electronic platforms. 2. Regulatory oversight of OTC commodity derivatives: a. As part of the review, it is also proposed that the regulatory oversight for commodity derivatives be transferred from the Commodity Trading Act, currently administered by International Enterprise (IE) Singapore, to the SFA. Both consultations can be accessed using the hyperlinks above and the closing date for submissions and feedback is March 26.

2 Summary of Key Questions in the consultation on the regulatory oversight of the OTC derivatives market Questions Q1: MAS seeks views on the proposal to expand the scope of SFA to cover derivative contracts on commodities, credit, equities, foreign exchange and interest rates. Q2: MAS seeks views on: The proposal to adopt top-down and bottom-up approaches to identify products suitable for mandatory central clearing; The proposed criteria (paragraph 3.1.4) for determining whether a product is suitable for mandatory central clearing by a CCP; The feasibility of mandating central clearing for SGD IRS, USD IRS, and NDFs in selected Asian currencies. Q3: MAS seeks views on the proposal to exempt foreign exchange forwards and swaps Explanation Such an expansion enables MAS to supervise and enhance oversight of participants who do not currently fall under any regulatory framework in the OTC derivative market; MAS proposes to introduce a new class of instruments derivative contracts which encompass the five major underlying asset classes, namely commodities, credit, equities, foreign exchange and interest rates in the SFA; MAS will consider amendments to relevant parts of the SFA to clarify overlaps between existing definitions of securities, futures contracts and proposed definition of derivative contracts. A bottom-up approach where an eligible CCP ( Requestor ) submits to MAS a written application ( Application ) requesting MAS to consider a product, or set of products, for mandatory central clearing; A top-down approach refers to that MAS initiates a review to determine such products. These criteria include: Level of systemic risk posed by the product(s); Product characteristics and level of standardisation of contractual terms and operational processes; Depth and liquidity of the market for the product(s); Availability of fair, reliable and generally accepted pricing sources; Robustness of the Requestor s risk management systems; International regulatory approach towards such product(s) and anti-competitive considerations. If there is no existing CCP to clear products which should be subject to mandatory central clearing, MAS will investigate the reasons behind and take necessary action, including issuing a request proposal for a CCP to clear such products in Singapore. The reason is that there is already an established international settlement process to mitigate settlement risk arising from these products.

3 from mandatory central clearing. Q4: MAS seeks views on the proposal to require transactions which fulfil the criteria stated in paragraphs and to be subject to the clearing obligation. Q5: MAS seeks views on the proposed scope of entities to be subject to clearing obligations and on the factors to be taken into account when determining the clearing thresholds. Q6: MAS seeks views on the proposal to exempt certain public bodies from the clearing obligation. Q7: MAS seeks views on: The proposal to exempt intra-group trades of both financial and nonfinancial entities from the clearing obligation but MAS proposes to require central clearing for all derivative contracts where at least one leg of the contract is booked in Singapore and either: Both parties to the contract are resident or have presence in Singapore and are subject to the clearing mandate; or One party to the contract is resident or has presence in Singapore and is subject to the clearing mandate, and the other party would have been subject to the clearing mandate if it had been resident or had presence in Singapore; Not all derivative contracts are subject to clearing obligation unless such an obligation is necessary or appropriate to prevent the evasion of Singapore s derivatives regulations. For financial entities, the size of the their derivative exposures in aggregate and by product class should be taken into account when to decide whether they are excluded from the clearing mandate; For non-financial entities, the clearing threshold shall include size of their total assets as well as their derivative exposures in aggregate and by product class; MAS proposes to exclude hedging transactions by nonfinancial entities when calculating the size of their derivative exposures for the purposes of the clearing threshold. MAS proposes to exempt the following entities from that the scope of the clearing obligations: Central banks and central governments; Supra-national organisations such as the Bank for International Settlements, the International Monetary Fund, the World Bank and multilateral development banks. The concern is that that subjecting intra-group trades to the clearing obligation could result in increased risk management costs and inadvertently reduce the incentives for effective risk management within

4 subject these trades to appropriate collateralisation requirements; Whether such a proposal would pose any implementation issues; Whether there are other appropriate risk mitigating measures, apart from subjecting the exempt intra-group trades to collateralisation requirements. Q8: MAS seeks view on the proposal not to exclude pension schemes from clearing requirements. Q9: MAS seeks views on the proposal not to require central clearing through only domestic CCPs. Q10: MAS seeks views on: The proposal to require backloading of outstanding derivative contracts with remaining maturity of more than one year; Any potential implementation challenges in requiring backloading of outstanding derivative contracts. Q11: MAS seeks views on the proposal to implement the corporate groups; MAS is inclined to adopt a similar approach to the EU under which intra-group transactions exempted from the clearing obligation will be subject to appropriate collateralisation requirements. For Singapore, social security savings are mainly held within the CPF scheme managed by the Central Provident Fund Board ( CPFB ) which as a public body will already be exempted from the clearing obligation; As such, MAS is not minded to provide an exemption unless there is sufficient evidence that the issues raised in the US and the EU are also applicable in Singapore s context. MAS proposes not to require central clearing through only domestic CCPs as doing so could limit choices for market participants, lead to fragmentation of liquidity, reduce netting benefits and increase costs for FIs currently clearing with foreign CCPs. MAS intends to address the oversight of foreign CCPs under a recognition framework discussed in Section 7. MAS proposes to require backloading of outstanding derivative contracts with remaining maturity of more than one year for products which are subject to mandatory central clearing, similar to that in EU. MAS proposes to prioritise products/asset classes having regard to:

5 reporting obligation in phases, specifically on the proposal to include interest rate, foreign exchange and oil derivative contracts in the first phase. Q12: MAS seeks views on the proposal to require all transactions booked or traded in Singapore to be reported. Q13: MAS seeks views on: The proposal to require reporting by all financial entities, as well as nonfinancial entities above a reporting threshold; The proposal to determine the reporting threshold based on the asset size of the nonfinancial entity. Q14: MAS seeks views on the proposed protocols for single-sided reporting and for the use of third party service providers to fulfil reporting obligations. Q15: MAS seeks views on the proposal to exempt certain public bodies from the reporting obligation. The significance of the product/asset class in Singapore s OTC derivative market; The significance of Singapore-based trading of the product/asset class in the global OTC derivative markets; International developments in OTC derivatives reporting. As for information on contracts transacted between entities that are neither resident nor have a presence in Singapore but in which MAS has an interest, MAS will look to obtain relevant data from the TRs in collaboration with other regulators. For Singapore incorporated banks, MAS further proposes that the reporting obligation apply on a group-wide basis for effective consolidated supervision; To reduce reporting burden on small corporates with minimal derivative activities, MAS proposes that only non-financial entities above a certain reporting threshold be subject to the reporting mandate; The threshold should take into account the asset size of the non-financial entity. Four scenarios are created as following: The reporting obligation may be fulfilled by the foreign entity; The financial entity is required to report the transaction; The financial entities may elect one party amongst themselves to report the transaction; The non-financial entities may elect one party amongst themselves to report the transaction. However, MAS expects all the parties to the derivative contract to retain responsibility for the timeliness and accuracy of the information submitted. The aim is to cater public bodies needs for confidentiality.

6 Q16: MAS seeks views on the proposal to adopt international data reporting and aggregation standards recommended by CPSS- IOSCO, including the requirement for parties to derivative contracts to provide information updates to the TR to ensure that TR data on the transaction remains accurate through the life of the transaction. Q17: MAS seeks views on the adoption of LEI (Legal Entity Identifier) and a product classification system aligned with international standards. Q18: MAS seeks views on the proposal to require reporting of contracts (and any updates) within one business day of the transaction. Q19: MAS seeks views on the proposal to backload relevant preexisting derivative contracts with remaining maturity of more than one year. Q20: MAS seeks views on the proposal not to require reporting to domestic TRs only. According to Data Aggregation Report issued by CPSS and IOSCO, data that should be reported to TRs include at least transaction economics, counterparty information, information on the underlying entity, operational data and event data; In terms of the two approaches noted in the Report with regards to specifying the content of data, the functional approach and the data field approach, MAS proposes to adopt a combination of both; Parties to a derivative contract must keep eligible TR updated throughout the maturity of the transaction; To facilitate data aggregation, parties to derivative contracts are encouraged to adopt unique identifiers as far as possible; MAS is considering the feasibility of adopting these initiatives in Singapore s context. An LEI is a form of legal entity aggregation which would allow authorities to view and analyse the potential systemic risk arising from derivative contracts across multiple legal entities sharing common affiliation; A standard product classification system will be used to facilitate the aggregation of derivatives data. MAS regards that real-time reporting may not be technologically feasible or cost-efficient at this current juncture, therefore proposes reporting within one business day of the transaction. MAS proposes that relevant pre-existing derivative contracts be reported to eligible TRs; However, to mitigate the reporting burden, MAS proposes to require backloading of pre-existing contracts with remaining maturity of greater than one year. Concern is that mandating reporting to domestic TRs could result in data fragmentation globally and impose additional costs and effort on entities subject to reporting requirements in multiple jurisdictions for cross-border trades and foreign financial entities operating in Singapore; Subject to the development and adoption of an effective international data access framework, MAS proposes that entities may report their derivative

7 contracts to foreign TRs recognised by MAS. Q21: MAS seeks views on the proposal not to impose a trading mandate at this stage. Q22: MAS seeks comments on the benefits and costs of introducing a trading mandate, taking into consideration the characteristics of the derivative markets in Singapore, and alternatives to a trading mandate, in moving derivative contracts to be traded on organised platforms. Q23: MAS seeks views on the proposed scope of the definition of derivative market. Not as liquid as the US and Europe markets, Singapore has not proposed similar requirements concerning the mandatory trading of OTC derivatives on exchanges or electronic trading platforms; MAS will work with the industry to study the feasibility of such a trading mandate, meanwhile monitor international developments closely and continue engage the industry on suitable initiatives to encourage trading on organised platforms. Possible benefits include market centralisation, reduction in trading cost, as well as more resilient liquidity; Costs include restriction of trading venue choice, limitations on platforms and costs of change / uncertainty. Trading platform with the following key attributes will be regulated: Systematic and recurring transactions are made on the trading platform; Bids and offers interact on the trading platform, allowing for the comparison and competition of bids and offers; Buyers and sellers have reasonable expectations of transacting based on the information on the trading platform; The trading platform allows for the conclusion of transactions based on prices provided on the trading platform, regardless of whether the final negotiation or execution of transactions is done outside the trading platform. Platforms which are operated by a single dealer for the purposes of making quotes and transacting with its clients on a one-to-many basis will not be regulated as a derivative market; MAS will adopt a technology-neutral approach in regulating derivative markets.

8 Q24: MAS seeks views on the proposal to extend the existing two-tier regulatory regime to derivative market operators. Q25: MAS seeks views on the proposed refinements of the RMO regime for locally-incorporated and overseas RMOs. Q26: MAS seeks views on the proposed amendment of the definition of clearing facility to include the clearing and settlement of derivative contracts. Q27: MAS seeks views on the proposed authorisation framework for clearing facilities. Q28: MAS seeks views on the proposal to extend insolvency protection to all ACHs and RCHs. Q29: MAS seeks views on the proposed definition of trade repositories (TRs) to be regulated under the SFA. Admission the current two-tier regulatory regime will be extended to such entities: Corporations operating markets that are systemicallyimportant will be regulated by MAS as approved exchanges ( AE ); Corporations operating other markets will be regulated as recognised market operators ( RMO ). On-going Obligations MAS proposes to subject each derivative market operator to the basic requirements applicable to AEs or RMOs operating futures markets; As per the current two-tier regulatory regime, an AE operating a derivative market will be required to comply with additional requirements (beyond those currently imposed on RMOs). The key changes affecting locally-incorporated RMOs and overseas RMOs include: Additional requirements on both types of RMOs; Powers of MAS over RMOs; Admission criteria; Reliance on home regulator of overseas RMO. The current definition of clearing facility refers to facilities for the clearing or settlement of transactions in securities or futures contracts transactions. MAS intends to move from a designation approach to an authorisation framework for all clearing facilities and proposes a two-tier regulatory regime similar to the regime for market operators: approved clearing houses (ACH) and recognised clearing houses (RCH); The regulatory regime for locally incorporated RCHs and overseas RCHs will be similar to those for RMOs. Such an extension aims to remove uncertainty and avoid difficulties in interpretation in the case of multiple clearing facilities being involved in the clearing or settlement of a transaction. Only TRs which facilitate market participants compliance with the reporting mandate as set out in Section 4 of this consultation paper are considered necessary to regulate; MAS proposes to define a TR that is subject to

9 regulation under the SFA as a facility for the collection and dissemination of data on derivative contracts that are subject to the reporting mandate. Q30: MAS seeks views on the proposed authorisation framework for trade repositories, including whether to impose minimum base capital requirements and governance standards on trade repositories. Q31: MAS seeks views on the proposal to not require foreign regulators to provide indemnification to an ATR/ROTR and MAS prior to obtaining data from the ATR/ROTR Q32: MAS seeks views on: The proposal to regulate non-bank intermediaries dealing in derivative contracts as CMS licensees under the SFA; The proposed scope of activities for dealing in derivative contracts. Q33: MAS seeks views on the proposed exemption for derivative brokers. The two categories of TRs are Approved Trade Repository (ATR) and Recognised Overseas Trade Repository (ROTR); The regulatory framework for locally-incorporated ATRs and ROTRs is similar to that for RMOs and RCHs. Under the proposed regime, ATRs and ROTRs will already be required to comply with requirements relating to data collection and maintenance to ensure their accuracy and integrity; Requiring an indemnity may also create hurdles for regulators in mandating reporting to a TR, as it becomes a barrier to data access; MAS is not inclined to require foreign regulators to provide indemnification to an ATR or ROTR and to MAS prior to obtaining data from the ATR or ROTR. Under the stringent licensing approach under the SFA, Only entities with an established track record and parentage, and which are reputable and financially strong will be granted a CMS licence; MAS proposes that dealing in derivative contracts includes the following activities, whether conducted as principal or agent: Making or offering to make with any person, or inducing or attempting to induce any person to enter into, or to offer to enter into any agreement in respect of a derivative contract; Soliciting or accepting any order for, or otherwise dealing in, a derivative contract. MAS intends to rationalise the scope of the regulated activities to eliminate the overlaps and provide clarity to the industry and consult on this at a later stage. MAS proposes to exempt the broker from licensing under the SFA, provided that it: Does not take on any principal position; Does not hold any customer s position, margin or account in its books;

10 Deals only with institutional investors. Q34: MAS seeks views on the proposal not to regulate end users as CMS licensees under the SFA. Since end users are typically price-takers, and are not in the business of making a market nor of providing an intermediating function, MAS is proposing not to regulate end-users as CMS licensees under the SFA; To the extent that end-users may hold large positions in derivative contracts and pose a potential systemic risk to the financial system, MAS s focus is to understand and monitor their exposures in derivative contracts (refer to Section 4.3 that the trade reporting requirement will apply to the larger non-financial participants); Where the derivative contracts are carried out with a FI (such as a bank or non-bank intermediary) licensed by MAS, the FI will have to adhere to the applicable risk management requirements and guidelines.

11 Terminology: ACH Approved Clearing House AE Approved Exchanges ATR Approved Trade Repository CMS Capital Markets Services CPF Central Provident Fund CPSS Committee on the Payment Systems and Settlements FSB Financial Stability Board IOSCO International Organisation of Securities Commissions IRS Interest Rate Swap LEI Legal Entity Identifier MAS Monetary Authority of Singapore NDFs Non-Deliverable Forwards RCH Recognised Clearing House RMO Recognised Market Operators ROTR Recognised Overseas Trade Repository SFA Securities and Futures Act

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