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Strate Licensed by FSCA as a Trade Repository

The Financial Sector Conduct Authority has, with the concurrence of the Prudential Authority, in terms of section 56 of the Financial Markets Act, 2012 (Act No. 19 of 2012) (FMA) granted Strate (Proprietary) Limited (Strate) a licence to operate as a Trade Repository. A Trade Repository is an important entity which serves a vital role of collecting and maintaining records of trades, especially Over-The-Counter (OTC) trades due to the bilateral nature of these trades. This collection of data fosters transparency in the markets and assists the regulators with monitoring any build-up of concentration and systemic risk, which could also affect financial stability, as was evidenced with the global financial crisis of 2008.

South Africa has a vibrant derivatives market which is also amongst the largest amongst emerging economies. We are also part of the Group of Twenty (G20) which seeks to foster international economic cooperation. Having a licensed Trade Repository is a significant milestone which contributes towards the G20 financial sector reform programme which started in 2009. This programme, amongst other objectives, is aimed at reducing the systemic risk associated with trading OTC derivatives instruments by mandating that certain OTC derivative trades be reported to a Trade Repository.

Strate’s licence approval follows an assessment against the peremptory requirements in the FMA for granting a licence, the applicable subordinate legislation, as well as the public consultative process prescribed by the FMA which requires that objections to a licence application be received and considered. The licence is subject to certain terms and conditions aimed at ensuring that the Trade Repository operates efficiently to best serve the financial markets.

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