OTCX, a provider of electronic derivatives trading capabilities, today announced the development of additional trading capabilities to include OTC Equity Derivative and Interest Rate Derivative trading for the Australian market.
In October 2016, the Australian Securities and Investments Commission (ASIC) approved a Market Exemption License for OTCX Trading Ltd. This enables regulatory monitoring of the OTCX platform which includes a regular reporting requirement to ASIC.
OTCX’s RFQ platform allows full straight though processing of dealer to client OTC derivative trades and removes the reliance of unregulated chat and voice systems in an increasingly regulated environment.
OTCX started working with the United Kingdom Trade & Investment (UKTI) office and KPMG in Sydney and through their collaboration was introduced to ASIC’s Innovation Hub.
Ian Pollari, Partner KPMG, commented:
OTCX is an excellent example of a global fintech company choosing to grow in the Australia marketplace. With many more companies utilising the Innovation Hub framework we are starting to see Australia rise up the ranks of attractive international destinations, especially in capital markets and trading activities.
Working with ASIC has been a hugely positive experience. The expertise, direction and responsiveness of the team in the Innovation Hub was very helpful as we looked to establish a permanent position in the Australian market. We look forward to continue our growth and work closely with ASIC in the future.” added Dan Birch, Managing Director, OTCX Asia Pacific.