With new derivatives regulations around the world significantly increasing reporting requirements for traders, the Depository Trust and Clearing Corporation announced on Thursday, April 19, the formation of the first trade repository for the commodities market covering all markets worldwide.

DTCC had introduced a pilot program for the new repository in January, but the rapid success of that program led the company to open up to general trade submissions. The new repository has been dubbed the Global Trade Repository for Commodities, or GTRfC.

"The launch of the Commodity Derivatives trade repository by DTCC and EFETnet is another important step forward in improving regulatory transparency in the OTC derivatives markets," Julian Day, head of market infrastructure for the International Swaps and Derivatives Association, said in a statement. "Policymakers around the world will have greater insight and access to OTC derivatives trades across the range of interest rate, credit, equity and commodities asset classes."

Testing for compliance with the rules laid out in the recent Dodd-Frank reforms will begin May 14 and the repository is expected to be prepared for the implementation of universal reporting rules on October 14.