New York Portfolio Clearing (NYPC) is a joint venture between The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext that will allow for “one-pot” margining of interest rate futures positions cleared by NYPC with U.S. Treasury and agency securities and repurchase agreements cleared by DTCC’s Fixed Income Clearing Corporation (FICC). NYPC is a Commodity Futures Trading Commission (CFTC)-registered Derivatives Clearing Organization (DCO). NYPC will be the first derivatives clearing solution to bring together fixed income securities and listed interest rate futures in a single margin calculation, delivering increased capital efficiency, unprecedented market transparency and significant operational efficiencies to the market.

NYPC will open the door for multiple exchanges to compete in the U.S. futures market by utilizing a “horizontal” or open access clearing model. All exchanges clearing at NYPC will share in the single pot. Futures contracts from multiple exchanges clearing at NYPC will be viewed together with FICC cash positions in a single margin calculation. This horizontal clearing model will provide a powerful platform for multiple exchanges to compete in the U.S. fixed income derivatives market.

For more information about NYPC, go to www.nypclear.com.