Every day, in virtually every part of the world, government bodies and regulatory agencies make decisions that can impact DTCC's businesses, clients and employees. We believe active, two-way dialogue with policymakers is essential to understanding their needs and concerns, while providing us an opportunity to share insights and experience that help inform legislative and regulatory discussions and debates.

Government Relations

DTCC, with on-the-ground presence in the U.S., Europe and Asia, engages with lawmakers on a wide variety of issues regarding the nuances and complexities of market infrastructure and the unique issues that could impact the stability, transparency and efficient operation of the global financial system. In 2013, DTCC continued to work collaboratively with policymakers on a wide range of policy issues related to financial reform, including trade repositories, collateral management, legal entity identifiers, financial benchmarks, and clearing and settlement.

2013 Global Highlights:

  • DTCC leveraged its expertise in over-the-counter derivatives and trade repositories to help shape policy discussions on the implementation of real-time reporting of swap data, swap execution facility (SEF) regulatory reporting and cross-border harmonization of new financial rules.
  • DTCC testified twice before Congress in support of the Swap Data Repository and Clearinghouse Indemnification Correction Act (H.R. 742) – a bipartisan technical correction to the Dodd–Frank Act that would help maintain the current level of data sharing among regulators globally. The bill passed the House 420-2.
  • DTCC's leadership in coordinating federal policy on cyber issues remains strong. The company's Chief Information Security Officer sits on both the Financial Services Sector Coordinating Council (FSSCC) Executive Committee and the Financial Services Information Sharing and Analysis Center (FS-ISAC) Board of Directors. Appearing on behalf of both organizations, DTCC's Chief Information Security Officer testified before the Senate Commerce, Science and Transportation Committee in 2013 about the cyber risk landscape and private sector-led efforts to mitigate risk.
  • DTCC remained an active voice on the CFTC's Technology Advisory Committee (TAC), providing insights on the impact of technology on financial markets and the resulting legislative and regulatory response.
  • DTCC continued to engage with members of the European Parliament, Council of the EU, European Commission, the European Securities and Markets Authority (ESMA) as well as national lawmakers and regulatory authorities to drive debate on issues related to new pan-European financial policy, such as EMIR, MiFID/R II and Market Abuse Regulation.
  • DTCC expanded and strengthened ties with policymakers across Asia by participating in financial reform discussions related to new requirements for OTC derivatives and trade repository services.

Regulatory Relations

DTCC's Regulatory Relations group facilitates ongoing communication and engagement between DTCC and its supervisory regulators, both in the United States and throughout the world.

DTCC maintains collaborative relationships with global supervisory bodies in the jurisdictions in which it operates in order to provide a transparent view of the company's governance, processes and risk controls. DTCC's regulated entities regularly respond to supervisory requests related to regulatory examinations as well as questions that arise in connection with ongoing regulatory monitoring programs and the impact of economic, regulatory and market events.

As part of DTCC's efforts to inform regulators about new products and services – and to promote dialogue about industry-wide issues – the company routinely holds discussions with its supervisory regulators on a wide range of topics, including new regulatory mandates, shortening the settlement cycle for U.S. equity and corporate and municipal debt transactions, market technology and information security.

DTCC's Regulatory Relations group also works with the company's General Counsel and Compliance Group to respond to queries from global regulators about the implementation of new regulations that impact market functions across the globe.