Trade Reporting Repository

The Trade Information Warehouse’s (Warehouse’s) Trade Reporting Repository enables regulators and market participants to view the market’s overall risk exposure to over-the-counter (OTC) credit derivatives instruments by operating and maintaining the centralized, electronic database for virtually all credit default swap (CDS) contracts outstanding in the global marketplace.

About

The Trade Reporting Repository operates and maintains the centralized electronic database for virtually all CDS contracts outstanding in the global marketplace. The repository holds the most current contract details on the legal, or “gold,” record for both cleared and bilateral CDS transactions. The repository also stores key information on market participants’ single-sided, non-legally binding, or “copper,” records for CDS transactions. Copper records enhance regulators’ and market participants’ view of the market’s overall risk exposure to OTC credit derivatives instruments. The repository also publishes weekly reports on DTCC’s website, www. dtcc.com, that show current and historical data on the notional amounts of contracts outstanding and contract turnover on gold records. DTCC provides reports on copper records only to regulators and in a scope coincident with their authority.

Who Can Use the Service

All Warehouse users may use the Trade Reporting Repository. Prospective users must complete a membership process. The Warehouse customer base includes all major global derivatives dealers and more than 2,500 buy-side firms and other market participants located in over 70 countries.

Benefits

The Trade Reporting Repository:

  • Increases market transparency by providing public and regulatory reporting to ensure that risk can be viewed from a central vantage point through a global repository.
  • Reduces operational risk and increases efficiency by automating and centralizing the maintenance of position data and supporting a range of post-trade processing requirements from a single location.
  • Promotes accuracy and comprehensiveness based on the most current position records, and facilitates tracking of payment flows between firms.
  • Increases efficiency of portfolio management tools and processes.

How the Service Works

Records of new trades in Warehouse-eligible transactions are submitted to the Warehouse as a confirmed or matched record by a submission service. For purposes of the Warehouse, a new trade is either a new Warehouse-eligible transaction entered into between users or a transaction between users resulting from an assignment or novation of an existing Warehouse-eligible.

Users may also “backload” records of Warehouse-eligible transactions confirmed outside of a submission service.

Upon submission to the Warehouse, all records are assigned a Trade Reference Identifier (“TRI”) that enables users to track their records.

The terms and status of a Warehouse record may be modified from time to time to reflect certain confirmable and non-confirmable post-trade events and, if applicable, credit events with respect to the related Warehouse transaction. Confirmable modifications include the following actions by the parties to a Warehouse Transaction: amendments, assignments/novations; increases; partial and full terminations.

On a weekly basis DTCC publishes detailed stock and volume reports on the contents of the Warehouse that include data on all live positions as of a specified date; the weekly change in activity for Warehouse positions; all transaction activity such as new trades, assignments and terminations during the specified week; and weekly activity where market participants were engaging in market risk transfer activity.

In addition, DTCC produces weekly market activity reports aggregated by reference entity, divided into two sections: the top 1,000 single names and index names.

DTCC also produces a variety of special reports based on Warehouse records, such as reports on loan CDS contracts and on important credit events.

Click here to view the current Trade Reporting Repository reports.

For More Information

Contact TIWlifecycle@dtcc.com.

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