• Press Room
  • Press Releases
    • 2012
    • 2011
    • 2010
    • 2009
    • 2008
    • 2007
    • 2006
    • 2005
    • 2004
    • 2003
    • 2002
    • 2001
    • 2000
    • 1999
  • Media Contacts
• Newsletters
• Video

News Center

Press Room

Deutsche Bank Links to DTCC’s Contract Reconciliation Service for Syndicated Loans

New York and London, September 13, 2010 – The Depository Trust & Clearing Corporation (DTCC) today announced that Deutsche Bank has linked to its Loan/SERV Contract Reconciliation Service, a second generation reconciliation service that will dramatically boost efficiencies, reduce errors and help automate the processing of syndicated loans.

DTCC’s Contract Reconciliation provides reconcilement for syndicated loans at all levels, from commitment and facility level down to individual contracts with all relevant transaction detail.

DTCC’s Loan/SERV is a suite of services that is helping to automate and streamline the processing of syndicated loans. DTCC introduced its earlier Reconciliation Service in 2008, which enabled agent banks and lenders to view and reconcile loans at a total commitment balance level; Contract Reconciliation followed in 2009.

“Contract Reconciliation provides market participants with more than 30 new data fields such as information on interest rates, margin and fee calculation, drawn and unutilized balances, and payment-in-kind balance,” said Mathew Keshav Lewis, DTCC vice president, European Loans Product Management.

“One of the major benefits of DTCC’s Contract Reconciliation is that it will help lenders and agents like Deutsche Bank correct errors in cash accruals and related cash flows before they become problems. This helps reduce profit and loss adjustments that come with processing errors and eliminates the time and effort required for manual tracking and correcting of these errors,” said Lewis.

Deutsche Bank is one of the eight leading global agent banks using DTCC’s reconciliation services. The other banks are: The Bank of New York Mellon, Barclays Capital, Citi, Credit Suisse, Goldman Sachs, J.P. Morgan, and The Royal Bank of Scotland. Loan/SERV links these banks to more than 2,300 investment funds and bank lenders located in 37 countries across North America, Europe, Asia and Africa.

In addition to its reconciliation services, DTCC will begin piloting in the fourth quarter of 2010 a cash settlement service, called Cash on Transfer, with a number of global loan agents, trading desks and administrators. Cash on Transfer will give the global syndicated loan market a platform for the simultaneous movement of cash with the change in legal ownership of the asset recorded by the agent bank. It will handle cash settlement in more than 50 different currencies.

Loan/SERV is a service offering of DTCC Loan/SERV LLC, a subsidiary of DTCC.

About DTCC

DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments, and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$33.9 trillion. In 2009, DTCC settled nearly US$1.48 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas.