2003

The global matching service to automate the paper-intensive confirmation process for credit default swaps (CDS) is established.

2006

The launch of Trade Information Warehouse (TIW) allowed for the registration of CDS transactions, creating a "gold record" used to calculate swap payments.

2007

Central settlement service is launched allowing for the netting of cashflows through CLS Bank International (CLS), offering central settlement services for over-the-counter (OTC) credit derivatives contracts.

2008

TIW begins to publish CDS data to the public on the size and activity of the credit derivative marketplace.

2008

Markit and DTCC launch MarkitSERV as a joint venture combining the firm's confirmation services within the OTC space.

2009

International Swaps and Derivatives Association (ISDA) establishes the Big Bang protocol, resulting in further standardization of the products and helps accelerate the confirmation process.

2012

DTCC successfully helps complete the world’s biggest debt restructuring by seamlessly processing $2.89 billion in net payments on Greek sovereign CDS contracts.

2014

ISDA creates new 2014 definitions. Industry leverages the TIW capabilities to update the existing population of CDS automatically.

2016

Successful proof-of-concept (PoC) with DTCC, IHS Markit, and six banks demonstrating CDS processing on a distributed-ledger platform.

2017

IHS Markit and DTCC form an agreement to work in parallel on migration to new technologies.

2018

Successful testing of TradeServ and DTCC's TIW distributed ledger technology (DLT), including-- integration, scripting, and open user acceptance.

2019

DTCC processes its second largest credit event in 10 years, Sears Roebuck Acceptance Corp.

2019

ISDA publishes German Bank CDS protocol for CDS transactions referencing German banks to allow for trading of CDS on both senior preferred and senior non-preferred terms. Industry leverages the TIW infrastructure to update the relevant positions.

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