Jun 09, 2009
• DTCC Connection
Testimony Before U.S. House Subcommittee on Capital Markets, Insurance, And Government Sponsored Enterprises
Larry E. Thompson, Managing Director and General Counsel
Chairman Kanjorski, Ranking Member Garrett and Members of the Subcommittee, my name is Larry E. Thompson, General Counsel for The Depository Trust & Clearing Corporation (DTCC) and I’d like to thank you and the members of the Subcommittee for the opportunity to share with you today our views on the over-the-counter (OTC) derivatives market. DTCC brings a unique perspective to your discussion, as the primary infrastructure organization serving the capital markets in the U.S. and a 36 year history of bringing safety, soundness, risk mitigation and transparency to our financial markets.
As an example, following the Lehman bankruptcy last year, DTCC played a significant role in unwinding over $500 billion in open trading positions from trades in equities, mortgage-backed and U.S. government securities, without any loss to the industry—and avoiding additional burden on taxpayers.
Download the Congressional Testimony: Testimony Before U.S. House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises