Chairman Bachus, Ranking Member Frank and Members of the Committee, my name is Don Donahue. I am the Chairman and CEO of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is a non-commercial industry “utility” that, through its subsidiaries and affiliates, provides clearing, settlement and information services for virtually all U.S. transactions in equities, corporate and municipal bonds, U.S. government securities and mortgage-backed securities and money market instruments, as well as a significant portion of the global over-the-counter (“OTC”) derivatives market. In 2010, The Depository Trust Company (“DTC”), a wholly-owned subsidiary registered as a clearing agency under the Securities Exchange Act of 1934 (“Exchange Act”), settled more than $1.66 quadrillion in securities transactions.
Since 2006, DTCC has operated the Trade Information Warehouse, (“TIW” or “Warehouse”) a centralized, comprehensive global electronic containing detailed trade information for the global credit default swaps (“CDSs”) markets. This was implemented in stages and reached full fruition in 2009. The TIW database currently represents about 98 percent of all credit derivative transactions in the global marketplace; constituting approximately 2.3 million contracts with a gross notional value of $29 trillion.
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