Five DTCC businesses received industry recognition in 2011 for their success in delivering innovations that strengthen and mitigate risk for the markets in which they operate.
The multiple citations reflect DTCC’s presence in a range of asset classes globally, spanning four areas of the business: global over-the-counter (OTC) derivatives, European equities clearing, fixed income clearing and global corporate action processing.
“Our ability to hit the mark on such a diverse range of innovative services is attributable in large part to our longstanding policy of collaborating with customers, and increasingly regulators, to develop and design new offerings,” said Michael Bodson, DTCC’s COO.
DTCC businesses won the following citations for innovation and risk mitigation in 2011:
EuroCCP, DTCC’s European clearing subsidiary: named Best Clearing House for the second year in a row by the Financial News Awards for Excellence in Trading & Technology, Europe. These awards from the Financial News newspaper and website recognize companies operating in Europe that have had the “boldest and most innovative initiatives.”
EuroCCP was cited for bringing innovation and greater competition to the clearing of securities in Europe. Its CEO, Diana Chan, was named the Most Influential Woman in Trading and Technology.
A customer of EuroCCP, BATS Europe, received the Editor’s Choice from Financial News for launching “preferred clearing,” a service that advances interoperability in the region and was introduced with the support of EuroCCP.
OTC Derivatives Data Repositories: named Best Post- Trade Risk Management Product/ Service by the Financial News Awards for Excellence in Trading & Technology, Europe
DTCC is cited for leading “the market globally as a provider of trade repositories” and specifically for “launching the equity derivatives repository to provide visibility on the OTC market.” DTCC now operates global credit derivatives, equity and interest rate derivatives repositories and is developing new repositories for commodities and foreign exchange.
Data repositories have gained wide recognition for playing a critical role in the OTC derivatives market by delivering transparency and helping regulators, the industry and the public assess risk exposures and manage systemic risk. (See additional articles, pages 8-13.)
MarkitSERV, DTCC’s strategic partnership with Markit that provides post-trade processing and workflow for OTC derivatives transactions across all major asset classes: named Best Innovation by an IT or Software Firm in the Connectivity category for its Client Clearing Connectivity service by Futures and Options World (FOW). These awards recognize innovations that improve the markets.
In the 2011 Asia Risk awards, which recognize “standout performers in Asia’s derivatives markets,” MarkitSERV was named Technology Development of the Year for Central Counterparty Middleware. The company was recognized for “building and maintaining a connectivity platform for OTC derivatives clearing houses globally” and also for its “comprehensive product coverage.”
These awards from Asia Risk, a leading magazine for risk and derivatives professionals in the Asia-Pacific region, recognize global financial institutions for excellence in risk management.
New York Portfolio Clearing LLC (NYPC), the clearing platform for interest rate futures, a 50/50 joint venture with NYSE Euronext: named 2011’s Best Innovation by a Clearing House, North America, by Futures and Options World (FOW). (See article, page 17.)
NYPC’s market innovation is the onepot margining of a clearing member’s portfolio of cash bonds and derivatives, an innovation described by FOW as a crucial “leap forward in the move towards cross-margining.” NYPC is the only derivatives clearinghouse to offer cross-margining.
Global Corporate Action Validation Service (GCA VS): named Best Corporate Actions Solution Provider by Waters magazine, a financial markets technology publication. The service was cited for making “major strides” in its offerings.
GCA VS tracks, validates and distributes corporate actions information on more than 2.5 million securities globally in 200+ countries in 15 languages. @