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DTCC Homes In on CPSS-IOSCO Principles

The CPSS/IOSCO’s April report on the principles for FMIs emphasizes the importance of disclosing risk information to clients. “Disclosure helps customers to assess the related risks and conduct due diligence when entering into transactions that are cleared or settled through a direct participant in the CCP,” states the report.

For DTCC, communicating with clients about risk has been a priority for several years. In 2010, the company implemented a transparency initiative as part of its Systemic Risk Policy.

The goal of this initiative is to bring greater transparency to DTCC’s risk management infrastructure by giving clients and other interested parties comprehensive information about risk policies, processes and practices for specific DTCC subsidiaries. For example, the company has published risk handbooks for the Fixed Income Clearing Corporation’s two divisions – Mortgage-Backed Securities and Government Securities Division – as well as for The Depository Trust Company and National Securities Clearing Corporation. The handbooks include e-learning courses that are rolling out this year and next.

DTCC also adopted a new format for its annual report in 2011, devoting it to an overview of the company’s risk structures and responsibilities.

To learn more

The four risk handbooks are available online to registered users at a password-protected site ( For assistance in registering for access to the handbooks, contact DTCC Learning at 888.258.6393 or by email at

To access the annual report online, go to To order a print copy, send a request to Lorna Helwig at