DTCC recently hosted a bipartisan, full-day briefing for eighteen staff members from the House Agriculture, House Financial Services, Senate Agriculture and Senate Banking Committees. These committees are jointly responsible for oversight of the U.S. financial system, and staff members from both sides of the political aisle attended the briefing.
“The Congressional staff briefing is a core element of our ongoing efforts to educate Capitol Hill audiences on issues of critical importance to DTCC and the financial industry,” said Ali Wolpert, DTCC Vice President, U.S. Government Relations. “It also allows us to provide a comprehensive overview of the key role DTCC plays in the global financial markets while strengthening our legislative relationships.”
Attendees at the briefing included chiefs of staff, senior policy advisors and legislative directors, in addition to senior Senate Banking Committee counsels. These staff members are heavily engaged in financial services issues and represent some of the House and Senate’s top policymakers. Over the past two years, DTCC has conducted six briefings for Congressional staffers, which have led to independent requests for visits by Congressional Members and staff.
DTCC’s policy engagement is designed to enhance understanding of the critical role of financial market infrastructures in protecting the stability and integrity of the global financial system. Congressional staff briefings provide a platform to discuss how the infrastructure is helping financial firms meet regulatory mandates in the most efficient and cost-effective manner. In addition, the staffers learn how the infrastructure is being leveraged to enhance transparency, processing efficiency and risk mitigation.
The December briefing focused on DTCC’s role in the over-the-counter (OTC) markets and included panels on strengthening global derivatives markets, cash markets and financial benchmarks, and financial services risk awareness and mitigation.
Topics of discussion also included DTCC’s Global Trade Repository milestones, updates on the CFTC Interim Compliance Identifier (CICI), the Margin Transit initiative, DTCC’s preliminary position on shortening the settlement cycle and the recently-released Systemic Risk white paper.
As part of the day-long briefing, the staffers visited the New York Stock Exchange (NYSE) for an overview of equities, futures and company listings. Following the briefing, they received a guided tour of the trading floor and watched the ringing of the closing bell.
“DTCC offers a unique perspective on how global markets operate and ways in which systemic risks can be reduced,” stated Wolpert. “Through outreach such as the Congressional staff briefing, we leverage this expertise to serve as a resource on the post-trade processing of financial transactions, data and information, as well as issues related to financial reform and global financial markets.”
For more information regarding the Congressional Staff Briefing Series, please contact DTCCgovrelations@dtcc.com.