As mandatory reporting of over-the-counter (OTC) derivatives trades takes effect globally, The Depository Trust & Clearing Corporation (DTCC) Global Trade Repository (GTR) recently launched a new business process outsourcing (BPO) site with Infosys in Brno, Czech Republic, to support the growth in its European clients.
DTCC developed the site to expedite and simplify the onboarding of European clients in order to meet new trade reporting requirements in the European Market Infrastructure Regulation (EMIR). Under EMIR, both counterparties to a derivatives transaction must report their activities to a registered Trade Repository. The beginning of this requirement was recently changed from January 1 to mid-February 2014 for OTC derivatives with exchange traded derivatives following later in the year.
“This new reporting requirement results in the need for the GTR to establish relationships with tens of thousands of new clients all across Europe,” said Marisol Collazo, Managing Director, CEO of the U.S. registered trade repository, DTCC Data Repository (U.S.) LLC (DDR). “The Brno site will enable new clients across Europe to connect to the GTR to meet their obligations under EMIR in the most cost-effective and efficient manner possible.”
Extensive Training on DTCC Systems
A team from Infosys spent three weeks at DTCC’s offices in Jersey City, N.J. and London being trained on DTCC’s GTR onboarding and client reference data systems. Through Infosys, DTCC will provide clients with customer support tasks, such as onboarding, in multiple languages. As the operational focus shifts from bringing on new clients to supporting business as usual, additional services will be provided by Infosys in 2014.
“As we developed our plans for supporting this huge new client base, we realized we needed not only a streamlined onboarding capability, which we are building out in IT, but also an Operations partner who could supply local language support and a very fast time-to-market since clients must begin reporting by the first of the year,” said Mark W. Green, Managing Director, Derivatives ADM. “Our existing relationship with Infosys in India gave us a high degree of confidence that it has the right skill set to provide DTCC’s GTR European clients with superior service and support as well as to be a key ally as we grow around the world.”
Infosys is a global leader in consulting, technology and outsourcing solutions. Infosys provides strategic consulting, operational leadership and the co-creation of breakthrough solutions, including those in mobility, sustainability, big data and cloud computing.
"Infosys is proud to expand our relationship with DTCC to include GTR Operations support from our BPO center in Brno, Czech Republic" said Kapil Jain, VP, member of Executive Council at Infosys BPO. "We are confident that in the future our global presence and expertise in Capital Market Operations can help DTCC respond quickly to market conditions and, most importantly, serve DTCC's client needs across the globe."@