Jun 12, 2013
• Press Releases
Statement on the U.S. House of Representatives Passage of H.R. 742
New York, NY – June 12, 2013 – The Depository Trust & Clearing Corporation (DTCC) General Counsel Larry Thompson today issued the following statement in response to the U.S. House of Representatives passage of the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 (H.R. 742):
“DTCC applauds the House of Representatives for taking decisive action today to maintain the current high level of transparency of over-the-counter (OTC) derivatives markets. This legislation will help ensure that regulators and the public continue to have access to a consolidated and accurate view of the global marketplace, including concentrations of risk and market exposures. Today’s 420-2 recorded House vote in support of H.R. 742 has sent a clear message that Congress is committed to avoiding fragmenting the current global data set for OTC derivatives and is strongly committed to global data sharing. We urge the Senate to move swiftly in taking up this legislation and resolve issues surrounding the indemnification provisions and confidentiality requirements of the Dodd-Frank Act.”
DTCC has operating facilities and data centers around the world and, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2012, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at US$37.2 trillion. DTCC’s global trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide.