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Congressional Testimony

Larry E. Thompson, Managing Director and General Counsel | June 9, 2009

Chairman Kanjorski, Ranking Member Garrett and Members of the Subcommittee, my name is Larry E. Thompson, General Counsel for The Depository Trust & Clearing Corporation (DTCC) and I’d like to thank you and the members of the Subcommittee for the opportunity to share with you today our views on the over-the-counter (OTC) derivatives market. DTCC brings a unique perspective to your discussion, as the primary infrastructure organization serving the capital markets in the U.S. and a 36 year history of bringing safety, soundness, risk mitigation and transparency to our financial markets.

As an example, following the Lehman bankruptcy last year, DTCC played a significant role in unwinding over $500 billion in open trading positions from trades in equities, mortgage-backed and U.S. government securities, without any loss to the industry—and avoiding additional burden on taxpayers.


Download the Congressional Testimony: Testimony Before U.S. House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises