by Roland Kielman
DTCC operates two global repositories for OTC credit and equity derivatives. Its New York-based subsidiary, Warehouse Trust Company LLC, serves as the central, automated repository and post-trade processing infrastructure for the global OTC credit derivatives market. Today, virtually all credit default swap (CDS) contracts in the US$26.3 trillion market are registered in the Warehouse.
In 2010, DTCC established a new European subsidiary, DTCC Derivatives Repository Ltd, which operates the global equity derivatives reporting repository and maintains global CDS data identical to that in the New York-based Warehouse. This repository is located in London and regulated by the U.K. Financial Services Authority. In maintaining identical CDS data sets in two locations, DTCC is working to ensure that regulators have secure and unfettered access to global CDS data.