DTCC Connection

May 02, 2011 • DTCC Connection

New DTCC Newsletter Focuses On U.S. And European Financial Reform

by Roland Kielman


With financial reform taking place on both sides of the Atlantic, it is difficult to keep abreast of all the developments – and it can be particularly challenging to track events on the other side of the pond.


To help lawmakers, regulators and other key constituents address this informational challenge, DTCC has begun publishing a concise two-page newsletter called Across the Pond. The publication provides a “thumbnail” sketch of developments in financial regulatory reform in both the U.S. and the E.U.


DTCC distributed the inaugural issue of Across the Pond to key stakeholders on both continents, including members of the European Parliament and lawmakers on Capitol Hill.


“There is a strong demand for reliable and timely information about the status of key regulatory reforms in the United States and the European Union,” said Dan Cohen, DTCC managing director, Government Relations. “In discussions with lawmakers, regulators and market participants, it became clear that many of them have questions about the status of their counterparts’ activities on the other side of the Atlantic. With this in mind, we created Across the Pond, dedicating one page to each region.”


The new publication is the latest extension of DTCC’s government relations program, which is designed to keep key lawmakers and regulators in the U.S. and Europe informed about DTCC’s role in ensuring the safety and soundness of the global financial markets.


Publication details

Across the Pond, which is available both electronically and in hard copy, will be published regularly to provide up-to-date information on key policy developments in Brussels and Washington, D.C.


To subscribe or to obtain detailed information on any topic highlighted in the publication, contact Dan Cohen at dcohen1@dtcc.com, or Andrew W. Douglas, DTCC head of European Public Affairs, at awdouglas@dtcc.com


Excerpts from Across the Pond

One regular feature in Across the Pond will be “What is Brussels/Washington talking about?” Here’s a sample from the second issue.


What is ‘Brussels’ talking about?

  • Timeframes for agreeing on EMIR
    The prevailing sentiment is that it is more important to ‘get it right’ than to ‘get it out’, notwithstanding the impending 3rd anniversary of the demise of Lehman Brothers in September. It seems increasingly likely, for example, that the Council’s agreement on EMIR may be much later in 2011 than originally expected.

  • The Deutsche Boerse/NYSE Euronext merger
    It is likely to be referred to the Competition authorities in June, which could delay approval until January 2012 should the Competition authorities follow through on their intention to conduct an ‘in-depth review’.

What is ‘Washington’ talking about?

  • The Debt Ceiling
    On May 2, Treasury Secretary Timothy Geithner sent a letter to Congress urging an increase in the statutory debt limit and announcing that the Treasury would suspend the issuance of State and Local Government Series Treasury securities.

  • Oversight of Dodd-Frank
    Congress continues to hold hearings related to the implementation, costs and benefits, and overall impact of Dodd-Frank. Key issues addressed during recent hearings include oversight of the Financial Stability Oversight Council (FSOC) and the proposed risk retention rules.

  • Title VII Implementation Deadline
    House Republicans have introduced legislation to extend by 18 months the deadline for implementing Title VII, which addresses regulation of OTC derivatives. The House Agriculture Committee “marked-up” legislation to delay implementation of the Dodd-Frank Act during the week of May 2nd. The House Financial Services Committee is expected to do the same shortly, clearing the bill for full House consideration in late May or early June.

  • Indemnification related to Trade Repositories
    Representative Jack Kingston (R-GA) has called upon U.S. regulatory officials to fix the indemnification provisions of Dodd- Frank, or has suggested that a legislative remedy will come from Congress. Further, in remarks to DTCC’s Board of Directors, SEC Chairman Mary Schapiro expressed her grave concern with the indemnity provisions of the DFA and expressed a need to find a remedy to avoid fragmentation issues. @


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