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Congressman from Texas Visits DTCC

Dan Cohen, DTCC managing director of Government Relations, wrote an article for Roll Call titled 'Open Access' Needed to Ensure Derivatives Trading Integrity. Roll Call is widely read among members of Congress and their staff. Below is an excerpt. To read the entire article, visit and search Dan Cohen.

Under the Dodd-Frank Act, market participants are legally responsible for reporting their trades to swap data repositories. But in many cases, it will be the trading platforms and clearinghouses that perform this task on their customers' behalf. Because most market participants will trade across multiple platforms and clear transactions through different clearinghouses, the potential exists for any one of these providers to cause disruptions and create serious risk of disputes, delays and legal challenges.

If a trading platform, clearinghouse or swap data repository refuses to or delays creating linkages with another provider when there is customer demand for it, this lack of connectivity will prevent the free flow of data – and the result will be an incomplete data set.

To prevent such a breakdown from occurring, regulators must promote in the new rules the principle of open access. First, regulators need to ensure that trading platforms, clearinghouses and swap data repositories interact with one another on an impartial basis and guarantee interoperability. Second, they must reinforce that none of these entities should be able to prioritize linkages to providers with lower customer demand over linkages to providers with higher customer demand for competitive or commercial reasons.