Congressional Testimony

Jul 29, 2015 • Congressional Testimony

Testimony Before the House Committee on Agriculture “Dodd Frank Turns Five: Assessing the Progress of Global Derivatives Reforms”

Larry Thompson, Vice Chairman and General Counsel
Larry Thompson

Chairman Conaway, Ranking Member Peterson, and Members of the Committee, thank you for holding today’s hearing.

I am Larry Thompson, Vice Chairman and General Counsel of The Depository Trust & Clearing Corporation (“DTCC”). DTCC has more than 40 years of experience serving as the primary financial market infrastructure serving the global markets, enabling thousands of institutions worldwide to issue securities and raise capital to build businesses and support the global economy.

Through our subsidiaries and affiliates, DTCC provides clearing, settlement and information services for virtually all U.S. transactions in equities, corporate and municipal bonds, U.S. government securities, mortgage-backed securities and money market instruments, and mutual funds and annuities. In 2014, our subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. DTCC processes the equivalent of the U.S. annual gross domestic product every two days. Underscoring the critical role market infrastructures play in protecting the capital markets, DTCC’s U.S. clearing and depository subsidiaries were designated as Systemically Important Financial Market Utilities (“SIFMUs”) by the Financial Stability Oversight Council (“FSOC”) in 2012 pursuant to Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).

Download the Congressional Testimony: Testimony of Larry Thompson, Vice Chairman and General Counsel, The Depository Trust & Clearing Corporation “Dodd Frank Turns Five: Assessing the Progress of Global Derivatives Reforms” House Committee on Agriculture


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