DTCC Connection

Jan 02, 2012 • DTCC Connection

DTCC Files with CFTC to Register Swap Data Repositories for Multiple Asset Classes

by Judy Inosanto


DTCC has filed a registration application with the U.S. Commodity Futures Trading Commission (CFTC) to operate a swaps data repository (SDR), DTCC Data Repository (U.S.) LLC, across multiple over-the-counter (OTC) derivatives asset classes.


“DTCC is committed to working with financial authorities and the industry to promote a transparent and sound OTC derivatives market,” said Stewart Macbeth, president and CEO, DTCC Deriv/SERV LLC. “By filing these applications, our goal is to facilitate swaps transaction recordkeeping and regulatory reporting by U.S. market participants as required by CFTC regulations under the Dodd-Frank Wall Street Reform Act.”


DTCC Data Repository (U.S.) LLC will provide trade repository and reporting services for OTC credit, interest rates, equities and foreign exchange derivatives.


SDR For commodities

A separate application is also being filed to operate a commodities SDR through Global Trade Repository for Commodities (U.S.) LLC, a strategic alliance between DTCC’s Deriv/SERV subsidiary and Netherlands-based EFETnet.


This joint collaboration, which was announced in June, integrates EFETnet’s vast experience in the commodities arena and its deep network of contacts in the user community with DTCC’s proven track record in building global trade repositories. It will bring together EFETnet’s secure data communications and post-trade processing capabilities with DTCC’s repository and regulatory reporting infrastructure. The combination will provide the commodities industry with an at-cost, industry-owned and -governed cooperative to streamline reporting to multiple regimes.


DTCC already operates global trade repositories for OTC credit and equity derivatives. The company was selected by the industry in competitive bidding processes organized by the International Swaps and Derivatives Association to operate global trade repositories for OTC interest rates and, in partnership with EFETnet, the commodities repository. It was also selected, in collaboration with SWIFT, to build and operate a global FX repository by a group of global foreign exchange organizations, including the Global FX Division of SIFMA, the Association for Financial Markets in Europe (AFME) and the Asia Securities Industry & Financial Markets Association (ASIFMA).


Today, DTCC holds records on more than 98% of the global credit derivatives market. DTCC also launched in February 2011 a portal that provides regulators and financial supervisors around the world with direct, online access to detailed data and reports on those derivatives in near real-time for the entities they regulate and supervise.


DTCC also publishes, free of charge, comprehensive aggregate data for the top 1,000 corporate and sovereign credit derivatives single reference entities and credit derivatives indices on www.dtcc.com.


EFETnet was established by the European Federation of Energy Traders (EFET), an organization founded in 1999 by Europe’s leading energy companies, and is used for EFET and non-EFET energy trading contracts.


EFETnet B.V. is an independent company, 100% owned by the EFET. It was set up in 2004 by EFET to serve those actively involved in energy trading and is intended to deliver the benefits of electronic data exchange standardization. @


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