The official rollout of DTCC’s Global Trade Repository for Interest Rates received ample coverage in the global media. Here is a sampling.
The Daily Telegraph, Dec. 8, 2011: London has become home to the world’s first trade repository for the £356 trillion interest rate derivatives market....
Interest rate derivatives trading is the world’s largest market, but as part of moves to make it more transparent, the new repository will become the store for the hundreds of billions of dollars of trades made every day between major banks, investors and large companies.
Dow Jones News Service/Wall Street Journal, Dec. 7, 2011: The repository, called the Global Trade Repository for Interest Rates, is a central part of the industry’s effort to fulfill obligations from the U.S. Dodd-Frank financial reform law and proposed European regulations. It will be based in London and will include data from the 15 largest global dealers.
Waters, Dec. 8, 2011: The DTCC has put itself in a very desirable position to become the OTC trade repository of record. It is working with all the proper partners to set up and run trade repositories for all the prime OTC instruments before the Group of Twenty (G20) regulators finalize local regulations by the end of 2012. If the DTCC can get dealers connected, tested and running voluntary reporting prior to this date, they will be able to offer one-stop shopping for trade reporting.
Financial Times, Dec. 8, 2011: DTCC, the post-trade group, has warned that Europe and the US could lose derivatives business to Asia while they delay finalization of new rules governing the vast off-exchange trading market.
Larry Thompson, general counsel of DTCC, warned on Wednesday that broker-dealers could be attracted to Asia as the continent’s regulators were more likely to meet a deadline imposed by the G20 group of nations to introduce far-reaching reforms to the $6 trillion over-the-counter derivatives market.