Mar 20, 2013
• Press Releases
DTCC Media Statement on the House Agriculture Committee Passage Of H.R. 742
New York, NY – March 20, 2013 – The Depository Trust & Clearing Corporation (DTCC) today issued the following statement in response to the U.S. House of Representatives Committee on Agriculture’s passage of the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 (H.R. 742):
“DTCC applauds the House Agriculture Committee for its leadership in resolving issues surrounding the indemnification provisions and confidentiality requirements of the Dodd-Frank Act. This bipartisan legislation would ensure that regulators continue to have access to a global set of over-the-counter (OTC) derivatives data, which is essential to maintaining the highest degree of market transparency and risk mitigation. Today’s unanimous vote reflects the strong leadership of Congressmen Crawford, Huizenga, S.P. Maloney and Moore in advancing this issue and helps send a clear message to the international community that the United States is committed to global data sharing and determined to avoid fragmenting critical OTC derivatives market data. As H.R. 742 makes its way through the Congressional process, DTCC encourages additional committees of jurisdiction to avoid further unintended consequences by enacting this legislation.”
With operating facilities and data centers around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2011, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.7 quadrillion. Its depository provides custody and asset servicing for securities issues from 122 countries and territories valued at US$39.5 trillion. DTCC’s global OTC derivatives trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide across multiple asset classes.