May 07, 2013
• Press Releases
Statement on the House Financial Services Committee Passage of H.R. 742
New York, NY – May 7, 2013 – The Depository Trust & Clearing Corporation (DTCC) General Counsel Larry Thompson today issued the following statement in response to the U.S. House of Representatives Financial Services Committee passage of the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 (H.R. 742):
“DTCC applauds the Committee for helping ensure regulators continue to have access to a global set of over-the-counter (OTC) derivatives data – an essential component of systemic risk oversight and mitigation. Today’s unanimous vote of support for H.R. 742 is another key step in resolving issues surrounding the indemnification provisions and confidentiality requirements of the Dodd-Frank Act. DTCC commends Congressmen Crawford, Huizenga, S.P. Maloney and Moore for their dedication in leading this effort. The bipartisan legislation, which was unanimously approved by the House Agriculture Committee in March, represents the only viable solution to the unintended consequences of indemnification and helps ensure regulators and the public obtain a consolidated and accurate view of the global marketplace. DTCC urges Congress to move swiftly to enact H.R. 742 and help create a more stable and secure financial system.”
DTCC has operating facilities and data centers around the world and, 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 2012, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at US$37.2 trillion. DTCC’s global trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide.
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