New York, NY – October 15, 2013 – The DTCC Data Repository (DDR) is once again leading the market in facilitating comprehensive derivatives datareporting, helping ensure that its clients meet their regulatory reporting requirements under the Dodd-Frank Act. Virtually all provisionally registered swap execution facilities (SEFs) are now reporting to DDR’s data repository, leveraging the fact that their customers already report their derivatives transactions to DDR.
Bringing together all the market participants in this way, in a unified platform, DDR provides an efficient and effective reporting mechanism and a single consolidated source of data for regulators.
As part of the wider goals set out by the G-20 and the Financial Stability Board recommendations to improve market transparency, since October 2, SEFs have been required to conform to new Commodity Futures Trading Commission (CFTC) swap data reporting requirements for credit and interest rate products. SEFs, who exercise the option of the CFTC no-action time limited relief, will have extended time to meet their reporting obligation for foreign exchange until October 30 and equities and commodity derivatives until December 2. Users of the DDR trade repository will be able to seamlessly add these to the portfolio of products that they are reporting.
"DDR is committed to working closely with SEFs in meeting regulatory demands for robust trade reporting in the global over-the-counter (OTC) derivatives market effectively,” said Marisol Collazo, Chief Executive Officer for DDR. “The reporting of SEF-executed credit and interest rate products marks an important step forward in improving operational efficiency, transparency and risk mitigation in the trading of these instruments. In the first week of SEF trading, DDR reported more than USD 450 billion in notional for credit and interest rates, capturing the vast majority of the data executed by SEFs. Swap dealers have been reporting trade data to DDR since the end of 2012. Electronic execution platforms are now acting to fulfill regulatory obligations aimed at strengthening the infrastructure."
In offering a flexible platform, DTCC provides the opportunity to meet multi-jurisdictional regulatory reporting obligations. It provides live reporting across all five asset classes globally in jurisdictions including Japan and Asia as well as the US. It anticipates being able to provide a similar service in Europe under EMIR in early 2014.
"The WMBAA members are working their way through the SEF execution rule implementation and are committed to providing liquidity to the OTC markets,” commented Shawn Bernardo, Chairman of the Wholesale Markets Brokers’ Association (WMBAA). “DDR has provided vital support to the WMBAA members and we look forward to working together as the markets evolve. We continue to get the support needed as we work through the onboarding of our customers."
DDR publishes real-time price information, including SEF-executed transactions, with reports available through file transfers, RSS feeds and internet access to a ticker page on https://rtdata.dtcc.com/gtr/dashboard.do
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.