Dec 04, 2012
• Press Releases
DTCC Receives CFTC Approval to Add Commodities to its US Swap Data Repository
New York, December 4, 2012 - The Depository Trust & Clearing Corporation (DTCC) announced today that the Commodity Futures Trading Commission (CFTC) has approved a request by DTCC Data Repository (U.S.) LLC (DDR) to amend its multi-asset class swap data repository (SDR) in the U.S. to include commodity derivatives. The CFTC granted provisional registration to DDR to operate a U.S. SDR for over-the-counter (OTC) credit, equity, interest rate and foreign exchange derivatives in September.
The addition of commodities derivatives to DDR’s SDR service extends the offering to all five asset classes and is a critical element to provide regulators with greater transparency into this market as envisioned by the Dodd-Frank Act. It is an important step in addressing systemic risk issues and ensuring regulators will be able to assess counterparty risk exposures across asset classes.
As an at-cost, user-governed cooperative, DTCC’s primary mission is to mitigate risk in the financial system and achieve greater cost efficiency for its clients. The primary purpose of its SDR services is to achieve greater transparency and promote a safer trading environment for the OTC derivatives market.
Through multiple operating facilities and data centers around the world, DTCC and its subsidiary companies automate, centralize, and standardize the processing of financial transactions for thousands of institutions worldwide. With almost 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 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. For more information, visit www.dtcc.com.