Dec 07, 2015
• Press Releases
DTCC Applauds The U.S. Administration and Congress for Taking Action to Strengthen Global Data Sharing
Washington DC/New York/London/Hong Kong/Singapore, 7 December 2015 – The Depository Trust & Clearing Corporation (DTCC) commends the U.S. Administration, Senate and House of Representatives for taking action to strengthen global information sharing by signing into law legislation that removes Dodd-Frank’s indemnification provisions.
Eliminating these barriers to data sharing marks an important step in ensuring regulators globally obtain a consolidated and accurate view of the over-the-counter derivatives marketplace. DTCC has been a long-standing advocate for removal of the indemnification provisions and applauds Members of Congress and policymakers – both former and current – who supported this non-controversial, technical fix. DTCC looks forward to continuing to work with U.S. policymakers and regulatory bodies globally to utilize the transparency offered by swap data repositories.
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Notes To Editor
As part of the Dodd-Frank Act, Congress mandated that all swaps transactions be reported to swap data repositories (SDRs) to ensure that regulators and the public have transparency into the global over-the-counter (OTC) derivatives markets as a way to mitigate systemic risk. While intended to ensure the confidentiality and safety of data reported to and provided by SDRs, provisions were included that required U.S.-based SDRs to receive a written indemnification agreement from non-U.S. regulators confirming that they 1) Will abide by confidentiality requirements; and 2) Will indemnify the SDR and the regulating U.S. Commission(s) for any expenses arising from litigation relating to the information. These provisions limited access to and sharing of data among U.S. authorities and regulators globally, and posed a significant obstacle to the ability of regulators around the world to take advantage of the transparency offered by trade repositories.
DTCC has been a strong advocate of legislation to remove Dodd-Frank’s indemnification provisions:
With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide. User owned and industry governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets. In 2014, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from over 130 countries and territories valued at US$64 trillion. DTCC’s global trade repository maintains approximately 40 million open OTC positions and processes roughly 280 million messages a week. To learn more, please visit www.dtcc.com or follow us on Twitter @The_DTCC.
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