Jul 15, 2015
• Press Releases
Statement on House Passage of H.R. 1847
New York, NY – July 15, 2015 - The Depository Trust & Clearing Corporation (DTCC) today issued the following statement in response to the U.S. House of Representatives’ passage of the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015 (H.R. 1847):
"DTCC applauds House passage of the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015. Bipartisan passage of H.R. 1847 is a key milestone in the process to remove the Dodd-Frank Act’s indemnification provisions. These provisions pose a significant barrier to U.S. and global regulators as they seek to leverage the data and transparency benefits offered by swap data repositories. To help ensure regulators obtain a consolidated and accurate view of the global over-the-counter derivatives marketplace, we urge the Senate to move swiftly to support this non-controversial, technical fix.”
- End -
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.
# # #