DTCC’s Global Trade Repository (GTR) service to offer new trade reporting capabilities in support of forthcoming SEC rules, providing the industry with a single reporting platform across asset classes and markets
Washington, DC/New York/London/Hong Kong/Singapore/Sydney, May 10, 2021— The Depository Trust & Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, today announced that the U.S. Securities and Exchange Commission (SEC) has approved the DTCC Data Repository (U.S.) LLC (DDR) application to operate as a registered security-based swap data repository (SBSDR).
This is a key step in completing the implementation of derivatives oversight in the U.S., which was set out in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Dodd-Frank divided the regulatory oversight of derivatives between the SEC for security-based swaps (SBS; those that reference a single security or loan or a credit default swap that references a narrow-based index) and the Commodity Futures Trading Commission for all other swaps.
DDR, part of DTCC’s Global Trade Repository (GTR) service, will function as a registered SBSDR for transactions in the equity, credit and interest rate derivatives asset classes, seamlessly reporting transactions directly to the SEC.
“We are pleased to receive SEC approval of DDR’s application as an SBSDR, and look forward to offering security-based swap transaction reporting capabilities within our global platform,” said Kate Delp, DTCC Executive Director and General Manager, DDR. “This marks an important step forward in continuing to provide greater transparency in the OTC derivatives market.”
Today, DTCC’s GTR service for North America provides transaction reporting services for OTC derivatives in the U.S. and Canada through the legal entity DTCC Data Repository (U.S.) LLC. DDR is a Commodity Futures Trading Commission (CFTC) provisionally registered Swap Data Repository (SDR) and is authorized by Canadian regulators to provide derivatives reporting services for all Canadian provinces and territories. Globally, GTR has almost 9,000 clients and 150 partner firms, providing reporting to over 60 regulators across 35 countries.
Delp added, “We are proud to extend our trade reporting capabilities in the U.S. and are committed to working with our clients to help them prepare for the reporting date. Now is the time to begin to implement and test trade reporting solutions as the reporting compliance date draws near.”
With over 45 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 15 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2019, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $2.15 quadrillion. Its depository provides custody and asset servicing for securities issues from 170 countries and territories valued at U.S. $63.0 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes over 14 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube and Facebook.