DTCC Swap Data Repository Real-Time Reporting Now Live
The Depository Trust & Clearing Corporation (DTCC) announced today all registered swap dealers active in credit and interest rate trading are now sending information to DTCC's swap data repository (SDR), DTCC Data Repository (DDR). On December 31, DDR began accepting data from swap dealers for over-the-counter (OTC) trades as outlined by the Dodd Frank Act (DFA) and the Commodity Futures Trading Commission's (CFTC) real-time and regulatory reporting rules.
DDR is now publishing real-time price information. Since the December 31 swap dealer reporting deadline, DDR has disseminated more than 10,000 records, which represent the vast majority of the reportable OTC derivatives market. Reports are available through file transfers, RSS feeds and internet access to a ticker page, Excel and search functions on DRR's website, https://rtdata.dtcc.com/gtr/dashboard.do.
In addition to receiving real-time prices, DDR now receives swap dealer regulatory reporting as required under CFTC's rules. The repository includes both cleared trade reports (which began October 12) and uncleared trade reports (which began December 31). DDR has over 3 million open swap positions reported to it.
“Enabling swap dealers to report trade information into DDR and providing this data to regulators and the public is an important milestone in our ongoing efforts to enhance global market transparency,” stated Mike Dunn, Chairman of DDR. “DDR has been ready to accept data since October 12, which was the date reporting started under CFTC regulations. Since the launch of DTCC's repository service as a trade information warehouse in 2006, DTCC has been committed to establishing strong infrastructure globally and bringing clarity to the marketplace.”
As a user-governed cooperative, DTCC works to mitigate risk in the financial system and achieve greater cost efficiency for its clients. In keeping with the goals of the Dodd Frank Act and consistent with the Group of 20 (G-20) commitment and International Organization of Securities Commissions (IOSCO) principles, the primary purpose of SDR services is to provide greater transparency and promote a safer trading environment for the OTC derivatives market.
“DDR is pleased to support regulatory and industry efforts to bring transparency to the OTC derivatives market and to provide information to help regulators and the public understand risk exposures. We will continue to assist our clients in meeting their reporting obligations in the most efficient and cost effective manner possible,” said Dunn.
DTCC serves virtually the entire financial industry, including broker-dealers, banks, insurance carriers, and mutual funds. DTCC's governance structure represents the entirety of the marketplace, with 344 individual shareholders. Currently, no single shareholder holds more than a 6.2% interest.
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 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's subsidiaries 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.
The Depository Trust & Clearing Corporation (DTCC)
Theresa Pagliocca, 212-855-5129