All registered swap dealers active in credit and interest rate trading are now sending information to the Depository Trust & Clearing Corporation’s (DTCC) swap data repository, DTCC Data Repository (DDR).
On 31 December, DDR began accepting data from swap dealers for over-the-counter (OTC) trades as outlined by the Dodd Frank Act and the Commodity Futures Trading Commission’s (CFTC) real-time and regulatory reporting rules.
DDR is now publishing real-time price information. Since the 31 December 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 on 12 October) and uncleared trade reports (which began on 31 December). DDR has over three 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,” says 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,” says Dunn.
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