The Depository Trust & Clearing Corporation (DTCC) has launched a global, over-the-counter (OTC) interest rates derivatives trade repository. DTCC’s Global Trade Repository for Interest Rates for this US$553.8 trillion market will be based in London. Data from 15 of the largest global dealers is now being submitted into the repository.
This represents the latest development in DTCC’s drive to bring greater transparency across different OTC derivative asset classes, helping to reduce operational and systemic risk. DTCC already operates global trade repositories for OTC credit derivatives (principally credit default swaps) and for OTC equity derivatives and is also planning initiatives in the foreign exchange (FX) and commodities OTC derivatives markets.
Stewart Macbeth, president and chief executive officer of (CEO) DTCC Deriv/SERV, the DTCC subsidiary responsible for the company’s OTC derivatives activities, said: “The launch of this new interest rates trade repository is a significant step forward in ensuring that key information about the OTC derivatives market is transparently available to regulators globally as they work to ensure that systemic risk is quickly identified and minimised. DTCC is committed to partnering with the OTC derivatives community and supervisory authorities to establish effective global solutions that strengthen the infrastructure for trading OTC derivatives instruments and help protect the safety and stability of the global OTC derivatives market.”
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