DTCC approved to provide US security-based swap data reporting services

By Sunniva Kolostyak

The Depository Trust & Clearing Corporation (DTCC), the market infrastructure for the global financial services industry, has been approved by the US Securities and Exchange Commission (SEC) to operate as a registered security-based swap data repository (SBSDR).

The DTCC Data Repository LLC (DDR), part of DTCC’s Global Trade Repository (GTR) service, was approved in line with forthcoming regulation on trade reporting capabilities, meaning it will provide the industry with a single reporting platform across asset classes and markets.

The DDR 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.

This is a key step in completing the implementation of derivatives oversight in the US, which was set out in the so-called ‘Dodd-Frank’ – the Dodd-Frank Wall Street Reform and Consumer Protection Act – dividing regulatory oversight of derivatives between the SEC and the Commodity Futures Trading Commission (CFTC).

Moreover, it is an important step forward in continuing to provide greater transparency in the OTC derivatives market, Kate Delp, DTCC Executive Director and General Manager at DDR, said: “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.”

“We are proud to extend our trade reporting capabilities in the US 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,” Delp added

Today, DTCC’s GTR service for North America provides transaction reporting services for OTC derivatives in the US and Canada. DDR is a CFTC provisionally registered Swap Data Repository (SDR) and is authorised 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.