DTCC Expands Public Release of CDS Data
The Depository Trust & Clearing Corporation (DTCC) has brought further transparency to the global credit default swaps (CDS) market, worth more than US$31 trillion, by expanding its public release of CDS data maintained in its trade information warehouse (TIW) to include historical information on those contracts.
The TIW is a comprehensive global repository for the over-the-counter (OTC) credit derivatives market. DTCC gathers and stores in this global repository information on OTC credit derivatives and performs critical post-trade processing functions such as automated calculation, netting and central settlement of payment obligations, as well as settlement of credit events such as bankruptcies. The expanded data release will now show information on the legally binding records from the previous week, month and year, in addition to the data for the current week.
“Because nearly all credit derivatives transactions are registered and maintained in the warehouse’s global repository, the industry and regulators worldwide are able to assess from a central vantage point the value and risk exposures of the market, which is essential in times of crisis,” said Stewart Macbeth, DTCC managing director and head of the TIW. “Transparency has also been enhanced in the marketplace, as the repository is able to provide the investing public and regulators with a view of the data registered in the warehouse, which we release publicly on a weekly basis.”