DTCC to Establish CDS Data Repository
The Depository Trust & Clearing Corporation (DTCC) is to establish a new subsidiary called DTCC Derivatives Repository, which will maintain global credit default swap (CDS) data identical to that maintained in its New York-based Trade Information Warehouse.
This move is intended to help ensure that regulators globally have secure and unfettered access to global data on CDS by establishing identical CDS data sets on two different continents. DTCC Derivatives Repository will be headquartered in London under a regulatory application filed with the Financial Services Authority (FSA) in the UK.
This new subsidiary will jointly house the global equity derivatives repository being built by DTCC as the result of winning the International Swaps and Derivatives Association (ISDA) global bid for this service. The location of this European subsidiary was made based on the ISDA mandate to have the global equity derivatives repository in London.
This European-based repository will support a wide variety of critical functions, including operational, customer, technical, and most importantly, CDS trade reporting needed to ensure greater public transparency and to support the information needs of regulators and supervisory authorities.