Investment Operations

DTCC Receives SEC Approval to Provide Security-Based Swap Data Reporting Services


DTCC’s Global Trade Repository (GTR) service to offer new trade reporting capabilities in support of forthcoming SEC rules, providing the industry with a single reporting platform across asset classes and markets

The Depository Trust & Clearing Corporation (DTCC) today confirmed that the U.S. Securities and Exchange Commission (SEC) has approved the DTCC Data Repository (U.S.) LLC (DDR) application to operate as a registered security-based swap data repository (SBSDR).

Analysts say this is a key step in completing the implementation of derivatives oversight in the U.S., which was set out in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Dodd-Frank divided the regulatory oversight of derivatives between the SEC for security-based swaps (SBS; those that reference a single security or loan or a credit default swap that references a narrow-based index) and the Commodity Futures Trading Commission for all other swaps.

According to the depository, DDR, which is part of DTCC’s Global Trade Repository (GTR) service, 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.

Kate Delp, DTCC Executive Director and General Manager of DDR, said that the approval marks an important step forward in continuing to provide greater transparency in the OTC derivatives market. “Now is the time to begin to implement and test trade reporting solutions as the reporting compliance date draws near,” she added, noting that, globally, GTR has almost 9,000 clients and 150 partner firms, providing reporting to over 60 regulators across 35 countries.