DTCC to begin publishing public data on interest rate derivatives

Joins OTC credit derivatives on DTCC's release schedule

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New York and London, 2 May 2012 – The Depository Trust & Clearing Corporation (DTCC) announced today that it had begun publishing public information on over-the-counter (OTC) interest rates trades. The data were first posted yesterday at 5 p.m. (2200 GMT).

The interest rate data join public data on OTC credit derivatives that are provided on DTCC’s web site. Interest rates make up the largest single segment of OTC derivatives, with more than $570 trillion gross notional value composed of 4.5 million in interest rate contracts outstanding.

The public data on interest rates trades will be posted weekly on DTCC’s website at www.dtcc.com and will include aggregated, anonymous position data for all interest rate products, with breakdowns by currency, maturity, sub-product and whether the product is cleared or uncleared. No historical data will be published initially, since that data will continue to reside with TriOptima, which had been serving as the industry’s trade repository for interest rates.

"Publishing of public data is a key element of providing greater transparency and understanding of the OTC derivatives market, and having data available on interest rate derivatives, the largest single class of derivatives by gross notional amount, is a critical step in improving the visibility of this market segment,” said Stewart Macbeth, President and Chief Executive Officer of DTCC’s Deriv/SERV LLC subsidiary.

The publishing of the data to regulators and the public effectively marks the end of the transition for the industry from TriOptima’s earlier repository for interest rates to DTCC’s new Global Trade Repository for Interest Rates. DTCC’s new repository went live in December 2011. Between December and May, the major global dealers submitted data in parallel to both TriOptima and DTCC as the industry transitioned to the new DTCC repository, and dealers will now begin submitting new data on interest rate derivatives trades only to DTCC.

DTCC was selected to produce a multi-asset class global trade repository supporting OTC credit, equities, interest rates, commodities and foreign exchange derivatives. For four of the asset classes – credit, interest rates, equity, and commodities derivatives – the global trade repository is currently accepting trade data, and the foreign exchange asset class will begin user acceptance testing in May prior to full production, now planned for October. Additionally, a DTCC web portal for regulatory reporting is already in place for credit, equity and interest rate derivatives for the relevant data sets.

The Global Trade Repository for Commodities launched in January with a pilot program in partnership with EFETnet B.V., and after successfully completing the pilot, began accepting trade submissions from interested firms in April.

The Global Trade Repository services for Foreign Exchange, Credit, Interest Rates and Equity Derivatives are services of DTCC Derivatives Repository Limited, a wholly-owned subsidiary of DTCC.

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