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Saturday, May 14, 2011 2:07:51 AM
example WASHINGTON--(BUSINESS WIRE)--The Depository Trust & Clearing Corporation (DTCC) today testified that the most effective and quickest way to achieve the transparency goals of Dodd-Frank in the over-the-counter (OTC) derivatives market is to extend to other asset classes the current model used in the credit default swaps (CDS) market.
In testimony today before the Senate Committee on Agriculture, Nutrition, and Forestry, Larry Thompson, DTCC managing director and general counsel, said that it is essential that both cleared and non-cleared trades be reported to a consolidated swaps data repository (SDR) or a single SDR per asset class to ensure that regulators can see risk from a central vantage point across the global market where these instruments are traded. As an example, Thompson pointed to the role of DTCC’s Trade Information Warehouse (TIW), which holds 98 percent of all credit derivative transactions in the global marketplace, in bringing significant transparency to that market.
“Regulators and the industry are still working toward achieving that same level of public and regulatory transparency in other OTC derivatives asset classes,” said Thompson. “The key to success is ensuring a high level of cooperation between global regulators and market participants, as well as the continued use of proven, non-commercial infrastructure. It is critical that the SDR system which emerges from the Dodd-Frank Act regulatory process ensure that the kind of comprehensive data, such as that maintained in DTCC’s Trade Information Warehouse for all derivatives markets on a global basis, is maintained and expanded.”
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