December 8, 2011

DTCC, FT Trade Repositories, my comment

There’s a reasonable piece quoting Larry Thompson, General Counsel at DTCC, in the FT about the fragmented approach to Trade Repositories, but with a mistake mentioning TriOptima. I commented to that effect, you can read both pieces here. (subscription required)

What I said was:

TriOptima handed the mandate for a Rates Repository to DTCC voluntarily, so the comment:

“The new service puts the DTCC in direct competition with Icap’s TriOptima for a slice of the world’s largest single derivatives market, worth an estimated $553.8tn.”

Is completely inaccurate. At the moment DTCC have a mandate from ISDA to provide a Trade Repository for Rates, Credit, Equities, FX and Commodities either solely or in partnership with SWIFT and EFET.

Meanwhile for reasons we can all guess at, ICE intend to provide a TR for all their OTC trades, as do CME. Neither ICE nor CME have explained how their own TRs will inter-operate with DTCC (if at all), or whether their efforts will be coordinated to meet the regulators needs for a single source of OTC trade data.

So the article should research the position of ICE and CME, and remove the above comment. Happy to help ;-) Bill.

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