The Depository Trust & Clearing Corporation (DTCC) London-based Derivatives Repository will go live in December, according to Stewart Macbeth, managing director and general manager, DTCC Trade Information Warehouse.
The DTCC Derivatives Repository will maintain global credit default swap data identical to that maintained in the New York-based Trade Information Warehouse.
DTCC originally announced plans to establish the depository in July 2010. The new repository also houses DTCC’s global equity derivatives repository, launched in August.
Regulators and central banks need confidence in the legal standing and location of data, says Macbeth.
DTCC has increased its presence in Europe in 2010. In April Andrew Douglas, a respected industry veteran, joined the company to lead its public affairs efforts in Europe, and in July the U.S. post trade giant acquired Avox, a reference data company previously owned by Deutsche Bourse. EuroCCP, a European clearing house owned by DTCC, has also received capital injections over 2010 in order for the firm to meet UK capital requirements.
In August the FT noted that DTCC was also searching for 12 risk management positions based in London, which may stoke speculation about the DTCCs ambitions to expand in Europe after a planned merger with LCH.Clearnet, the London-based clearing house, fell apart last year.
Speaking to GlobalCustodian.com Stuart Goldstein, company spokesperson, said the hires were primarily for the cash-clearing business in the U.S. and related to the Frank-Dodd financial regulations. The bar of expectations on risk by regulators has been raised. The increase in risk management staff was to support all of our businesses at a corporate level, looking at risk across the enterprise and to provide business continuity.”
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