The Depository Trust & Clearing Corporation (DTCC) has increased transparency in its Trade Information Warehouse, a data repository for the OTC credit derivatives market, after pressure from regulators.
The new information now includes outstanding credit default swap (CDS) contract values in their currencies of denomination. Previously, only US dollar values were available. According to a DTCC statement on the move, the added information is expected to help provide greater transparency into the risk exposure of a particular currency to the CDS market.
Stewart Macbeth, DTCC managing director and head of the Trade Information Warehouse, said: “The breakout of the data by currency was a request from the OTC Derivatives Regulators Forum, a group that is globally coordinating requirements for regulatory and public data.
The increased transparency comes after continued focus on the use of CDS by such banks such as Goldman Sachs and Deutsche bank during the Greek debt crisis. Regulators from both the EU and the SEC are keen to discover if the banks took out CDS on Greek debt while encouraging clients to invest in Greek bonds.
In late March 2009, the DTCCs Trade Information Warehouse also allowed regulators increased access to counterparty information. Previously the Warehouse held back specific counterparty information when pressed by regulators if the counterparty in question failed to give its consent.
The new information from the DTCC can be accessed here.