The Depository Trust & Clearing Corporation (DTCC) has announced plans to establish a new credit default swap data repository in London. The new centre will be an extension of DTCC’s New-York based Trade Information Warehouse.
The new repository will also house DTCC’s global equity derivatives repository, as the result of winning the International Swaps and Derivatives Association bid for this service. According to an ISDA newsletter in April 2010, the equity derivatives reporting repository will launch at the end of July 2010.
The venture, entitled the DTCC Derivatives Repository, will maintain global credit default swap data identical to that maintained in the Trade Information Warehouse
“DTCC has always envisaged a ‘global solution’ for repository services supporting each OTC asset class,” said Stewart Macbeth, Managing Director and General Manager, “Trade Information Warehouse. It is very common for counterparties to be located on different continents and to trade on underlying securities issued across borders. This means that repositories for any asset class need to maintain global information to be useful. It also means that steps need to be taken to ensure that the data is always available to regulators globally regardless of events and circumstances taking place in one location or another.”