About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

DTCC Values Additional CDS Contracts in Trade Information Warehouse at US$5.7 Trillion

Subscribe to our newsletter

The Depository Trust & Clearing Corporation (DTCC) reported today that 216,765 credit default swaps (CDS) contracts valued at approximately US$5.7 trillion in gross notional value were entered into its Trade Information Warehouse (Warehouse) by market participants in the global OTC derivatives market. These trade submissions met in part industry commitments made to the Federal Reserve Bank of New York and other global regulators to have all CDS contracts registered into a global repository by 17 July.

“We are pleased to be able to verify and now report on CDS data based on what we’ve seen from firms’ initial submission of contracts into our global registry to meet their July 17 deadline,” says Stewart Macbeth, DTCC managing director and general manager of the Trade Information Warehouse. “There was a small percentage of CDS trades which were not previously held in the Warehouse because of the tailored nature of the contracts. In registering these CDS trade positions, the goal of trying to ensure that risk could be seen from a central vantage point at a central repository has now been achieved for the CDS market.”

These contract submissions represent more customised contracts that are not confirmable on an electronic platform such as the automated service provided by DTCC Deriv/SERV. Data registration was received using 30 different currencies from a customer base that spans 35 countries. The submission of these customised trades are for repository and reporting purposes only and do not confer a legal binding agreement in the Warehouse as do electronically confirmed trades that are maintained in the global repository. As of July 24, there were about 2.2 million electronically confirmed contracts with a gross notional value of about US$26.5 trillion registered in the Warehouse’s repository. These new submission represents less than 10% of the total contracts and 17% of the total gross notional value of contracts registered in the repository.

Details on these customised contracts are generally expected to remain fairly static. DTCC will nevertheless publicly release statistical data on these contracts from time to time, though not necessarily as part of its weekly releases of data relating to more standardised contracts, particularly should significant changes in gross notional value or total contracts be determined. DTCC will provide global regulators with information on these contracts, also known as “copper” records, as appropriate and upon request.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to simplify and modernize data architecture to unleash data value and innovation

The data needs of financial institutions are growing at pace as new formats and greater volumes of information are integrated into their systems. With this has come greater complexity in managing and governing that data, amplifying pain points along data pipelines. In response, innovative new streamlined and flexible architectures have emerged that can absorb and...

BLOG

Total Portfolio Views Unlock Value from Public-Private Investments: Webinar Review

Total portfolio views within investment management platforms are becoming critical to capital markets participants as private and alternative market assets comprise an ever-larger part of institutions’ investment and risk-management strategies. Having a holistic view enables organisations to unlock the greatest value from their data, a recent A-Team Group Data Management Insight webinar discussed. Aiding in...

EVENT

TradingTech Briefing New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

Regulatory Data Handbook 2018/2019 – Sixth Edition

In a testament to the enduring popularity of the A-Team Regulatory Data Handbook, we are delighted to publish a sixth edition for 2018-19 of our comprehensive guide to all the regulations and rules that might impact data and data management at your institution. As in previous editions of the Regulatory Data Handbook, we have updated...