Dodd Frank | SDR Landscape Changes Again

Interesting action as of late.  While the January deadline looms for Swaps Dealers, the landscape for SDRs keeps changing.

Biggest news is that CME got their SDR approved.   This was a bit of a surprise to us as we thought that the CME lawsuit was a “tell” that they were just not ready to go.  I’m big enough to admit when we are wrong.  And we were.   So, CME gets approval. But CME has  fallen so far behind ICE it’s a catch up game now.  So, what’s CME got up its sleeve?  Free that’s what.  LINK  We’re testing our connection to the CME SDR this week.

The other interesting news is that we have a couple drop outs.   Very surprised to see that DTCC GTR for commodities has withdrawn their application.   Effectively GTR is dead.  Instead, DTCC is going to fold its commodities operations into the primary DTCC SDR.  It’s not quite clear what DTCC will have to do to get commodities approved on its primary SDR but the short of the story is that if you interfaced to GTR…it’s dead now.  Turns out that the artist formerly known as GTR is being folded into the DDR (which is approved).

In other news, Reval dropped out as well.  One can only speculate.  But at the end of the day ICE Trade Vault has won the vast majority of the market.

Here’s the current status:

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