Dodd-Frank | The Missing DTCC Approval

DTCC got some good news this week with the preliminary approval of the for interest rate, credit, foreign exchange and equity asset classes.

Suspiciously missing from this is DTCC’s GTR (Global Trade Repository).  GTR is where the “other commodities classes” are supposed to go.

This means that, as of this writing, there is only one approved Commodities SDR for a January “Go Live:”  ICE’s Trade Vault.

Current Status is as follows:

DTCC Data Repository (for IR, Credit, FX, an Equity):  Preliminary Approval

DTCC Global Trade Repository (for Commodities): Not Approved

CME: Not Approved

Reveal Tools SDR:  Not Approved

Here is the challenge.   Investment Banks that are swaps dealers have pretty much, across the board, decided to use DTCC as the default SDR.   This is fine, except that the DTCC GTR for commodities has not been approved yet.   They filed in November but it is a bit of a come bet at this point as to whether it is going to be ready and approved by Jan.

We’ve been very busy of late as we have off the shelf connections to DTCC and Trade Vault.  Happy to chat with anyone having challenges in this area.

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