Major Clearing Brokers Announce Support for the ISDA Clearing Connectivity Standard in Accordance with June 10th Clearing

  Major Clearing Brokers Announce Support for the ISDA Clearing Connectivity
  Standard in Accordance with June 10th Clearing Deadline

  Announcement Follows Industry Support by ISDA in Conjunction with Sapient
 Global Markets and the Major Custodian Banks for a Standard Reporting Format
                      for Cleared OTC Derivatives Trades

Business Wire

NEW YORK -- June 10, 2013

The International Swaps and Derivatives Association, Inc. (ISDA), and Sapient
Global Markets, a division of Sapient (NASDAQ: SAPE), today announced that
four of the largest over-the-counter (OTC) derivatives clearing brokers (known
in the U.S. as Futures Commission Merchants, or FCMs) have confirmed their
support for the Clearing Connectivity Standard (CCS) initiative to standardize
reporting for cleared OTC derivatives.

As part of the Dodd-Frank Act of 2010, the U.S. Commodity Futures Trading
Commission (CFTC) has mandated certain OTC derivative products be centrally
cleared. June 10, 2013 is the second of three CFTC mandated clearing
implementation dates for the industry in 2013.

CCS is an industry standard that helps improve OTC derivatives reporting and
communication for asset managers, clearing brokers, custodians, and service
providers. In 2012, CCS was endorsed by ISDA, which has worked with Sapient
Global Markets to further develop the standard for industry-wide adoption.
Custodian banks BNY Mellon, J.P. Morgan, Northern Trust and State Street have
supported the standard to satisfy reporting requirements.

Today, BofA Merrill Lynch, Barclays, J.P. Morgan and UBS announced their
support for the new derivatives reporting standard. The standard is expected
to be used by the clearing broker community to transmit information about
cleared OTC derivatives trades and margins to their asset manager clients,
custodians and service providers. The ISDA CCS Steering Committee and Working
Group are composed of the largest and more prominent clearing firms, who
represent the core of the industry and also committed to generating the file
in due course.

Ray Kahn, Head of OTC Clearing at Barclays, said: “The CCS format will
simplify and align margin and portfolio reconciliation process. We’re pleased
to join the core group of market participants in supporting and adopting this
standard, as we see it as a solution that will help to drive post trade
efficiencies for our clients.”

“As the industry moves to implement mandatory clearing, the absence of a
formal standard for formatting and transmitting margin and position data was a
significant hurdle to achieving efficient and cost effective connectivity
between market participants,” said Andres Choussy, Global Co Head of OTC
Clearing at J.P. Morgan. “We are pleased that this industry collaboration has
successfully produced this standard as this will facilitate operating in the
new market environment.”

The clearing broker support for CCS is the latest step in an industry push to
standardize the OTC derivatives margin statement reconciliation process for
all market participants. The adoption of CCS is expected to streamline the
client on-boarding process and reduce the overall cost and operational risk
associated with managing in multiple disparate reporting formats.

CCS provides standardized connectivity and reporting for central
counterparty-eligible interest rate and credit default swap products through
LCH.Clearnet, the CME Group, and Intercontinental Exchange. The ISDA CCS
Steering Committee is actively working with FCMs and custodians to include
additional products, participants, and geographies. Sapient Global Markets
provides PMO support and consulting services for the CCS. Other future
enhancements include conversion of the standard from a CSV template to FpML
under the guidance of the ISDA CCS Steering Committee and the FpML Working

For more information about the CCS, contact or

For Media Enquiries, Please Contact:

Lauren Dobbs, ISDA New York, +1 212 901 6019,
Rebecca O’Neill, ISDA London, +44 203 088 3586,
Donna Chan, ISDA Hong Kong, +852 2200 5906,
Matt Pennacchio, Sapient Global Markets, +1 646 520 2737,

About ISDA
Since 1985, ISDA has worked to make the global over-the-counter (OTC)
derivatives markets safer and more efficient. Today, ISDA has over 800 member
institutions from 60 countries. These members include a broad range of OTC
derivatives market participants including corporations, investment managers,
government and supranational entities, insurance companies, energy and
commodities firms, and international and regional banks. In addition to market
participants, members also include key components of the derivatives market
infrastructure including exchanges, clearinghouses and repositories, as well
as law firms, accounting firms and other service providers. Information about
ISDA and its activities is available on the Association's web site:

About Sapient Global Markets
Sapient Global Markets, a division of Sapient® (NASDAQ: SAPE), is a leading
provider of services to today’s evolving financial and commodity markets. We
provide a full range of capabilities to help our clients grow and enhance
their businesses, create robust and transparent infrastructure, manage
operating costs, and foster innovation throughout their organizations. We
offer services across Advisory, Analytics, Technology, and Process, as well as
unique methodologies in program management, technology development, and
process outsourcing. Sapient Global Markets operates in key financial and
commodity centers worldwide, including Boston, Chicago, Houston, New York,
Calgary, Toronto, London, Amsterdam, Düsseldorf, Geneva, Munich, Zurich,
Frankfurt and Singapore, as well as in large technology development and
operations outsourcing centers in Bangalore, Delhi, and Noida, India. For more
information, visit

ISDA^® is a registered trademark of the International Swaps and Derivatives
Association, Inc.
Sapient is a registered service mark of Sapient Corporation.


Sapient Global Markets
Matt Pennacchio, +1-646-520-2737
Press spacebar to pause and continue. Press esc to stop.