Derivatives Group Selects DTCC for Rate Swap Repository

The International Swaps and Derivatives Association selected the Depository Trust & Clearing Corp. to help it record all trades in the $348 trillion interest-rate swap market, the group said in an e-mailed statement.

The selection takes the business from TriOptima, now a unit of ICAP Plc (IAP), which in 2009 was selected by ISDA to record all transactions in the market. After the Dodd-Frank Act was passed in July, ISDA issued a call in March for companies to submit repository proposals based on the increased regulatory demands mandated by the new law.

The rates steering committee of ISDA, the industry and lobbying group for dealers and money managers active in swaps, made the DTCC selection, the statement said.

Dodd-Frank requires that most interest-rate and other swaps be processed by clearinghouses to lower systemic risk. All trades, whether cleared or not, must be reported to repositories so regulators can have a full view of the market at any point in time. The New York-based DTCC also manages the trade repository for the credit-default swap market.

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