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DTCC urges against swaps fragmentation
22 March 2012
The Depository Trust & Clearing Corporation has endorsed The Swap Data Information Sharing Act, which removes Dodd Frank's indemnification and plenary access provisions for derivatives
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Depository Trust & Clearing Corporation
Dodd Frank
indeminification
swaps
derivatives
The Depository Trust & Clearing Corporation (DTCC) has urged the US Congress to pass new bipartisan legislation to prevent fragmentation of global swaps data and ensure transparency of over-the-counter (OTC) derivatives markets.
In testimony before the House Capital Markets and Government Sponsored Enterprises Subcommittee yesterday, Donald Donahue, DTCC’s president and chief executive officer, endorsed The Swap Data Information Sharing Act.
The legislation would remove the indemnification provisions from the Dodd-Frank Act, which require US-based swap data repositories (SDR) to receive a written indemnification agreement from non-US regulators before sharing critical market data with them. Many regulators worldwide have indicated that they would be unable or unwilling to provide such an agreement because the...
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