Depository Trust supports clearinghouse for OTC swaps

01/14/2009 | MarketsMedia

The Depository Trust & Clearing Corp. has agreed to support initiatives to create a central clearinghouse for credit default swaps through its Trade Information Warehouse unit. "From the outset of our involvement in the OTC derivatives market in 2003, DTCC has been committed to bringing automation, certainty and reduced risk to trading in CDS and other derivatives instruments," said Peter Axilrod, managing director at DTCC. SIFMA, along with 16 dealers and other trade groups, sent a letter to the Federal Reserve Bank of New York in October expressing a commitment to use such a clearinghouse.

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