DTCC reveals Deriv/Serv expansion
The Depository Trust and Clearing Corporation (TCC) has expanded its Deriv/Serv matching and confirmation service to provide support for trades in interest rate swaps and swaptions, equity swaps and variance swaps.
Deriv/Serv will start supporting trades in interest rates swaps and swaptions immediately, with equity and variance swap support becoming available in September. It will provide real-time matching and confirmation, as well as handling new trades, full or partial terminations, increases, amendments and exits.Janet Wynn, DTCC's Deriv/Serv managing director and general manager, said the company's 23 major dealer clients would benefit from higher trade confirmation rates. Use of the service would continue to be free to buy-side customers, she added.
Deriv/Serv already covers credit default swaps and CDS indexes; it added equity index options and equity options in September last year. The introduction of the new capabilities has been delayed from an original target in-service date of December 2004.
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