DTCC and MarkitSERV to jointly operate equity derivatives repository

The Depository Trust & Clearing Corporation (DTCC), which operates the trade information warehouse for credit derivatives, and MarkitServ will jointly operate an equity derivatives reporting repository. MarkitServ is a joint venture between the DTCC and data provider Markit.

The International Swaps and Derivatives Association was responsible for running the selection process and defining the terms of service.

Six companies presented proposals to an initial valuation committee comprising representatives from Isda's equity steering committee and the equity implementation group. A second round of presentations by the three short-listed firms to certain members of the equity steering committee took place in the week beginning October 12.

Other firms rumoured to have submitted proposals included Stockholm-based technology company TriOptima, which was selected to provide a trade repository for interest rate derivatives on September 16.

In its letter to the Federal Reserve Bank of New York on June 2, the Operations Management Group, a consortium of 27 broker-dealers, buy-side firms and industry associations, committed to record all interest rate derivatives trades by December 31 this year and all equity derivatives trades by July 31, 2010.

 

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