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DTCC did not anticipate client 'avalanche', says Broderick

Sandy Broderick, chief executive of the DTCC's repository service, says "our major failure" was not being ready for a late surge of clients that left thousands of accounts in a queue when Europe's derivatives reporting rules took effect last month

sandy-broderick
Sandy Broderick, DTCC Deriv/Serv

The Depository Trust & Clearing Corporation (DTCC) was not prepared for a late surge of interest in its European derivatives repository that left thousands of clients stranded when the region's reporting deadline took effect on February 12, according to Sandy Broderick, chief executive of DTCC Deriv/Serv.

Speaking to Risk in his first interview since the deadline, Broderick calls it "our major

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