DTCC did not anticipate client 'avalanche', says Broderick

Repository has apologised to clients caught in Emir reporting backlog

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 failure" and says the company has since apologised to its users.

"If I had my time again, my thoughts

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