The Depository Trust & Clearing Corporation (DTCC) announced today that payments on sovereign credit default swaps contracts related to Greece were successfully completed.
DTCC´s Trade Information Warehouse (TIW) provides post-trade processing services for OTC credit derivative trades. TIW has completed the restructuring event for the Hellenic Republic (Greece sovereign entity) for single name and index (ITRAXX SovX) transactions. US$2.89 billion in net funds (U.S. dollar equivalent) were transferred on March 26 from net sellers of protection to net buyers of protection.
The auction for Greece sovereign bonds was held on March 19. The auction was conducted in accordance with the International Swaps and Derivatives Association (ISDA) protocols. Markit and Creditex are the official administrators of credit event auctions (www.creditfixings.com).
DTCC´s Warehouse is the global electronic central registry for credit default swaps. With a client base that includes virtually all global derivatives dealers and almost 2,300 buy-side firms globally in more than 78 countries, about 98% of all credit default swaps traded are in the Warehouse.
DTCC posts data on the outstanding gross and net notional values on the top 1,000 single name entities underlying CDS contracts and all CDS indices each week. The data is updated every Tuesday after 5 p.m. ET (2200 GMT). The data is available at: http://www.dtcc.com/products/derivserv/data/index.php in Tables 6 and 7. Global regulators are provided more confidential and up-to-date data through a special regulators´ Web portal.
DTCC´s Trade Information Warehouse has been available since 2006 for the post-trade processing of OTC credit derivatives trades. Since 2008, the Warehouse has processed and settled more than 111 credit events and 12 restructuring events on CDS trades.
About DTCC
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC´s depository provides custody and asset servicing for almost 3.7 million securities issues from the United States and 121 other countries and territories, valued at US$39.5 trillion. In 2011, DTCC settled nearly US$1.7 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas. For more information, please visit www.dtcc.com.
DTCC offers post-trade processing services for OTC credit derivatives through the Trade Information Warehouse. DTCC also currently provides repository services for credit derivatives and equity derivatives. It will be expanding these services in 2012 to support trade reporting for all OTC derivatives products, including interest rate derivatives, foreign exchange derivatives and, in partnership with EFETnet, commodities derivatives.
