The DTCC's repository monopoly


In September 2005, the Federal Reserve Bank of New York hosted a meeting with market participants and international supervisors in the over-the-counter credit derivatives market to discuss a number of operational and processing issues. In the first of a regular series of voluntary commitments that followed, participants undertook to reduce processing backlogs and increase automation.

A year later, the New York-based Depository Trust & Clearing Corporation (DTCC) launched the so-called ‘Trade

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