The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that the community leveraging its DTCC Report Hub service has grown to more than 70 firms, including leading banks, major swap dealers, and some of the largest custodians, clearing houses and buy-side firms across the globe. The increased adoption of Report Hub comes as the industry prepares for forthcoming regulatory changes in global derivatives trade reporting.
“As local and global regulatory demands increase, firms are looking for solutions to address the complexities of trade reporting. With CFTC trade reporting changes expected in December, we’ve seen strong demand for Report Hub amongst firms with CFTC reporting obligations,” said Chris Childs, Managing Director, Head of Repository & Derivatives Services, DTCC.
“Report Hub’s growing community is testament to its unrivalled asset class and jurisdictional coverage as well as its robust capabilities. We look forward to welcoming new clients to the service and in working with the industry to address evolving regulatory demands.”
DTCC Report Hub is designed to assist firms with managing their pre and post reporting needs across 14 jurisdictions, covering global derivatives, SFTR and MiFID II. With a proven track record, the customizable and cloud hosted service helps clients increase efficiency, certainty and control over their reporting process while lowering risk. The solution also helps reduce costs for enhancements related to future regulatory changes, as there are no additional license fees for regulatory upgrades including the upcoming global regulatory trade reporting rewrites.
When DTCC Report Hub and DTCC’s Global Trade Repository (GTR) services are used together, clients can tap into a robust, single vendor solution that assists with tasks throughout the reporting lifecycle – from data extraction, to reporting to the trade repository, to post reporting quality assurance tools.
Industry demand for a comprehensive pre and post trade reporting solution has increased as firms prepare for evolving regulations. Since the 2008 financial crisis, regulatory scrutiny and ongoing mandate changes have led to increased data management complexities and compliance demands, as internal teams face the burden of monitoring and addressing evolving reporting requirements over time.
With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 21 locations around the world, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2020, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $2.3 quadrillion. Its depository provides custody and asset servicing for securities issues from 170 countries and territories valued at U.S. $73.5 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes 15 billion messages annually.