GLOBAL TRADE
REPOSITORY
THE INDUSTRY’S CHOICE
FOR REGULATORY REPORTING
GTR global presence
Canada
Europe
US
Japan
Hong Kong
Singapore
Australia
GTR is live
In 2009, the G20 leaders – in response to the
global financial crisis – agreed on a number
of principles to govern the derivatives markets.
Among these was the requirement that
derivatives contracts should be reported to
trade repositories.
The Depository Trust & Clearing Corporation
(DTCC) has been at the forefront of the
development of trade repositories, building
global capabilities across the spectrum of asset
classes. Today, its Global Trade Repository
(GTR) spans three continents, enabling users
to meet their regulatory reporting obligations
in an open, cost effective and efficient manner
via a single platform.
Financial markets and services will continue to innovate in response to new regulations
and changes in market structure. In this
ever-evolving environment, DTCC is uniquely
positioned to lead the industry in a new direction
and to resolve some of the top operational
challenges facing financial institutions.
This document outlines the benefits of the
GTR and how firms can use the platform
to meet increasing regulatory obligations in
the derivatives markets.
01
With over 40 years of experience,
DTCC is the premier post-trade market
infrastructure in the world.
02
DTCC, through its subsidiaries, is the leading
post-trade market infrastructure in the financial
services industry, standing at the center of
global trading activity.
DTCC has built a global infrastructure and
portal to provide trade reporting to multiple
regulators, in multiple formats across multiple
jurisdictions. Originally created in 2006 as
an asset servicing platform for credit default
swaps contracts, the GTR has been leveraged
in recent years to provide an unprecedented
degree of transparency to derivatives markets.
Industry bodies – the International Swaps
and Derivatives Association (ISDA) and
the Association for Financial Markets in
Europe (AFME) – selected the GTR as the
preferred platform for interest rate, credit,
equity, commodity and foreign exchange (FX)
derivatives. These decisions were based on
three pillars: DTCC’s experience and expertise,
the open access nature of GTR, and DTCC’s
history of collaboration with a wide spectrum of
players in the industry.
DTCC’s governance structure is based on
the active involvement of user shareholders,
who represent firms from across the globe.
DTCC’s board is composed of 19 directors,
of which 12 represent broker-dealers, banks,
and investment institutions.
An open access approach
DTCC believes in choice: the GTR is based
on a truly horizontal model, providing clients
with neutral and independent open access.
Users can report transactions to the GTR,
irrespective of where they trade or clear.
This choice enables them to meet reporting
requirements in multiple jurisdictions
through one single portal. Local customers
and regulators have access to the data and
processing capabilities of the GTR using their
own infrastructures.
The GTR provides open access by allowing
parties to a trade and third party providers
to report directly. This includes:
Collaboration
To meet the operational and regulatory
needs of the global derivatives marketplace,
DTCC has collaborated with regulators and
leading financial institutions, combining its
trade repository know-how with specialist
expertise in different asset classes. In interest
rate, credit and equity for example, DTCC
has worked with MarkitSERV, the post-trade
processing and workflow provider, to develop
reporting services for the industry and with
EFETnet for commodities. Likewise, in FX,
DTCC is working with post-trade solutions
provider, Traiana.
Moreover, we work with our user community
and with regulators to build the most appropriate
models to comply with regulation and user
governance requirements. The robustness
and safety of the resulting infrastructure protects
client data and respects the confidentiality
of that data.
Our utility, non-commercial model works
−−Parties to the trade (brokers, banks,
for the interests of users and of the market
asset managers, corporates etc.)
as a whole.
Experience
−−Electronic execution platforms
For 40 years, DTCC has played a critical role in
(exchanges, Swap Execution
reducing risk and protecting the global financial Facilities (SEFs), Organized Trading Facilities
system, while delivering cost efficiencies and
(OTFs), Designated
innovative post-trade solutions to meet the ever- Contract Markets (DCMs))
evolving needs of clients.
−−Clearing houses (CCPs) and Derivatives
Clearing Organizations (DCOs)
In the global derivatives markets, DTCC provides
−−Confirmation providers
services including data collection, event
−−Intermediaries (i.e. Interdealer brokers)
maintenance and aggregation for 99% of
−−Custodians and asset servicers
credit derivatives transactions traded globally.
−−Any other middleware providers
Additionally, the GTR supports the voluntary
contribution of data from the G16 for interest
rate derivatives and the G15 for equity
derivatives.
Parties to the trade
(brokers, banks, asset
managers, corporates
etc.)
Electronic execution
platforms (exchanges,
SEFs, OTFs, DCMs)
CCPs and DCOs
Confirmation
providers
Intermediaries
(Interdealer brokers)
Custodians and
asset servicers
Any other
middleware providers
GTR
Europe
European Securities &
Markets Authority
(ESMA)
US
Commodity Futures
Trading Commission
(CFTC)
US
Securities
and Exchange
Commission (SEC)
Japan
Japan Financial
Services Agency
(JFSA)
Singapore
Monetary Authority
of Singapore
(MAS)
Australia
Australian Securities &
Investments Commission
(ASIC)
Live
Live
Discussions
in progress
Live
Live
Live
Hong Kong Monetary Authority (HKMA)
Hong Kong
Canada
Various regional regulators
Public Dissemination
OTC Derivatives
Regulators’ Forum (ODRF)
reporting
Live
Live
Live
Live
DTCC acting as an agent
for HKTR
03
Our broad reach gives us a unique ability to
develop solutions that secure and shape the
future of the industry.
Reflecting the global nature of the derivatives
markets, DTCC operates the GTR as a
‘one-stop-shop’ for all of the five derivatives
asset classes – interest rate, credit, equity,
commodity and FX – with fully redundant
data centers in Europe, the US and Asia.
This structure – the first of its kind – ensures
that the service adheres to local regulatory
requirements and that each region has control
over and access to a global data set.
The GTR processes a multiple of current
global volumes, replicates all transaction
data in real-time to live sites on three different
continents and enables regulated local
access at each live site.
DTCC has established a number of
companies to support various asset classes
and jurisdictions:
DTCC operates a
non-commercial GTR for
all of the five derivatives
asset classes – Interest
Rate, Credit, Equity,
Commodity and FX
Derivatives
04
DTCC Trade Repositories
Asset Class Supported
Jurisdictions Currently Supported
DTCC Data Repository
(US) LLC
(“DDR US” a US company)
Interest Rate, Credit, Equity,
Commodity and FX Derivatives
US
(CFTC approved)
DTCC Derivatives
Repository Limited
(“DDRL” a UK company)
Interest Rate, Credit, Equity,
Commodity and FX Derivatives
ODRF reporting
Europe
(ESMA approved)
Agency reporting for Hong Kong
(agent services)
DTCC Data Repository
(Japan) KK
(“DDRJ” a Japanese company)
Interest Rate, Credit, Equity
and FX Derivatives
DTCC Data Repository (Singapore)
PTE Ltd
(“DDRS” a Singaporean company)
Interest Rate, Credit, Equity,
Commodity and FX Derivatives
Japan
(JFSA approved)
(Commodity reporting not required
under regulations)
Singapore
(MAS approved)
Australia
(prescribed by ASIC)
Our broad reach gives us a unique
ability to develop solutions that secure
and shape the future of the industry.
05
Our market position gives us
unique insights that foster ideas
to manage risk, reduce costs and
create efficiencies.
06
As a risk management instrument, derivatives
play an important role in the global economy.
A market of several hundred trillion dollars
requires transparency, not only for the regulators
tasked with macroprudential supervision,
but also for the firms participating in it. Many
buyside and sellside market participants and
platforms can use the GTR, including but not
restricted to:
−−Parties to the trade (brokers, banks,
asset managers, corporates etc.)
−−Third party providers who report on behalf
of their clients, including:
−−Electronic execution platforms
(exchanges, SEFs, OTFs, DCMs)
−−CCPs and DCOs
−−Confirmation providers
−−Intermediaries (Interdealer brokers)
−−Custodians and asset servicers
−−Any other middleware providers
There are multiple ways to submit trade
records to the GTR to provide maximum
flexibility to firms, based on technology and
volume considerations:
−−Web-based, CSV upload/SFTP: usually
preferred for small volume users
−−Web Services: geared for higher
volume users
−−MQ (Message Queue): FpML submissions
for large volume users
−−SWIFT
The GTR delivers heightened transparency.
Participants see the trades they have
submitted, as well as trades submitted
by other parties where they are named as
the counterparty; trades submitted by or
against other legal entities for which they
have been granted explicit permission to
see; and certain trade attributes, such as
internal trade references, trade valuation
and trader identification are masked
from counterparties.
The flexibility and versatility of the GTR,
along with its global reach and status as
a non-commercial industry co-operative,
makes it the ideal platform to serve as a
common processing solution to address key
challenges facing many financial institutions.
Reducing processing costs
The GTR can help firms reduce their
internal costs. Relying on a non-commercial,
global entity to deal with your regulatory
requirements will drive down costs through
economies of scale and produce real savings
for industry participants. Market participants
can significantly reduce the cost burden of
complying with derivatives regulations as
the GTR enables them to build to one hub,
from which data can be disseminated to the
appropriate regulatory authorities.
As a risk management
instrument, derivatives
play an important role in
the global economy
07
45 financial industry regulators worldwide
have linked to DTCC’s portal. Based on this
foundation, DTCC’s GTR provides regulators
with an effective risk management tool,
creating a unique, single view across borders
that enables them to centrally oversee market
participants and conduct market surveillance.
As regulations are developed in each of the
G20 countries, the portal will also facilitate
reporting to meet the requirements of those
regulatory regimes. Moreover, the framework
can be extended to support the reporting of
additional asset classes.
The GTR provides a single, and simple to use
central point of access for users. The service
is based on global derivatives standards
such as the FSB standards for global LEI
as well as ISDA product and trade identifier
protocols. By working collaboratively with
the market community, DTCC has been able
to help encourage the adoption and use
of standards for the benefit of the community
as a whole. While regulators have access
to a comprehensive data set for all entities
and derivatives transactions within their
jurisdiction, the GTR holds a global data
set that spans geographical boundaries.
As a result, it provides a central location to
view and understand cross-border liquidity
issues and trading activity as well as risk
concentrations that may not be visible to
a regulator in a particular region.
The GTR allows for enhanced data analysis
that will enable supervisors to work more
collaboratively to connect the dots between
jurisdictions and understand how market
activity in one region could affect financial
stability in another part of the world. DTCC
is focused on data security and protection;
the data held within the GTR is protected and
client confidentiality ensured. DTCC works
with the OTC Derivatives Regulators Forum
(ODRF) to develop and implement standards
for data disclosure, ensuring appropriate data
aggregation and anonymisation.
08
The GTR allows for
enhanced data analysis
that will enable
supervisors to work
more collaboratively
to connect the dots
between jurisdictions
Our proactive and objective stance
allows regulators and market
participants to meet the demands
of an evolving marketplace.
09
Our transparency provides
better data, while our horizontal
model allows for open access,
without conflict or prejudice.
10
Does my firm need to report to
DTCC for all asset classes?
No. Firms use DTCC’s GTR for regulatory
reporting obligations on a single individual
asset class, a subset of all asset classes,
or as a complete solution for all domestic
and global regulatory reporting requirements
for all asset classes. If the firm uses the GTR
for multiple asset classes, DTCC provides a
reporting framework and messaging architecture
which is common across all asset classes.
Who needs to report?
This depends on the regulation governing the
reporting entity, for example Dodd-Frank or
EMIR. DTCC has the capability to support any
type of firm whether they are reporting directly
or via a third party.
Does my firm need an LEI to report
transactions to DTCC’s GTR?
This depends on the jurisdiction the reporting
entity is subject to. For example, under
Dodd-Frank and EMIR, each entity reporting
transactions to a trade repository for CFTC
or ESMA is required to have an LEI. A few
organizations have been accredited to issue
LEIs, one of them is the GMEI Utility. To register
an LEI, please visit GMEIutility.org.
Is the repository for bilateral
transactions only?
No. The GTR supports all derivatives trade
execution types – both OTC and exchangetraded – regardless of method, including
bilateral execution, brokered trades, and trades
executed on an electronic platform. It also
supports all transaction submissions whether
electronically confirmed or paper confirmed
as well as cleared or uncleared trades.
How can my firm send messages to the GTR?
Users can connect to the GTR using a variety
of technological interfaces. If connected, firms
can use either DTCC’s proprietary Securely
Managed and Reliable Technology (SMART)
network or the BT Radianz network to submit
records into the GTR. A direct MQ link is
available to submit FpML messages and a
Web Graphical User Interface is also provided to
firms that wish to “Login and Upload” their trade
data directly into the GTR via a CSV file upload.
DTCC also provides Web Services functionality.
How can my firm receive information/reports
from DTCC’s GTR?
The GTR provides daily pre-defined asset
class specific reports. In addition to this,
it employs a Business Intelligence Report
interface that allows users to create customized
reports and view the data they have submitted
into the repository.
What are the different message types?
The following message types are supported
to report to the GTR:
Real-time price data
Allows the firm to submit price data to comply
with regulations, including Dodd-Frank.
In addition to the real-time reporting message,
which is required under Dodd-Frank, the GTR
provides interfaces that enable firms to provide
detailed trade economics and confirmation
data to the GTR.
Position updates
Allows the firm to submit position updates
using lifecycle methodology or end of day
(snapshot) reporting.
Valuations
How does the GTR handle paper
confirmations?
Allows the firm to report the valuation
of a position previously sent to the GTR.
Clients can submit images of paper
confirmation documents in a variety of
formats. The document images are submitted
with a small number of electronic fields that
allow for search, retrieval, and permissioning/
security, so that the full paper confirmation
details can be viewed by all authorized
parties depending on legal requirements.
A valuation message is applied at the individual
Unique Swap Identifier (USI) level.
How does reporting work between different
countries with different regulatory
jurisdictions or agencies?
When different regulatory jurisdictions
are involved, the GTR utilizes participants’
regulatory identification on the inbound
message to direct the records to the
relevant trade repositories for regulator
access to data.
Under EMIR, collateral information is
also captured and maintained by the GTR.
Collateral and valuation need to be reported by
11 August 2014.
Document
Allows the firm to submit a PDF version
of the trade confirmation or any supporting
documents to the repository along with a
message that provides a minimal set of
economic terms and identifying information.
Event processing
Allows the firm to provide data related
to events which result in trade modification
such as credit events, compression events,
reorganization events, etc. This interface may
be utilized by any third party event processing
service (e.g. Trade Information Warehouse).
11
What type of information is
publicly disseminated?
Who is able to see my
transactions and positions?
Wherever we are required to, we have the
capability to disseminate information.
The GTR provides aggregate data reporting
and real-time price reporting. The reporting
is at an aggregate and anonymous level for
the purpose of providing transparency of the
size of the market, e.g. number of outstanding
positions and notional amounts to the public
at large – counterparty names are not disclosed.
Within my firm?
No. Neither counterparty’s identity, nor the
USI, are part of the real-time message publicly
disseminated.
What is the difference between the lifecycle
and snapshot position reporting?
The essential difference is that snapshot
reporting allows for a daily, point-in-time report
of the state of each contract within a firm’s
portfolio. The lifecycle, or transaction-based
approach, requires each discrete event to
be reported individually. Thus, an individual
contract (at any given point in time) can
be constructed from the series of individual
discrete events that have been reported.
Does the GTR provide reconciliation
capabilities for parties to the trades?
Yes. The GTR produces data for aggregate
positions, as well as transaction reports per
participant, allowing each firm to reconcile
their internal books and records to the
positions held in the repository.
12
Within specific third parties?
Any submitter of information into the GTR
can view the data they have submitted.
By default, a firm’s data is not viewable by
any other third party unless it has explicitly
granted such permission.
What about my counterparty?
Any counterparty that has onboarded to
DTCC and has been named on a submission
to the GTR can view the details of that
particular submission. As there may be some
fields associated with a trade which may
contain private or sensitive internal information,
these fields remain hidden from view.
Which regulators are able to access
my information?
Regulators access trade data or reports based
on permissioning logic maintained in the GTR
account system. The criteria for permissioning
vary depending on the supervisory authority.
Designed by www.greentarget.co.uk
Will my firm be identified in the
public reporting?
Firms wishing to connect to the DTCC’s GTR
appoint one or more Super Access Coordinators
(SACs), who submit forms detailing the level
of access their firm requires to DTCC’s GTR
onboarding team. SACs create individual
accounts within their own firm and control the
level of access each user account has.
Europe and Middle East
+ 44 207 650 1545
Group email
[email protected]
Asia Pacific and Japan
+ 81 3 6721 8876
Group email
[email protected]
Canada, North, Central
and South America
+ 1 212 855 3531
Group email
[email protected]
For more information go to:
http://www.dtcc.com/gtr
To learn about career opportunities at DTCC,
please go to dtcc.com/careers.
September 2015
4885 ER 092015
This description is for informational purposes.
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Procedures, and Service Guides for each
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conditions and limitations applicable to this
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