DTCC Statement On The U.S. House Of Representatives Passage Of H.R. 742

The Depository Trust & Clearing Corporation (DTCC) General Counsel Larry Thompson today issued the following statement in response to the U.S. House of Representatives passage of the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 (H.R. 742):

“DTCC applauds the House of Representatives for taking decisive action today to maintain the current high level of transparency of over-the-counter (OTC) derivatives markets. This legislation will help ensure that regulators and the public continue to have access to a consolidated and accurate view of the global marketplace, including concentrations of risk and market exposures. Today’s 420-2 recorded House vote in support of H.R. 742 has sent a clear message that Congress is committed to avoiding fragmenting the current global data set for OTC derivatives and is strongly committed to global data sharing. We urge the Senate to move swiftly in taking up this legislation and resolve issues surrounding the indemnification provisions and confidentiality requirements of the Dodd-Frank Act.”