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THE STORY OF THE DEPOSITORY TRUST & CLEARING CORPORATION
That same attitude permeates all DTCC functions. DTCC Deriv/SERV, a subsidiary established in 2003, provided confirmation applications and matching service to the over-the-counter (OTC) derivatives markets from credit, rates and equities. The company’s capabilities expanded in 2006 to provide warehousing services for credit default swap trades. In 2009, Deriv/SERV and Markit, a London-based data provider, formed joint venture MarkitSERV to operate the confirmation matching platforms and portfolio reconciliation tools. Deriv/SERV sold its 50 percent stake in the company to Markit in 2016. In 2018, Deriv/SERV underwent a technology makeover, despite it being fairly new at that time. “We realized that we needed to do something to make it more efficient, stable and client-friendly,” said Chris Childs, managing director, head of Repository & Derivatives Services. “We’re constantly trying to innovate because it’s important that we’re always ahead of the game.” Like Deriv/SERV, DTCC’s Global Trade Repository (GTR), which provides services for derivatives and securities financing transactions and is the only industry-owned and governed global provider of trade reporting services, also underwent major technology changes. “In today’s global trade reporting landscape, enhanced flexibility is required to quickly respond to evolving regulatory mandates,” Childs said. “To meet the growing need for scalable, resilient and reliable trade reporting infrastructure, we completed a multiyear re-architecture of our GTR platform. Leveraging the latest cloud technologies has allowed us to simplify our platform infrastructure and enabled it to function across jurisdictions and products while supporting regional nuances in reporting requirements.”
Above: In 2009, DTCC’s UK-based Deriv/SERV subsidiary, in collaboration with Markit, was selected as the provider for the repository for OTC equities derivatives. (Photo by Alev Takil courtesy of Unsplash.) Below: Chris Childs, managing director, head of Repository & Derivatives Services, sees DTCC’s forward-thinking approach as proactive, not reactive, when it comes to developing problem-solving solutions.
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