DTCC Launches Global OTC Equity Derivatives Matching and Confirmation Service
Depository Trust & Clearing Corporation launched its global OTC equity derivatives matching and confirmation service with five major dealers, the industry-owned utility announced yesterday. The equity derivatives service is designed to reduce the costs and the risk for the industry by eliminating slow and costly manual confirmation processing.
DTCC claims this is the first automated, global central matching and confirmation utility for OTC equity derivatives.
The service includes all relevant life cycle events involving share options and index options, including new trades, full and partial terminations, increases and amendments. DTCC is also preparing a service for interest rate derivatives matching and confirmation for early next year, beginning with interest rate swaps and swaptions (options on swaps).
This follows the launch of DTCC's credit default swaps matching and confirmation service launched in late 2003.