30 July 2016
Find out more

DTCC introduces automated payments reconciliation service

09 January 2004  |  5557 views  |  0 DTCC introduces automated payments reconciliation service

The US Depository Trust & Clearing Corporation (DTCC) has launched an automated payment reconciliation service for credit default swaps in accordance with the International Swaps and Derivatives Association (ISDA) cash flow matching recommendations.

The ISDA recently released a consultation paper that called for automated trade verification, confirmation and legal execution for all OTC derivatives trades by June 2005, and automated cash flow matching and cross-product netting and portfolio reconciliation to be in place by December 2006.

The DTCC says 12 dealers tested its new payment reconciliation service last year and the system could ultimately pave the way for netting of cash flows between trading partners.

Furthermore, the DTCC plans to upgrade its platform in April to allow members - specifically buy-side firms - to do assignments and partial terminations of credit default swaps.

The DTCC introduced Deriv/Serv, a automated matching service for credit default swaps in 2003. So far 10 dealers are live on the system, with additional dealers and buy-side firms expected to join in early 2004.

Peter Axilrod, managing director, DTCC's new business development, says the corporation will be rolling out a number of services over the next few months.

"We believe the recommendations announced by ISDA will help move OTC derivatives automation ahead that much faster," says Axilrod.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

DTCC launches credit default swaps confirmation service

DTCC launches credit default swaps confirmation service

24 November 2003  |  6641 views  |  0 comments
DTCC pilots online research archive

DTCC pilots online research archive

30 July 2003  |  2895 views  |  0 comments
DTCC issues blueprint for automating corporate actions

DTCC issues blueprint for automating corporate actions

18 June 2003  |  5055 views  |  0 comments
DTCC signs four more to credit default swaps matching service

DTCC signs four more to credit default swaps matching service

02 June 2003  |  3971 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comFind out moreVisit capgemini.com

Who is commenting?

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
8374 views comments | 38 tweets | 55 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7137 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6814 views 0 | 6 tweets | 8 linkedin
hands typing furiouslyWhat is FinTech and where does it Live?
5912 views 0 | 14 tweets | 4 linkedin

Featured job

Find your next job