The Depository Trust & Clearing Corporation (DTCC) has signed up Goldman Sachs, BNP Paribas, Credit Suisse First Boston and Bear Stearns to its new matching service for credit default swaps.
A total of ten firms - including JPMorgan Chase, Deutsche Bank and Morgan Stanley - have now signed up to the service, which is expected to begin initial production in June.
Janet Wynn, DTCC managing director and general manager of the service, says the system will use existing connections, infrastructure and customer support services so the indsutry doesn't have to pay for a separate stand-alone process.
She adds that the service will use a new Web-based front end and FpML formats.