DTCC announces European trade warehouse plans

The Depository Trust & Clearing Corporation has announced that it will set up a separate European trade warehouse for credit derivatives, run by a UK-registered subsidiary. It says the move is intended to give European regulators and the public better access to data on credit default swap trades.

The move is largely cosmetic, since the information kept in the new warehouse will be identical to that in the existing trade warehouse maintained by the US-based company. But it is no doubt intended to deflect resentment from European regulators, who have complained that trade information on the global credit default swap market is currently available only from an entity based in the US.