DTCC to expand sponsored service
April 1, 2019

The Depository Trust & Clearing Corporation (DTCC) has today announced its proposal to expand the Sponsored Service of its subsidiaryFixed Income Clearing Corporation (FICC) has been approved by the Securities and Exchange Commission (SEC). DTCC views this as the latest milestone in the transformation of the treasury market.

It says the expansion broadens the category of market participants who can participate as sponsors. It also changes how the service can be used, with sponsors now able to let their clients trade with counterparties other than themselves, providing sponsored members with the same execution flexibility they have in the bilateral market today.

"The greatest benefit of allowing different types of firms to be sponsors is that FICC has now made it possible to bring a much larger percentage of the market into clearing while maintaining our robust risk management standards," said Murray Pozmanter, DTCC Managing Director and Head of Clearing Agency Services. "This should create needed capacity for the market, while at the same time reducing systemic risk."

 





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The Depository Trust & Clearing Corporation (DTCC) has today announced its proposal to expand the Sponsored Service of its subsidiaryFixed Income Clearing Corporation (FICC) has been approved by the Securities and Exchange Commission (SEC). DTCC views this as the latest milestone in the transformation of the treasury market.

It says the expansion broadens the category of market participants who can participate as sponsors. It also changes how the service can be used, with sponsors now able to let their clients trade with counterparties other than themselves, providing sponsored members with the same execution flexibility they have in the bilateral market today.

"The greatest benefit of allowing different types of firms to be sponsors is that FICC has now made it possible to bring a much larger percentage of the market into clearing while maintaining our robust risk management standards," said Murray Pozmanter, DTCC Managing Director and Head of Clearing Agency Services. "This should create needed capacity for the market, while at the same time reducing systemic risk."

 



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