Clearing Corp., DTCC sign OTC derivatives deal

Clearing Corp. and the Depository Trust & Clearing Corp. signed an agreement to provide new central counterparty services for over-the-counter derivatives, the two clearinghouses said in a statement today. Members of CCorp, which provides netting and clearing services for global exchange-traded and OTC derivatives, will be able to use DTCC’s Trade Information Warehouse unit, which keeps record of transactions and open positions in credit derivatives contracts. CCorp members’ access to the warehouse, scheduled to start in the third quarter, will provide transparency to the credit derivatives contracts market with daily mark-to-market positions, which increases capital efficiency and lowers direct counterparty risk.