DTCC's Trade Information Warehouse wraps CDS processing for three Icelandic banks

By Jennifer Chiou

New York, Nov. 21 - The Depository Trust & Clearing Corp. announced that its Trade Information Warehouse, the worldwide central trade registry it maintains on credit derivatives, successfully completed the automated credit event processing and settlement of Landsbanki Islands hf, Glitnir Banki hf and Kaupping Banki hf over-the-counter credit default swap contracts.

According to a news release, about $4.65 billion dollar equivalent of net funds were transferred from net sellers of protection to net buyers of protection across all three reference issuers.

DTCC said that the portion of this net funds settlement allocable to trades between major dealers was settled through the normal settlement procedures of CLS Bank International.

The auction for Landsbanki Islands, Glitnir and Kaupping were held on Nov. 4, 5 and 6, respectively.

Markit and Creditex are the official administrators of credit event auctions.

On Oct. 31, DTCC said it will post on its web site, dtcc.com/derivserv, the outstanding gross and net notional values of credit default swap contracts registered in the warehouse for the top 1,000 underlying single-name reference entities and all indexes, as well as certain aggregates of this data on a gross notional basis only on a weekly basis.

The Trade Information Warehouse is a service offering of DTCC Deriv/SERV LLC, a wholly owned subsidiary of DTCC.

DTCC is a post-trade clearance and settlement infrastructure for the U.S. capital markets.

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