GLOBAL TRADE

REPOSITORY
THE INDUSTRYS CHOICE
FOR REGULATORY REPORTING
GTR global presence

Canada Europe

US Japan

Hong Kong

Singapore

Australia

GTR is live
In 2009, the G20 leaders in response to the
global financial crisis agreed on a number
ofprinciples to govern the derivatives markets.
Among these was the requirement that
derivatives contracts should be reported to
traderepositories.
The Depository Trust & Clearing Corporation
(DTCC) has been at the forefront of the
development of trade repositories, building
global capabilities across the spectrum of asset
classes. Today,its Global Trade Repository
(GTR) spans three continents, enabling users
to meet their regulatory reporting obligations
in anopen,cost effective and efficient manner
viaasingle platform.
Financial markets and services will continue
toinnovate in response to new regulations
andchanges in market structure. In this
ever-evolving environment, DTCC is uniquely
positioned to lead the industry ina new direction
and to resolve some of the top operational
challenges facing financial institutions.
This document outlines the benefits of the
GTR and how firms can use the platform
to meet increasing regulatory obligations in
thederivatives markets.

01
 With over 40 years of experience,
DTCC is the premier post-trade market
infrastructure in the world.

02
DTCC, through its subsidiaries, is the leading
post-trade market infrastructure in the financial
services industry, standing at the center of
global trading activity.
DTCC has built a global infrastructure and
portal to provide trade reporting to multiple
regulators, in multiple formats across multiple
jurisdictions. Originally created in 2006 as
an asset servicing platform for credit default
swapscontracts, the GTR has been leveraged
in recent years to provide an unprecedented
degree of transparency toderivatives markets.
Industry bodies the International Swaps
and Derivatives Association (ISDA) and
the Association for Financial Markets in
Europe (AFME) selected the GTR as the
preferred platform for interest rate, credit,
equity, commodity and foreign exchange (FX)
derivatives. These decisions were based on
three pillars: DTCCs experience and expertise,
the open access nature of GTR, and DTCCs
history ofcollaboration with a wide spectrum of
players in the industry.
Experience
For 40 years, DTCC has played a critical role in
reducing risk and protecting the global financial Facilities (SEFs), Organized Trading Facilities
system, while delivering cost efficiencies and
innovative post-trade solutions to meet the ever- Contract Markets (DCMs))
evolving needs of clients.
In the global derivatives markets, DTCC provides
services including data collection, event
maintenance and aggregation for 99% of
credit derivatives transactions traded globally.
Additionally, the GTR supports the voluntary
contribution of data from the G16 for interest
rate derivatives and the G15 for equity
derivatives.
DTCCs governance structure is based on Collaboration
the active involvement of user shareholders, To meet the operational and regulatory
who represent firms from across the globe. needs of the global derivatives marketplace,
DTCCs board iscomposed of 19 directors, DTCC has collaborated with regulators and
of which 12 represent broker-dealers, banks, leading financial institutions, combining its
andinvestment institutions. trade repository know-how with specialist
An open access approach expertise indifferent asset classes. In interest
rate, creditand equity for example, DTCC
DTCC believes in choice: the GTR is based
has worked with MarkitSERV, the post-trade
onatruly horizontal model, providing clients
processing andworkflow provider, todevelop
with neutral and independent open access.
reporting services for the industry and with
Users can report transactions to the GTR,
EFETnetfor commodities. Likewise, in FX,
irrespective of where they trade or clear.
DTCC is working with post-trade solutions
This choice enables them to meet reporting
provider, Traiana.
requirements in multiple jurisdictions
through one single portal. Local customers Moreover, we work with our user community
and regulators have access to the data and and with regulators to build the most appropriate
processing capabilities of the GTR using their models to comply with regulation and user
own infrastructures. governance requirements. The robustness
andsafety of the resulting infrastructure protects
The GTR provides open access by allowing
client data and respects the confidentiality
parties to a trade and third party providers
ofthatdata.
toreport directly. This includes:
Our utility, non-commercial model works
Parties to the trade (brokers, banks,
for the interests of users and of the market
asset managers, corporates etc.)
as a whole.
Electronic execution platforms
(exchanges, Swap Execution
(OTFs), Designated
Clearing houses (CCPs) and Derivatives
Clearing Organizations (DCOs)
Confirmation providers
Intermediaries (i.e. Interdealer brokers)
Custodians and asset servicers
Any other middleware providers

Parties to the trade Electronic execution CCPs and DCOs Confirmation Intermediaries Custodians and Any other
(brokers, banks, asset platforms (exchanges, providers (Interdealer brokers) asset servicers middleware providers
managers, corporates SEFs, OTFs, DCMs)
etc.)

GTR
Europe US US Japan Singapore Australia
European Securities & Commodity Futures Securities Japan Financial Monetary Authority Australian Securities &
Markets Authority Trading Commission and Exchange Services Agency of Singapore Investments Commission
(ESMA) (CFTC) Commission (SEC) (JFSA) (MAS) (ASIC)
Live Live Discussions Live Live Live
in progress

Hong Kong Canada Public Dissemination OTC Derivatives

Hong Kong Monetary Authority (HKMA) Various regional regulators Regulators Forum (ODRF)
DTCC acting as an agent reporting
for HKTR
Live Live Live Live

03
Our broad reach gives us a unique ability to DTCC Trade Repositories Asset Class Supported Jurisdictions Currently Supported
develop solutions that secure and shape the
DTCC Data Repository Interest Rate, Credit, Equity, US
future of the industry.
(US) LLC Commodity and FX Derivatives (CFTC approved)
Reflecting the global nature of the derivatives (DDR US a US company)
markets, DTCC operates the GTR as a
one-stop-shop for all of the five derivatives DTCC Derivatives Interest Rate, Credit, Equity, ODRF reporting
asset classes interest rate, credit, equity, Repository Limited Commodity and FX Derivatives
Europe
(DDRL a UK company)
commodity and FX with fully redundant (ESMA approved)
data centers in Europe, the US and Asia.
Agency reporting for Hong Kong
This structure the first of its kind ensures (agent services)
that the service adheres to local regulatory
requirements and that each region hascontrol DTCC Data Repository Interest Rate, Credit, Equity Japan
over and access to a global data set. (Japan) KK and FX Derivatives (JFSA approved)
(DDRJ a Japanese company)
The GTR processes a multiple of current (Commodity reporting not required
global volumes, replicates alltransaction under regulations)
data in real-time to live sites on three different
continents and enables regulated local DTCC Data Repository (Singapore) Interest Rate, Credit, Equity, Singapore
access at each livesite. PTE Ltd Commodity and FX Derivatives (MAS approved)
(DDRS a Singaporean company)
Australia
DTCC has established a number of
(prescribed by ASIC)
companies to support various asset classes
and jurisdictions:

DTCC operates a
non-commercial GTR for
all of the five derivatives
asset classes Interest
Rate, Credit, Equity,
Commodity and FX
Derivatives

04
 Our broad reach gives us a unique
ability to develop solutions that secure
and shape the future of the industry.

05
 Our market position gives us
unique insights that foster ideas
to manage risk, reduce costs and
create efficiencies.

06
As a risk management instrument, derivatives
play an important role in the global economy.
A market of several hundred trillion dollars
requires transparency, not only for the regulators
tasked with macroprudential supervision,
but also for the firms participating in it. Many
buyside and sellside market participants and
platforms can use the GTR, including but not
restricted to:
Parties to the trade (brokers, banks,
assetmanagers, corporates etc.)
Third party providers who report on behalf
oftheir clients, including:
Electronic execution platforms
(exchanges, SEFs, OTFs, DCMs)
CCPs and DCOs
Confirmation providers
Intermediaries (Interdealer brokers)
Custodians and asset servicers
Any other middleware providers
There are multiple ways to submit trade
records to the GTR to provide maximum
flexibility to firms, based on technology and
volume considerations:
Web-based, CSV upload/SFTP: usually
preferred for small volume users
Web Services: geared for higher
volumeusers
MQ (Message Queue): FpML submissions
forlarge volume users
SWIFT
The GTR delivers heightened transparency.
Participants see the trades they have
submitted, as well as trades submitted
byother parties where they are named as
the counterparty; trades submitted by or
against other legal entities for which they
have been granted explicit permission to
see; and certain trade attributes, such as
internal trade references, trade valuation
and traderidentification are masked
fromcounterparties.
The flexibility and versatility of the GTR,
alongwith its global reach and status as
a non-commercial industry co-operative,
makesittheideal platform to serve as a
commonprocessing solution to address key
challenges facing many financial institutions.
Reducing processing costs
The GTR can help firms reduce their
internal costs. Relying on a non-commercial,
global entity to deal with your regulatory
requirements will drive down costs through
economies of scale and produce real savings
for industry participants. Market participants
can significantly reduce the cost burden of
complying with derivatives regulations as
the GTR enables them to build to one hub,
from which data can be disseminated to the
appropriate regulatory authorities.
As a risk management
instrument, derivatives
play an important role in
the global economy
07
45 financial industry regulators worldwide
have linked to DTCCs portal. Basedon this
foundation, DTCCs GTR provides regulators
with an effective risk management tool,
creating a unique, single view across borders
The GTR allows for
that enables them to centrally oversee market
participants and conduct market surveillance.
enhanced data analysis
As regulations are developed in each of the that will enable
G20 countries, the portal will also facilitate
reporting to meet the requirements of those supervisors to work
more collaboratively
regulatory regimes. Moreover, theframework
can be extended to support thereporting of
additional asset classes.
The GTR provides a single, and simple to use
to connect the dots
central point of access for users. The service
is based on global derivatives standards
between jurisdictions
such as theFSB standards for global LEI
as well asISDA product and trade identifier
protocols. Byworking collaboratively with
the market community, DTCC has been able
to help encourage the adoption and use
ofstandards for the benefit of the community
as a whole. While regulators have access
to a comprehensive data set for all entities
and derivatives transactions within their
jurisdiction,the GTR holds a global data
set thatspans geographical boundaries.
Asaresult, itprovides a central location to
view and understand cross-border liquidity
issues and trading activity as well as risk
concentrations that may not be visible to
aregulator in a particular region.
The GTR allowsfor enhanced data analysis
that will enable supervisors to work more
collaboratively to connect the dots between
jurisdictions and understand how market
activity in one region could affect financial
stability in another part of the world. DTCC
isfocused ondata security and protection;
the data held within the GTR is protected and
client confidentiality ensured. DTCC works
with the OTC Derivatives Regulators Forum
(ODRF) to develop and implement standards
for data disclosure, ensuring appropriate data
aggregation and anonymisation.

08
Our proactive and objective stance
allows regulators and market
participants to meet the demands
ofanevolving marketplace.

09
 Our transparency provides
better data,while our horizontal
modelallowsfor open access,
without conflictor prejudice.

10
Does my firm need to report to
DTCC forallasset classes?
No. Firms use DTCCs GTR for regulatory
reporting obligations on asingle individual
asset class, a subset ofall asset classes,
orasacomplete solution for all domestic
andglobal regulatory reportingrequirements
for all asset classes. Ifthefirm uses the GTR
formultiple asset classes, DTCCprovides a
reporting framework andmessaging architecture
which iscommon across allasset classes.
Who needs to report?
This depends on the regulation governing the
reporting entity, for example Dodd-Frank or
EMIR. DTCC has the capability tosupport any
type of firm whether they are reporting directly
orvia a third party.
Does my firm need an LEI to report
transactions to DTCCs GTR?
This depends on the jurisdiction the reporting
entity is subject to. For example, under
Dodd-Frank and EMIR, each entity reporting
transactions to a trade repository for CFTC
or ESMA is required to have an LEI. A few
organizations have been accredited to issue
LEIs, one of them is the GMEI Utility. To register
an LEI, please visit GMEIutility.org.
Is the repository for bilateral
transactions only?
No. The GTR supports all derivatives trade
execution types both OTC and exchange-
traded regardless of method, including
bilateral execution, brokered trades, and trades
executed on an electronic platform. It also
supports all transaction submissions whether
electronically confirmed or paper confirmed
as well as cleared or uncleared trades.
How does the GTR handle paper
confirmations?
Clients can submit images of paper
confirmationdocuments in a variety of
formats.The document images are submitted
with a small number of electronic fields that
allow for search, retrieval, and permissioning/
security, so that the full paper confirmation
detailscan be viewed by all authorized
partiesdepending on legal requirements.
How does reporting work between different
countries with different regulatory
jurisdictions or agencies?
When different regulatory jurisdictions
are involved, the GTR utilizes participants
regulatory identification onthe inbound
message to direct the records to the
relevant traderepositories for regulator
access to data.
How can my firm send messages totheGTR?
Users can connect to the GTR using a variety
of technological interfaces. If connected, firms
can use either DTCCs proprietary Securely
Managed and Reliable Technology (SMART)
network or the BT Radianz network to submit
records into the GTR. A direct MQ link is
available to submit FpML messages and a
WebGraphical User Interface is also provided to
firms that wish to Login and Upload their trade
data directly into the GTR via a CSV file upload.
DTCC also provides Web Services functionality.
How can my firm receive information/reports
from DTCCs GTR?
The GTR provides daily pre-defined asset
classspecific reports. In addition to this,
itemploys a Business Intelligence Report
interface that allows users to create customized
reports and view the data theyhave submitted
into the repository.
What are the different message types?
The following message types are supported
toreport to the GTR:
Real-time price data
Allows the firm to submit price data to comply
with regulations, including Dodd-Frank.
Inaddition to the real-time reporting message,
which is required under Dodd-Frank, the GTR
provides interfaces that enable firms toprovide
detailed trade economics andconfirmation
data to the GTR.
Position updates
Allows the firm to submit position updates
usinglifecycle methodology or end of day
(snapshot) reporting.
Valuations
Allows the firm to report the valuation
ofaposition previously sent to the GTR.
A valuation message is applied at the individual
Unique Swap Identifier (USI) level.
Under EMIR, collateral information is
alsocaptured and maintained by the GTR.
Collateral and valuation need to be reported by
11 August 2014.
Document
Allows the firm to submit a PDF version
ofthe trade confirmation or any supporting
documents to the repository along with a
message that provides a minimal set of
economic terms and identifying information.
Event processing
Allows the firm to provide data related
toevents which result in trade modification
such as credit events, compression events,
reorganization events, etc. This interface may
be utilized by any third party event processing
service (e.g. Trade Information Warehouse).
11
What type of information is
publicly disseminated?
Wherever we are required to, we have the
capability to disseminate information.
The GTR provides aggregate data reporting
and real-time price reporting. The reporting
is at an aggregate and anonymous level for
the purpose of providing transparency of the
size of the market, e.g. number of outstanding
positions and notional amounts to the public
at large counterparty names are not disclosed.
Will my firm be identified in the
public reporting?
No. Neither counterpartys identity, nor the
USI, are part of the real-time message publicly
disseminated.
What is the difference between the lifecycle
and snapshot position reporting?
The essential difference is that snapshot
reporting allows for a daily, point-in-time report
of the state of each contract within a firms
portfolio. The lifecycle, or transaction-based
approach, requires each discrete event to
be reported individually. Thus, an individual
contract (at any given point in time) can
beconstructed from the series of individual
discrete events that have been reported.
Does the GTR provide reconciliation
capabilities for parties to the trades?
Yes. The GTR produces data for aggregate
positions, as well as transaction reports per
participant, allowing each firm to reconcile
theirinternal books and records to the
positionsheld in the repository.
12
Who is able to see my
transactionsandpositions?
Within my firm?
Firms wishing to connect to the DTCCs GTR
appoint one or more Super Access Coordinators
(SACs), who submit forms detailing the level
of access their firm requiresto DTCCs GTR
onboarding team. SACs create individual
accounts within their own firm and control the
level of access each user account has.
Within specific third parties?
Any submitter of information into the GTR
canview the data they have submitted.
Bydefault, a firms data is not viewable by
anyother third party unless ithas explicitly
granted such permission.
What about my counterparty?
Any counterparty that has onboarded to
DTCCand has been named on a submission
tothe GTR can view the details of that
particularsubmission. As there may be some
fields associated with a trade which may
contain private or sensitive internal information,
thesefields remain hidden from view.
Which regulators are able to access
my information?
Regulators access trade data or reports based
on permissioning logic maintained in the GTR
account system. Thecriteria for permissioning
vary depending on the supervisory authority.
Designed by www.greentarget.co.uk
Europe and Middle East
+ 44 207 650 1545
Group email
GTR-EMEA@dtcc.com
Asia Pacific and Japan
+ 81 3 6721 8876
Group email
GTR-APAC@dtcc.com
Canada, North, Central
and South America
+ 1 212 855 3531
Group email
GTR-Americas@dtcc.com
For more information go to:
http://www.dtcc.com/gtr

This description is for informational purposes.

This Service is governed by applicable Rules,
Procedures, and Service Guides for each
DTCC subsidiary, which contain the full terms,
conditions and limitations applicable to this
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To learn about career opportunities at DTCC,
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please go to dtcc.com/careers.
September 2015