FOIA Confidential Treatment Requested by DDR

August 13, 2014

By Electronic Mail

Ms. Melissa Jurgens

Secretary

Commodity Futures Trading Commission

1155 21st Street, N.W. 

Washington, D.C. 20581

DDR Rule Filing: 2014-05

Re: Amendments to DTCC Data Repository (U.S.) LLC Policies and Procedures Pursuant 

to Order Granting Provisional Registration as a Swap Data Repository and 

Amendments to DTCC Data Repository (U.S.) LLC Rulebook and Operating 

Procedures Pursuant to Section 5c(c) (1) of the Commodity Exchange Act and 

Commission Regulation § 40.6

Dear Ms. Jurgens:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended, Commodity Futures 

Trading Commission (the “CFTC” or the “Commission”) Regulation § 40.6 and the Order granting 

DTCC Data Repository (U.S.) LLC (“DDR”) provisional registration, DDR submits, by written 

certification, the amendments to the policies, procedures and the DTCC Data Repository (U.S.), 

LLC Rulebook (“DDR Rulebook”) and DDR Disclosure Document (collectively, the “DDR Policies 

& Procedures”) specified below. 

DDR recently submitted applications with the Ontario Securities Commission, Autorité des Marchés 

Financiers and The Manitoba Securities Commission (collectively, the “Canadian Regulators”) for 

designation or recognition as a trade repository in the their respective jurisdictions pursuant to OSC 

Rule 91-507 Trade Repositories and Derivatives Data Reporting, AMF Rule 91-507 Trade 

Repositories and Derivatives Data Reporting and MSC Rule 91-507 Trade Repositories and 

Derivatives Data Reporting (collectively, the “Canadian Regulations”). In connection with such 

applications DDR has amended the DDR Polices & Procedures as noted below and as more fully 

described in Annex I: Summary of Changes, attached herein: 

I. DDR Code of Ethics;

II. DDR Conflict of Interest Resolution Policy;

55 WATER STREET

NEW YORK, NY 10041-0099
VII. DDR Compliance Manual;

Viii. DDR Compliance Department Procedures;

IX. DDR Access and On-Boarding Procedures; and

X. DDR Privacy & Confidentiality Policy and Procedures.

DDR certifies that these amendments comply with the Commodity Exchange Act and the rules and

regulations promulgated by the Commission thereunder. Because all of the DDR Policies &

Procedures, except for the DDR Rulebook and Disclosure Document, are internal documents that arenot provided to DDR Users or the public, DDR is seeking confidential treatment for the other DDR

Policies & Procedures submitted herein pursuant to CFTC Regulation § 40.8, and consequently,

DDR will only post a copy of the DDR Rulebook and Disclosure Document on its website. No

substantive opposing views have been expressed by Users or others with respect to the amendments.

As noted above, enclosed with this letter is a marked version of the DDR Policies & Procedures. If

you have any questions or need further information, please contact me at 212.855.3206 or Paul

Gottlieb at 212.855.3273.

Sincerely,

Lisa Siebold

Chief Compliance Officer

Enclosures

FOIA Confidential Treatment Requested by DDR
FOIA Confidential Treatment Requested by DDR 3

ANNEX I: SUMMARY OF DOCUMENT CHANGES

Details about the material changes that have been made to DDR’s Policies & Procedures are 

enumerated below. 

I. DDR has amended the DDR Code of Ethics to: (1) add the Canadian Regulators to the list of 

DDR’s supervising regulators and “Legal/Regulatory Framework”; and (2) add the concept 

of “Applicable Law” which includes the laws promulgated by all of the regulatory agencies 

with supervisory authority over DDR. 

II. DDR has amended the DDR Conflict of Interest Resolution Policy to: (1) add the Canadian 

Regulators to the list of DDR’s supervising regulators; (2) add Canadian Regulations to the 

“Legal/Regulatory Framework”; (3) add the concept of “Applicable Law” which includes the 

laws promulgated by all of the regulatory agencies with supervisory authority over DDR; and 

(4) remove the obligation of the DDR Audit Committee to review conflicts of interest 

between DDR and New York Portfolio Clearing LLC (“NYPC”), as the DDR Chief 

Compliance Officer no longer serves as the Chief Compliance Officer of NYPC.

III. DDR has amended the DDR Rulebook including, the DDR User Agreement, Supplement to 

the User Agreement, the DDR Operating Procedures and the Swap Data Repository

Appendix to the Operating Procedures to: 

a. The DDR Rulebook has been amended to: 

i. change “swap data repository” to “trade repository”;

ii. move defined term “Market Participants” to Section 12: Terms & 

Terminology; 

iii. add the Canadian Regulators to the list of DDR’s supervising regulators; 

iv. add the Canadian Regulators along with the CFTC and SEC to create the term 

“Designated Regulators”; 

v. add the concept of “Applicable Law” which includes the laws promulgated by 

all of the regulatory agencies with supervisory authority over DDR; 

vi. add completion of the “DDR Canada – Local Counterparty” tab of in Annex I 

to the User Agreement as a requirement to submit Canadian swap data;

vii. add the concept of a unique transaction identifier (“UTI”) for submissions in 

Canadian Jurisdictions; 

viii. add the requirement to develop and enforce policies and procedures necessary 

to satisfy the applicable regulations in any of the jurisdictions in which DDR 

provides trade repository services; 
FOIA Confidential Treatment Requested by DDR 4

ix. add a requirement to notify the DDR Board for issues of various types of noncompliance; 

x. expand the definition of “message types” to include any other derivatives data 

required to be reported to a trade repository as specified by any of the 

Designated Regulators;

xi. expand Section 3.3.2.2 to provide further guidance on what constitutes a 

“Trusted Source” and to describe DDR’s qualification for determining which 

entities will be considered for “Trusted Source” designations;

xii. add the concept of transaction level data as defined by regulations in the 

Canadian Jurisdictions;

xiii. add the concept of “Aggregate Data Available to the Public” which will be 

provided for swap data submitted to DDR pursuant to regulations in the 

Canadian Jurisdictions; 

xiv. add potential denial of User application based on sanctions administered by

the Canadian Government’s Office of the Superintendent of Financial 

Institutions (“OSFI”); and

xv. add defined terms to incorporate regulations promulgated by the Canadian 

Regulators.

b. The DDR User Agreement has been amended to refer to the completion of the “DDR 

Canada – Local Counterparty” tab in Annex I to the User Agreement in the body of 

the User Agreement; and

c. DDR has amended the DDR Supplement to the DTCC Non-U.S. User Agreement to 

include a reference to the “DDR Canada – Local Counterparty” tab in Annex I to the 

DDR User Agreement to allow firms to utilize DDR for Canadian swap data 

submissions.

d. DDR has added the Canadian Repository Appendix to the DTCC Data Repository 

(U.S.) LLC Operating Procedures to describe the Canadian swap data reporting 

service.

IV. DDR has amended the DDR Financial Resources Procedure to: (1) add the Canadian 

Regulators to the list of DDR’s supervising regulators; (2) add the Canadian Regulations to 

“Legal/Regulatory Framework”; (3) add the concept of “Applicable Law” which includes the 

laws promulgated by all of the regulatory agencies with supervisory authority over DDR; (4) 

add the Canadian Regulators along with the CFTC and SEC to create the term “Designated 

Regulators”; (5) change the DTCC Finance Director to the DTCC Vice President of Finance; 

and (6) incorporate financial resources obligations and reporting requirements and the 

Canadian Jurisdictions.

V. DDR has amended the DDR Disclosure Document to: (1) add the Canadian Regulators to the 

list of DDR’s supervising regulators; (2) add the Canadian Regulations to “Legal/Regulatory 
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Framework”; (3) add the defined term “Market Participants; (4) add the concept of 

“Applicable Law” which includes the laws promulgated by all of the regulatory agencies 

with supervisory authority over DDR; (5) add language to allow the Canadian Regulators to 

access data submitted pursuant to Canadian Regulation; (6) add the Canadian Regulators 

along with the CFTC and SEC to create the term “Designated Regulators”; (7) revise the 

description of DDR’s Services to include the provision of services in the Canadian 

Jurisdictions and to remove the provision of services pursuant to SEC regulation; (8) add 

discretion of the Board to determine fees; and (9) update Section 9 – Governance 

Arrangements, to include the concept of “Independent Perspective” under CFTC regulation 

and to outline the role of the DDR Audit Committee.

VI. DDR has amended Exhibit FF-6, the DDR Systems Development and Monitoring Procedures

to: (1) add the Canadian Regulators to the list of DDR’s supervising regulators; (2) add the 

Canadian Regulations to “Legal/Regulatory Framework”; (3) add the concept of “Applicable 

Law” which includes the laws promulgated by all of the regulatory agencies with supervisory 

authority over DDR; (4) add the Canadian Regulators along with the CFTC and SEC to 

create the term “Designated Regulators”; (5) allow for access to DDR Data by Canadian 

Regulators; and (6) incorporate reporting requirements to the Canadian Regulators.

VII. DDR has amended Exhibit FF-7, the DDR Compliance Manual to: (1) add the Canadian 

Regulators to the list of DDR’s supervising regulators; (2) add the Canadian Regulations to 

“Legal/Regulatory Framework”; (3) add the concept of “Applicable Law” which includes the 

laws promulgated by all of the regulatory agencies with supervisory authority over DDR; (4) 

add the Canadian Regulators along with the CFTC and SEC to create the term “Designated 

Regulators”; (5) create the defined term of “Market Participants”; (6) add a qualification to 

prevent members of the DDR Board from having a statutory disqualification or other 

disciplinary offense in jurisdictions where DDR is registered, designated or recognized; (7) 

update to reflect changes to the structure of the DDR Board; (8) add the position of DDR 

Business Manager to the list of DDR officers; (9) add the concept of a unique transaction 

identifier (“UTI”) for submissions in the Canadian Jurisdictions; (10) add the Protection and 

Electronic Documents Act and the Quebec Private Sector Act to the list of privacy laws DDR 

is subject to; (11) add the Deputy Privacy Officer as a contact for the DTCC Privacy 

Department; (12) change the classification of the DDR Systems from “DDR Restricted” to 

“DTCC Confidential” to align with DTCC policy; (13) update regulatory reporting 

requirements to include the Canadian Jurisdictions; (14) add a requirement to screen against 

the Government of Canada’s OSFI sanctions screening list; and (15) add defined terms to 

incorporate the Canadian Regulators and regulations promulgated by the Canadian 

Regulators.

VIII. DDR has amended Exhibit FF-8, the DDR Compliance Department Procedures to: (1) add 

the Canadian Regulators to the list of DDR’s supervising regulators; (2) add the Canadian 

Regulations to “Legal/Regulatory Framework”; (3) add the concept of “Applicable Law” 

which includes the laws promulgated by all of the regulatory agencies with supervisory 

authority over DDR; (4) add the Canadian Regulators along with the CFTC and SEC to 

create the term “Designated Regulators”; and (5) incorporate financial resources obligations 

and reporting requirements and the Canadian Jurisdictions.
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IX. DDR has amended Exhibit FF-9, the DDR Access and On-Boarding Procedures to: (1) add 

the Canadian Regulators to the list of DDR’s supervising regulators; (2) add the Canadian 

Regulations to “Legal/Regulatory Framework”; (3) add the concept of “Applicable Law” 

which includes the laws promulgated by all of the regulatory agencies with supervisory 

authority over DDR; (4) add the Canadian Regulators along with the CFTC and SEC to

create the term “Designated Regulators”; (5) create the defined term of “Market 

Participants”; (6) add a requirement to screen against the Government of OSFI sanctions 

screening list; and (6) remove the requirement to conduct an adverse information check on 

on-boarded entities.

X. DDR has amended Exhibit GG-1, the DDR Privacy & Confidentiality Policy and Procedures 

to: (1) add the Canadian Regulators to the list of DDR’s supervising regulators; (2) add the 

Canadian Regulations to “Legal/Regulatory Framework”; (3) add the concept of “Applicable 

Law” which includes the laws promulgated by all of the regulatory agencies with supervisory 

authority over DDR; (4) add the Canadian Regulators along with the CFTC and SEC to 

create the term “Designated Regulators”; (5) change the classification of the DDR Systems 

from “DDR Restricted” to “DTCC Confidential” to align with DTCC policy; and (6) add the 

Deputy Privacy Officer as a contact for the DTCC Privacy Department.