DTCC Data Repository (U.S.) LLC

Disclosure Document

This DTCC Data Repository (U.S.) LLC Disclosure Document, as amended, supplemented 

or modified from time to time, and together with any appendix, annex or supplement hereto 

is copyright © 2014 by DTCC Data Repository (U.S.) LLC.
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DTCC Data Repository (U.S.) LLC Disclosure Document

This Disclosure Document is provided to you pursuant to CFTC Regulation 49.26. 

1 ACCESS TO SERVICES OFFERED AND SWAP DATA MAINTAINED BY DDR

The services offered by DTCC Data Repository (U.S.) LLC (“DDR” or the “Company”) that 

require registration as a trade repository and/or security-based trade repository under 

Applicable Law (the “SDR Services”) are available to all market participants on a fair, open and 

equal basis. DDR does not impose membership qualifications on users of its SDR Services

(“Users”) beyond the User Agreement and ability to comply with the technical specifications of 

the SDR Services as published by DDR from time to time, except as otherwise required by any 

and all applicable laws and regulations, judicial orders and decisions, and rules, regulations, 

interpretations and protocols, as amended from time to time (“Applicable Law”). Market 

Participants1required to report swap data to a registered, designated or recognized trade 

repository in jurisdictions in which DDR operates will be able to use DDR’s services to satisfy 

their reporting requirements.

Public Data shall be available in accordance with Applicable Regulations as promulgated by 

Designated Regulators, all as defined in the DDR Rulebook, and accessible on the DDR’s 

website as further specified in Section V of the Appendices to the Operating Procedures as set 

forth in Appendix B of the DDR Rulebook. 

Pursuant to Applicable Law, Designated Regulators shall be provided with direct electronic 

access to DDR data to satisfy their legal and regulatory obligations, including access to tools for 

the monitoring, screening and analyzing of swap transaction data. DDR will also provide the 

U.S. Department of Justice access to all U.S. swap data records as required by Applicable 

Regulations. Access to DDR data to other domestic or foreign regulators or appropriate thirdparties shall be governed by Applicable Regulations as further described below.

Access to swap data maintained by DDR by third-party service providers to DDR is permissible 

provided the following conditions have been satisfied in addition to any other provisions of 

Applicable Regulations:

(a) DDR and the third-party service provider shall have strict confidentiality procedures 

that protect data and information from improper disclosure; and

(b) DDR and the third-party service provider shall enter a “Confidentiality Agreement” 

setting forth minimum confidentiality procedures and permissible use of the 

information maintained by DDR which are equivalent to DDR’s privacy procedures.

 

1 Market Participants includes, but is not limited to: swap dealers (“SDs”), major swap participants (“MSPs”) 

designated contract markets (“DCMs”), derivatives clearing organizations (“DCOs”), swap execution facilities 

(“SEFs”), foreign boards of trade (“FBOTs”), derivatives dealers (“DDs”), local counterparties (“LCs”) and 

recognized or exempt clearing agency (under Canadian Law).
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Any Appropriate Domestic Regulator or Appropriate Foreign Regulator as defined by 

Applicable Regulations seeking access to swap data held by DDR, unless such Regulator has 

jurisdiction over DDR pursuant to a separate statutory authority, shall (a) apply for access by 

filing a request for access with DDR and certifying that it is acting within the scope of its 

jurisdiction, and (b) execute a “Confidentiality and Indemnification Agreement” as provided by 

DDR. Appropriate Domestic Regulators and Appropriate Foreign Regulators with regulatory 

responsibility over DDR pursuant to part 49.17(d)(2) or 49.17(d)(3) of the CFTC Rules, 

respectively, which includes Canadian Regulators, shall not be subject to the requirements noted 

herein provided such data access is limited to submissions made by Market Participants in 

compliance with the law of the Appropriate Domestic or Foreign Regulators (with respect to 

Canadian Regulators, the applicable Canadian law).

DDR shall promptly notify the CFTC in the electronic format specified by the Secretary of the 

CFTC regarding any request received by an Appropriate Domestic Regulator or Appropriate 

Foreign Regulator to gain access to U.S. swap data maintained by DDR.

2 DDR’S CRITERIA FOR THOSE SEEKING TO CONNECT TO OR LINK WITH THE 

SWAP DATA REPOSITORY

To participate in the SDR Services offered by DDR, each User must: 

(a) Enter into a User Agreement in the form provided in Appendix A of the DDR 

Rulebook; and 

(b) Agree to be bound by the terms of the User Agreement and Operating Procedures as 

specified in Appendices A and B of the DDR Rulebook.

DDR and its Users are subject to all Applicable Law including Applicable Regulations. 

With regard to User connectivity, specifications and requirements please see DDR Operating 

Procedures as set forth in Appendix B of the DDR Rulebook. 

3 DDR’S SYSTEMS SAFEGUARDS

The Depository Trust & Clearing Corporation (“DTCC”) will provide information security 

services pursuant to a service level agreement with DDR (the “DTCC SLA”). DDR will be 

responsible for monitoring the performance of DTCC in regard to implementation and 

maintenance of information security within its infrastructure. DTCC has established a 

Technology Risk Management team, whose role is to manage information security risk and 

ensure the availability, integrity and confidentiality of the organization’s information assets.
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Various policies have been developed to provide the framework for both physical and 

information security and are routinely refreshed. The Technology Risk Management team 

carries out a series of processes to endeavor to ensure DDR is protected in a cost-effective and 

comprehensive manner. This includes preventative controls such as firewalls, appropriate 

encryption technology and authentication methods. Vulnerability scanning is used to identify 

high risks to be mitigated and managed and to measure conformance against the policies and 

standards. 

Standards for protecting Company information are based upon the sensitivity level of that 

information. Control standards specify technical requirements for protection and end user 

handling of information while in use, transmission and storage. 

Verification of accuracy of information received or disseminated by the DDR System is 

completed systemically. Upon receipt, all data is subject to verification of the submitter, i.e., the 

submitter is recognized by the DDR, the submitter is eligible to submit these records, e.g., a 

market participant submitting records on its own behalf, a SEF submitting records on behalf of 

market participants, etc. The actual records must then meet all data format and content 

requirements. 

DDR Systems are supported by DTCC and rely on the disaster recovery program maintained by 

DTCC. DDR follows these key principles for business continuity and disaster recovery, which 

enable DDR to provide timely resumption of critical services should there be any disruption to 

DDR business: 

(a) Achieve recovery of critical services within a four-hour window with faster recovery 

time in less extreme situations; 

(b) Disperse staff across geographically diverse operating facilities; 

(c) Operate multiple back-up data centers linked by a highly resilient network 

technology; 

(d) Maintain emergency command and out-of-region operating control; 

(e) Utilize new technology which provides high-volume, high-speed, asynchronous data 

transfer over distances of 1,000 miles or more; 

(f) Maintain processes that mitigate marketplace, operational and cyber-attack risks; 

(g) Test continuity plan readiness and connectivity on a regular basis, ensuring that Users 

and third party vendors/service providers can connect to our primary and back-up 

sites;

(h) Communicate on an emergency basis with the market, Users and government agency 

decision-makers; and 

(i) Evaluate, test and utilize best business continuity and resiliency practices. 

4 DDR’S PRIVACY & CONFIDENTIALITY POLICIES AND PROCEDURES

Consistent with the requirements of Applicable Laws, DDR has established and maintains a 

privacy policies and procedures designed to protect the confidentiality of Swap Information, 
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CFTC Section 8 Materials and the intellectual property of its Users. For further details, please 

refer to the Information Privacy & Confidentiality Policy of DTCC Data Repository (U.S.) LLC

and the DDR Rulebook, on the DTCC website. 

5 DDR’S POLICIES AND PROCEDURES REGARDING ITS NON-COMMERCIAL 

AND/OR COMMERCIAL USE OF THE SWAP DATA 

As part of the SDR Services, DDR receives and collects swap data in the ordinary course of its 

services from various Market Participants and registered entities for the purpose of maintaining a 

centralized recordkeeping facility for swaps. The collection and maintenance of this data is 

designed to enhance the transparency, promote standardization and reduce systemic risk by 

making this data available to regulators and the public pursuant to Applicable Law. It is neither 

the current purpose nor intent of DDR to engage in any commercial use of data relating to SDR 

Services which is not currently authorized under Applicable Regulations. Data relating to 

specific counterparties may be provided to third parties by DDR subject to DDR’s receipt of 

valid written consent from that counterparty or submitter of the trade. 

6 DDR’S DISPUTE RESOLUTION PROCEDURES

The procedures and dispute resolution processes with regard to User submissions or maintenance 

of erroneous information, which are subject to Applicable Regulations and, in particular, the 48 

hour correction period, are as follows: 

 Erroneous Records

Users will submit transaction records as described in the DDR Rulebook (Section 3.3.3). 

Upon submission, the DDR System will perform validation checks to ensure that each 

submitted record is in the proper format and will also perform validation and consistency 

checks against certain data elements, for example sequencing of time and date fields, e.g. 

termination date must be greater than trade date. If the record fails these validation or 

consistency checks, the record will be rejected and such rejection status will be 

communicated to the User(s) to correct and re-submit. 

In the event that both counterparties to a trade agree that data submitted to DDR contains 

erroneous information (e.g. through a mutual mistake of fact), such Users may each 

submit a cancel record, effectively cancelling the incorrect transaction record. If a trade 

record has been submitted by only one counterparty and it is determined by the 

submitting User that it is erroneous, the submitting User may submit a cancel record. A 

User may only cancel its own submitted record; it cannot cancel a record where it is not 

the submitting party of the record. In circumstances where the User disputing the 

information is not the submitter, the User must submit a dispute record as described 

below (Disputes Between Users). Where the original record was submitted by a Trusted 

Source as defined in the DDR Rulebook on behalf of both counterparties to a transaction, 

only such Trusted Source may cancel the original record (but without prejudice to the 
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rights of such counterparties to provide relevant continuation data to the extent they are 

otherwise permitted or required to provide such data). 

 Disputes Between Users

The SDR Services will provide trade detail reports that will enable Users to view all 

transaction records, including records submitted by the User and records submitted by a 

counterparty User for a transaction allegedly involving the User. These reports will allow 

Users to reconcile the transaction records in the SDR Service to their own risk systems. 

The Users shall be responsible for resolving any disputes between themselves uncovered 

during the reconciliation process and, as appropriate, submitting correct information. In 

the event a User disputes a transaction record alleged to apply to it by the counterparty or 

disputes any of the terms within the alleged transaction, the User shall register such 

dispute by submitting a “Dispute” message; if such User fails to register such dispute 

within 48 hours of the relevant trade detail report being issued, the record will be deemed 

verified in the DDR System.

All reports and trade records provided to regulators will include the status of these 

transaction records, including dispute and verification status. Where DDR has received 

conflicting or inconsistent records from more than one submitter in respect of a particular 

transaction (such as from a SEF and a reporting party), DDR will maintain all such 

records (unless cancelled or modified in accordance with the terms hereof) and will make 

such records available to relevant regulators in accordance with the terms hereof and 

Applicable Law. 

7 DESCRIPTION OF DDR’S SERVICES

DDR will, as applicable, (i) perform all of the required functions of a swap data trade repository 

under Applicable Law for OTC derivatives for Credits, Equities, Rates, FX and other 

commodity asset classes; (ii) accept, from or on behalf of Users, transaction and life-cycle data 

for swaps as specified in Applicable Regulations as and when required to be reported to a swap 

data trade repository thereunder; (iii) verify and maintain swap and security-based swap data as 

required by such regulations; (iv) publicly disseminate in real-time and perform recordkeeping of 

swap data as and when required under Part 43 and Part 49 of the CFTC regulations, either 

directly or through one or more third parties as well as provide Canadian swap data publically on 

DDR’s website pursuant to Canadian Regulations; (v) provide access to swap data to appropriate 

regulators as described herein; and (vi) generate appropriate reports with respect to transaction 

data maintained by DDR, in each case as outlined in further detail in the Operating Procedures as

specified in Appendix B of the DDR Rulebook.
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8 FEES, RATES, DUES & OTHER CHARGES

All fees imposed by DDR in connection with the reporting of swap data and any other 

supplemental or ancillary services provided shall be equitable and established in a uniform and 

non-discriminatory manner as determined from time-to-time by the DDR Board of Directors. 

DDR User fees will be available to all Market Participants on the DDR website. All fees 

imposed by DDR will be commensurate to DDR’s costs for providing the System, including the 

SDR Services. 

9 DDR’S GOVERNANCE ARRANGEMENTS

DDR is organized as a limited liability company under the laws of the State of New York. DDR 

is a wholly owned subsidiary of DTCC Deriv/SERV LLC. DTCC Deriv/SERV LLC is a wholly 

owned subsidiary of DTCC, which is the ultimate parent of DDR.

DDR is governed by a Board of Directors (“Board”). The permitted number of Directors on the 

Board is between 7 and 30, with the actual number set from time to time by Board resolution.

Board members will include representatives of financial institutions who are also Users of 

DDR’s Services as well as buy-side (or end-user) representatives and independent individuals. 

The Board has been constituted to incorporate an Independent Perspective in its decision-making 

process. “Independent Perspective” as defined by the CFTC means a viewpoint that is impartial 

regarding competitive, commercial or industry concerns and contemplates the effect of decisions 

on all constituencies involved. The DTCC Governance Committee shall periodically review the 

composition of the Board to assure that the level of representation of Directors from Users, 

management and non-Users is appropriate for the interests of these constituencies in DDR.

The Board has established an Audit Committee to assist the Board in overseeing: (i) the integrity 

of DDR’s financial statements and financial reporting; (ii) the overall effectiveness of DDR’s 

control environment; (iii) the effectiveness of DDR’s process for monitoring compliance with 

applicable laws, regulations and the code of ethics; (iv) the performance and coverage of the 

internal audit function; (v) the external auditor’s independence, performance and coverage; (vi) 

legal compliance and regulatory risks; and (vii) oversight of risk management. The Board 

reserves the right to establish additional committees as necessary and appropriate to manage its 

operations and provide strategic guidance.