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September 7, 2021 

By Electronic Submission 

Mr. Chris Kirkpatrick 

Secretary 

Commodity Futures Trading Commission 

1155 21st Street, N.W. 

Washington, D.C. 20581 

DDR Rule Filing: DDR33 

Re: Amendments to DTCC Data Repository (U.S.) LLC Rulebook Pursuant to Section 5c(c) 

(1) of the Commodity Exchange Act and Commission Regulation § 40.6 

Dear Mr. Kirkpatrick: 

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

Trading Commission (the “Commission” or “CFTC”) Regulation § 40.6, DTCC Data Repository 

(U.S.) LLC (“DDR”) submits, by written certification, amendments to the DTCC Data Repository 

(U.S.) LLC Rulebook (“DDR Rulebook”), including, but not limited to, the changes enumerated 

below. 

I. DDR has amended various sections of the DDR Rulebook to include references to securitybased swaps, when applicable. 

II. DDR has amended the cover page of the DDR Rulebook to update the effective date. 

III. DDR has amended Rule 1.1 to: (i) clarify that use of DDR Systems and services is contingent 

on an entity being onboarded as a DDR User; (ii) clarify Users must keep information provided 

to DDR current; and (iii) direct Users to new Rule 3.4 for information related to a User’s access 

to data and limitations thereto. 

IV. DDR has amended Rule 1.3 to remove superfluous language. 

V. DDR has amended Rule 1.4 to: (i) create a new Rule 1.4.1, which includes information 

previously set out in Rule 1.4; (ii) renumber existing Rule 1.4.1 as Rule 1.4.2; (iii) remove 

information related to User data access from new Rule 1.4.1, as information related to User 

access to data has been consolidated in new Rule 3.4; and (iv) modify renumbered Rule 1.4.2 

to: (a) clarify that records will be in an electronic format that is non-rewriteable and non55 WATER STREET 

NEW YORK, NY 10041-0099 
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erasable throughout the life of a swap or security-based swap and for 5 years following its 

termination; and (b) describe maintenance of records in the event DDR winds-down it trade 

repository operations. 

VI. DDR has amended Rule 2.2 to: (i) clarify that DDR welcomes suggestions from Market 

Participants of proposed or alternative candidates to serve on the DDR Board; (ii) describe the 

process to make such suggestions; and (iii) describe the composition of DDR Officers and how 

they are selected and ratified. 

VII. DDR has amended Rule 2.3 to: (i) replace references to specific statutory or regulatory 

authority with a reference to the defined terms Applicable Regulations or Applicable Law; and 

(ii) describe the process by which CCO compensation is recommended and approved 

(recommended by the DDR Senior Officer and approved by the Board). 

VIII. DDR has amended Rule 2.4 to: (i) replace references to specific regulations with references to 

the defined term Applicable Regulation; (ii) replace references to specific regulators with 

references to the defined term Designated Regulators; and (iii) remove language related to data 

access by parties authorized by law, as information related to this topic has been consolidated 

in renumbered Rule 6.4. 

IX. DDR has amended Rule 3 to: (i) amend Rule 3.1 to clarify that only Users have the ability to 

submit data to DDR; (ii) amend Rule 3.3.1 to remove references to immediate dissemination 

of public price information to account for time delays required by Applicable Law; (iii) 

renumber existing Rule 3.3.4 as Rule 3.4; (iv) amend renumbered Rule 3.4 to: (a) consolidate 

information related to User access to data and corrections in one location (information 

consolidated from Rules 1.4, 6.3, 10.1.1, and 10.1.2); and (b) clarify that the type of report a 

User receives is dictated by the User’s role as indicated on the applicable trade (e.g., 

Submission Report available to Users indicated on the trade message as submitter, submitted 

for party, or execution agent); and (v) create a new Rule 3.5 to: (a) consolidate information 

related to DDR System validations (information consolidated from Rules 9.2 and 10.1.1); and 

(b) clarify that: (1) DDR may reject submissions that fail to meet DDR validations (e.g., if the 

submission is not in the proper format, does not contain the required data elements, etc.); and 

(2) that a rejected submission is deemed not to have been submitted for reporting purposes in 

the applicable jurisdiction. 

X. DDR has amended Rule 4.1 and deleted Rule 4.5 to remove references to Event Identifier 

(EID) to streamline the content of the Rulebook as this identifier is: (i) a non-standard element 

provided by the data submitter, (ii) only used for internal DDR processing related to PPD 

submissions (not a disseminated value); and (iii) described elsewhere (applicable message 

specifications). 

XI. DDR has amended Rule 4.4 to: (i) describe the current Unique Product Identifiers (UPI) DDR 

accepts for swaps and/or security based swaps; (ii) clarify that DDR will rely on the referenced 

classification systems until such time as an internationally recognized standard-setting system 
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is recognized by the Designated Regulator; and (iii) specify the information DDR requires to 

identify data and calculate price for SEC reporting. 

XII. DDR has amended Rule 5 to: (i) move information related to availability of public data from 

current Rule 6.1 to Rule 5, as this is the appropriate location for such information; (ii) add a 

new Rule 5.1.3 to address public price dissemination pursuant to SEC regulations; (iii) 

renumber existing Rule 5.1.3 as Rule 5.1.4; (iv) clarify that DDR must be aware that real-time 

swap data was not received in accordance with the timeframes required by Applicable 

Regulations to notify the CFTC; and (v) delete existing Rules 5.4 and 5.5 related to public 

dissemination of data in accordance with Canadian regulations as the relevant topic is 

addressed elsewhere (Section V of the Appendices to the Operating Procedure, as referenced 

in Rule 5). 

XIII. DDR has amended Rule 6 to: (i) delete existing Rule 6.1 as the information has been moved 

to Rule 5; (ii) renumber existing Rules 6.2-6.5 to reflect the deletion of existing 6.1; (iii) amend 

renumbered Rule 6.1 to remove reference to the U.S. Department of Justice as inclusion in this 

Rule is out of place and without practical effect; (iv) amend renumbered Rule 6.2 to delete 

information related to data access as this topic is addressed elsewhere (User access to data 

addressed at revised Rule 3.4 and access to data pursuant to Applicable Law addressed at 

renumbered Rule 6.4); (v) amend renumbered Rule 6.3 to remove specific reference to a 

“confidentiality agreement” with terms equivalent to DDR’s privacy procedures as the title 

and terms of the specific document may vary; (vi) amend renumbered Rule 6.4 to include 

information related to a denial of a request for access to data made pursuant to Rule 6; and (vii) 

delete Rule 6.6 as the Information Privacy Policy of DDR has been removed as an appendix to 

the Rulebook (discussed below). 

XIV. DDR has amended Rule 7 to: (i) add a new Rule 7.1 that describes DDR System capacity and 

related testing; (ii) renumber existing Rules 7.1 and 7.2 as Rules 7.2 and 7.3, respectively, to 

reflect the inclusion of new Rule 7.1; and (iii) amend renumbered Rule 7.2 to remove the 

reference to an Important Notice as the method by which DDR will notify Users that it has 

resumed normal operations as there may be more effective means of communication that may 

be used to notify Users in such a circumstance (e.g., emails). 

XV. DDR has amended Rule 9.2 to delete information related to DDR System validations as 

information related to this topic has been consolidated in new Rule 3.5. 

XVI. DDR has amended Rule 10 to: (i) delete current Rule 10.1 as information related to User access 

to data and corrections has been consolidated in renumbered Rule 3.4 and information related 

to DDR System validations has been consolidated in new Rule 3.5; (ii) renumber existing Rules 

10.2-10.5 to reflect the deletion of Rule 10.1; (iii) amend renumbered Rule 10.1 to remove 

information related to notices as information related to communications (including notices) 

associated with an application denial has been consolidated in new Rule 10.5; (iv) amend 

renumbered Rule 10.2 to include references to the communication procedures detailed in new 

Rule 10.5; (v) amend renumbered Rule 10.3 to: (a) remove the requirement that a request for 
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restrictive actions to protect DDR systems and Users be made by a DDR officer as agreement 

between DDR’s Senior Officer and CCO is the appropriate prerequisite to imposition of the 

described restrictive actions; and (b) clarify that the applicable directions from DDR in this 

context are those related to protecting its systems and other Users; and (vi) create a new Rule 

10.5 to consolidate information related to communications associated with a denial of 

application, termination, or restrictive actions pursuant to Rule 10. 

XVII. DDR has amended Rule 11.1 to: (i) clarify the types of conflicts of interest that are escalated 

to the DDR Chief Compliance Officer (those involving the officers, employees, consultants 

and temporary employees of DDR); and (ii) provide additional detail related to the resolution 

of conflicts of interest. 

XVIII. DDR has amended Rule 11.4 to clarify that a director's conflict of interest may, in appropriate 

circumstances, require the director's recusal from discussion or voting. 

XIX. DDR has amended Rule 12 to modify the defined term Market Participant to mean “Market 

Participant”, as defined by SEC Regulations, when used in the context of SEC reporting. 

XX. DDR has amended DDR Operating Procedures Section 2(a) to remove reference to 

submissions for a member of the User’s Family as such language was duplicative of the 

language in Section 2(c). 

XXI. DDR has amended DDR Operating Procedures Section 3 to clarify that, upon termination: (i) 

submissions by Users indicating a terminated User as the reporting counterparty may be 

permitted but direct submissions by a terminated User will not be; and (ii) records submitted 

by a terminating User will not be communicated as open to the applicable Regulator. 

XXII. DDR has amended DDR Operating Procedures Section 8(b) to: (i) remove references to 

disclosure to counterparties in the context of Third Party Submitter submissions as such 

language in unnecessary because disclosure to counterparties is contemplated in the preceding 

language; and (ii) clarify that disclosure may be required under Applicable Law. 

XXIII. DDR has amended Section I of the Swap Data Repository Appendix to the DDR Operating 

Procedures to clarify that an exemption could apply to the regulations set out in this section. 

XXIV. DDR has amended Section III of the Swap Data Repository Appendix to the DDR Operating 

Procedures to: (i) remove reference to trusted source procedures as these are no longer in use; 

and (ii) to clarify that Users have the ability to verify the accuracy of data through the 

procedures established by DDR and that the obligation to do so may be set out in regulations 

applicable to the User. 
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XXV. DDR has amended Sections IV, V, and VII of the Swap Data Repository Appendix to the DDR 

Operating Procedures to replace references to specific regulations with references to the 

defined term Applicable Law. 

XXVI. DDR has amended Section VII of the Swap Data Repository Appendix to the DDR Operating 

Procedures to replace references to Verification Procedures with a reference to error correction, 

which aligns with the provisions of Rulebook Rule 3.4. 

XXVII. DDR has amended Section I of the Canadian Repository Appendix to the DDR Operating 

Procedures to clarify that DDR allows for the confirmation of accuracy of swap data but does 

not independently verify such data. 

XXVIII. DDR has amended Section VII of the Canadian Repository Appendix to the DDR Operating 

Procedures to replace references to Verification Procedures with a reference to error correction, 

which aligns with the provisions of Rulebook Rule 3.4. 

XXIX. DDR has deleted Appendix B: Information Privacy Policy of DDR as duplicative to other 

documentation including the DDR Disclosure Document and DTCC Privacy Policy. 

In addition to the changes described above, additional minor edits have been made throughout the 

DDR Rulebook. Any material modifications to the DDR Rulebook outlined in this letter have been 

approved by the DDR Board pursuant to DDR Operating Procedures Important Legal Information 

Section 3 Notices. 

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

regulations promulgated by the Commission thereunder. No substantive opposing views have been 

expressed with respect to the amendments. DDR further certifies that, concurrent with this filing today, 

a copy of this submission was posted on its website and may be accessed at: 

https://www.dtcc.com/legal/sec-rule-filings?subsidiary=DerivSERV&pgs=1. 

Enclosed with this letter are clean and marked versions of the DDR Rulebook. If you have any 

questions or need further information, please contact me at 813 470-1447. 

 Sincerely, 

Kyle Romig 

 Kyle Romig 

 Director and Assistant General Counsel 

Enclosures