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 © 20122014 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 swap datatrade repository and/or security-based swap datatrade 

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 Usersusers 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 Applicable Law, i.e., any and all applicable laws and regulations, judicial orders and 

decisions, and rules, regulations, interpretations and protocols, as amended from time to time. 

Specifically, the SDR Services contemplate that designated contract markets (“DCMs”), 

derivatives clearing organizations (“DCOs”), swap execution facilities (“SEFs”) and other 

market participants (“Applicable Law”). Market Participants1required to report swap data to a 

swap dataregistered, designated or recognized trade repository under the Commodity Exchange 

Act (“CEA”) and/or a security-based swap data repository under the Securities Exchange Act of 

1934 (“Exchange Act”),in jurisdictions in which DDR operates will be able to use the SDR 

ServicesDDR’s services to satisfy their reporting requirements.

Public Data shall be available in accordance with Applicable Regulations, i.e., regulations as 

promulgated by Designated Regulators, all as defined in the CFTC or the SECDDR Rulebook, 

and accessible on the DDR’s website as further specified in Section V of the 

AppendixAppendices to the Operating Procedures as set forth in Appendix B of the DDR 

Rulebook. 

Pursuant to Applicable Law, the Commissions, i.e., collectively, the CFTC and the 

SECDesignated 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 access to all records to 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.

 

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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Third-Party accessAccess to DDRswap 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) (a) DDR and the third-party service provider shall have strict confidentiality 

procedures that protect data and information from improper disclosure; and

(b) (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.

Any Appropriate Domestic Regulator or Appropriate Foreign Regulator as defined by 

Applicable Regulations seeking access to DDRswap 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) enterEnter into thea User Agreement in the form provided in Appendix A of the DDR 

Rulebook; and 

(b) agreeAgree 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. 
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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.

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 twofour-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;
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(h) Communicate on an emergency basis with the market, our 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, including Part 43 and Part 49 of the CFTC 

Regulations, DDR has established and maintains a privacy policies and procedures designed to 

protect the confidentiality of Swap Information, CFTC Section 8 Materials and the intellectual 

property of its Users. For further details, please see 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 participantsMarket 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 requiredcurrently 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 Datetermination date must be greater than Trade Datetrade 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. 
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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 such as a SEF or DCOas 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 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 Part 49 of the regulations of the Commodity Futures Trading Commission (the “CFTC”)

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

asset classes; (ii) perform all of the required functions of a security-based swap data repository 

under Securities and Exchange Commission (“SEC”) Rules 13n-1 through 13n-11 for OTC 

derivatives for Credits and Equities asset classes; (iii) accept, from or on behalf of Users, 
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transaction and life-cycle data for swaps as specified in Parts 43 and 45 of the CFTC 

regulations,Applicable Regulations as and when required to be reported to a swap data trade 

repository thereunder; (iv) accept, from or on behalf of Users, transaction and life-cycle data for 

security-based swaps as specified in SEC Regulation SBSR, as and when required to be reported 

to a security-based swap data repository thereunder; (viii) verify and maintain swap and securitybased swap data as required by such regulations; (viiv) 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; (vii) publicly disseminate 

security-based as well as provide Canadian swap data as and when required under SEC 

Regulation SBSR, either directly or through one or more third parties; (viiipublically on DDR’s 

website pursuant to Canadian Regulations; (v) provide access to swap and security-based swap 

data to appropriate regulators as described herein; and (ixvi) generate appropriate reports with 

respect to transaction data maintained in there(U.S.) by DDR, in each case as specifiedoutlined

in further detail in the Operating Procedures as specified in Appendix B of the DDR Rulebook.

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 participantsMarket Participants on the DDR 

website for DDR. 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 
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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.