DTCC Public (White) 

DTCC Data Repository (U.S.) LLC 

Rulebook

Revised as of: 

September 21, 2021 

This DTCC Data Repository (U.S.) LLC Rulebook, as amended, supplemented or modified 

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

©2021 by DTCC Data Repository (U.S.) LLC. 
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TABLE OF CONTENTS

1. USERS’ RIGHTS AND OBLIGATIONS .............................................................................. 5

1.1 User Access to DDR Services ....................................................................................... 5

1.2 Super Access Coordinators ........................................................................................... 6

1.3 User Rules & Applicable Law ...................................................................................... 6

1.4 System Access & Recordkeeping ................................................................................. 6

1.4.1 System Access ............................................................................................................. 6

1.4.2 Recordkeeping ............................................................................................................. 6

1.5 User Fees ....................................................................................................................... 7

1.6 Limitation of Liability................................................................................................... 7

2. MANAGEMENT & CORPORATE STRUCTURE ............................................................... 7

2.1 Ownership & Structure ................................................................................................. 7

2.2 Management .................................................................................................................. 7

2.3 Chief Compliance Officer (“CCO”) ............................................................................. 8

2.4 Duty to Monitor, Screen and Analyze Swap and Security-Based Swap Data .............. 9

3. USER SUBMISSION OF DATA, DATA AVAILABILITY & CORRECTION OF ERRORS

 ................................................................................................................................................. 9

3.1 Asset Classes ................................................................................................................. 9

3.2 Connectivity .................................................................................................................. 9

3.3 Transactional Data and Submission Processing ........................................................... 9

3.3.1 General; Message Types ............................................................................................. 9

3.3.2 Reporting Parties ....................................................................................................... 10

3.3.3 Exception and Exemptions from Mandatory Clearing Requirements ....................... 10

3.4 Data Availability and Correction of Errors ................................................................. 10

3.5 DDR System Validations ............................................................................................ 12

4. UNIQUE IDENTIFIERS ...................................................................................................... 13

4.1 Overview ..................................................................................................................... 13

4.2 Unique Swap Identifier (“USI”) and Unique Trade Identifier (“UTI”) ...................... 13

4.3 Legal Entity Identifier (“LEI”) ................................................................................... 13

4.4 Unique Product Identifiers (“UPIs”) ........................................................................... 13
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5. PUBLIC REPORTING OF SWAP AND SECURITY-BASED SWAP DATA .................. 13

5.1 DDR Real-Time Dissemination – Description ........................................................... 14

5.1.1.1 Public Price Dissemination Pursuant to CFTC Regulation ................................. 14

5.1.2 Public Price Dissemination pursuant to Canadian Regulations ................................ 14

5.1.3 Public Price Dissemination pursuant to SEC Regulations ........................................ 14

5.1.4 Identity of Parties Not to be Disclosed ...................................................................... 15

5.2 DDR Notification ........................................................................................................ 15

5.3 Block Trade Calculation for CFTC Reporting............................................................ 15

6. ACCESS TO AND USE OF DATA ..................................................................................... 15

6.1 Access by Designated Regulators ............................................................................... 15

6.2 DDR Use of Swap and Security-Based Swap Information ........................................ 15

6.3 Access by DDR Third Party Service Providers to Data Retained by DDR ................ 15

6.4 Access to Data by Other Regulators and Entities ....................................................... 16

6.5 Denial of Access to Data............................................................................................. 16

7. DDR SYSTEM ...................................................................................................................... 16

7.1 System Capacity.......................................................................................................... 16

7.2 DDR System Availability ........................................................................................... 16

7.3 Emergency Responses ................................................................................................ 17

8. BUSINESS CONTINUITY .................................................................................................. 17

8.1 Business Continuity and Disaster Recovery ............................................................... 17

8.2 Wind-Down Plan ........................................................................................................ 18

9. DATA INFORMATION SECURITY .................................................................................. 18

9.1 Overview ..................................................................................................................... 18

9.2 System Safeguards ...................................................................................................... 18

10. DENIAL OF USER APPLICATION, TERMINATION & RESTRICTIVE ACTIONS ..... 19

10.1 Denial of User Application ......................................................................................... 19

10.1.1 Application to DDR Declined ............................................................................. 19

10.1.2 Hearing ................................................................................................................ 19

10.2 Involuntary Termination Procedures .......................................................................... 20

10.2.1 User Termination Events by DDR ...................................................................... 20

10.2.2 Notice and Effect of Termination........................................................................ 21
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10.2.3 Right of Appeal to Involuntary Termination....................................................... 21

10.3 Other Restrictive Actions ............................................................................................ 22

10.3.1 Restriction of Use, Assessment of Costs Incurred and Financial Penalties ........ 22

10.3.2 Procedures for Other Restrictive Proceedings .................................................... 22

10.4 Audits, Provision of Information and Cooperation..................................................... 23

10.5 Denial of Application, Termination and Restrictive Action Communications ........... 24

11. CONFLICTS OF INTEREST ............................................................................................... 24

11.1 General Conflict of Interest Resolution Processes ...................................................... 24

11.2 Director Conflicts of Interest ...................................................................................... 25

11.3 Reporting Conflicts of Interest.................................................................................... 26

11.4 Evaluation of a Director’s Actual, Potential or Apparent Conflict of Interest ........... 26

11.5 Resolution of Potential Conflicts of Interest ............................................................... 26

12. TERMS & TERMINOLOGY ............................................................................................... 27

Appendix A: Operating Procedures .............................................................................................. 29

U.S. SWAP DATA REPOSITORY ...................................................................................... 42

I. INTRODUCTION ..................................................................................................... 42

II. ELIGIBLE DERIVATIVE TRANSACTIONS ........................................................ 42

III. SUBMISSION OF TRANSACTION DATA ........................................................... 43

IV. REPORTS AND REGULATORY ACCESS............................................................ 44

V. PUBLIC DISSEMINATION OF TRANSACTION DATA ..................................... 44

VI. CORRECTION OF RECORDS; RESOLUTION OF DISPUTES ........................... 45

VII. CERTAIN LEGAL MATTERS ................................................................................ 45

CANADIAN SWAP DATA REPORTING SERVICE ........................................................ 46

I. INTRODUCTION ..................................................................................................... 46

II. DERIVATIVE TRANSACTIONS ........................................................................... 46

III. SUBMISSION OF TRANSACTION DATA ........................................................... 47

IV. REPORTS AND REGULATORY ACCESS............................................................ 48

V. PUBLIC DISSEMINATION OF TRANSACTION DATA ..................................... 48

VI. CORRECTION OF RECORDS; RESOLUTION OF DISPUTES ........................... 48

VII. CERTAIN LEGAL MATTERS ................................................................................ 49

 
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1. USERS’ RIGHTS AND OBLIGATIONS1

 1.1 User Access to DDR Services 

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

require registration, designation or recognition as a trade repository, swap data repository (“SDR”) 

or security-based swap data repository (“SBSDR”) under Applicable Law (the “SDR Services”) 

are available to all Market Participants on a fair, open and equal basis. DDR imposes the following 

membership qualifications on Users of its SDR Services: (i) requiring execution of membership 

documents such as the repository user agreement applicable to DDR (“User Agreement”); (ii) 

compliance with the technical specifications of the SDR Services as published by DDR from time 

to time; and (iii) compliance with Applicable Law, specifically those related to sanctions 

administered and enforced by the Office of Foreign Assets Control of the U.S. Department of the 

Treasury (“OFAC”) (collectively, the “Participation Criteria”). In the event a User at any point 

fails to comply with any or all of the Participation Criteria, such User shall notify DDR of such 

failure immediately upon discovery, provide a description of all relevant events associated with 

the failure and provide any other information reasonably requested by DDR. 

Specifically, the SDR Services contemplate that Market Participants required to report swap and 

security-based swap data to a registered, designated or recognized trade repository, SDR or 

SBSDR in jurisdictions in which DDR operates, will be able to use the SDR Services to satisfy 

their reporting obligations. DDR does not expect to reject applications to become a User by Market 

Participants who seek to utilize its SDR Services to satisfy the Users reporting obligations or those 

of the User’s customers in accordance with Applicable Law, but if an application to become a User 

is denied, or if a User’s access is terminated, the procedures by which a User may appeal such 

decisions are contained in Rules 10.1 and 10.2 respectively below. 

In order to be granted access to the DDR Systems, use the DDR Systems to report to a Designated 

Regulator, receive trade information, confirm or verify transactions, submit messages or receive 

reports a Market Participant must be on-boarded as a DDR User. These Users are required to keep 

information current and notify DDR of any changes to information they provided through the onboarding process. A User’s access to Transaction Records via the DDR Systems may be limited 

by various factors including regulatory confidentiality restrictions or the role of the User related 

to use of DDR Systems (e.g. trade counterparty, data submitter, SEF, clearing house) as described 

further in Rule 3.4, below. 

The provisions of the DDR Rules, as such term is defined below, do not govern, and will not 

preclude DDR from offering, services other than SDR Services (“Other Services”), which may 

include services ancillary to SDR Services, to Users and other persons, to the extent permitted by 

Applicable Law. For the avoidance of doubt, Other Services may be offered on terms other than 

those set forth herein. DDR does not and will not bundle or tie the SDR Services with any Other 

Services. 

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 Capitalized terms used but not otherwise defined in these rules have the meanings set forth in Rule 12. 
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1.2 Super Access Coordinators 

Users are required to maintain at least two (2) Super Access Coordinators (“SuperACs”) on the 

DDR System with the correct contact information. SuperACs are responsible for providing access 

to other individuals (referred to as “ACs”) who are eligible to access the System and use the SDR 

Services on behalf of the User. SuperACs are also responsible for removing access for any 

individuals who should no longer access the System on behalf of the User. DDR may contact a 

User’s SuperACs or ACs with urgent and/or important information regarding the System, the SDR 

Services or the User. SuperACs and ACs have the responsibility to share all information provided 

by the Company with any relevant parties within the User’s organization. Failure on the part of 

the User to maintain at least two SuperACs with up-to-date information or failure by the User’s 

SuperACs to maintain up-to-date information about ACs may impair the Company’s ability to 

transmit or communicate urgent or important information to the User. In such case, the Company 

shall have no liability whatsoever for User’s actions or omissions that result directly or indirectly 

from having not received the urgent or important information. 

1.3 User Rules & Applicable Law 

By entering into a User Agreement each User agrees to be bound by the terms of the User 

Agreement and Operating Procedures (set forth in Appendix A), which incorporate terms of this 

Rulebook, which is an “Applicable Publication” as defined in the Operating Procedures 

(collectively the “DDR Rules”). 

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

1.4 System Access & Recordkeeping 

1.4.1 System Access 

Users will be provided logins and the ability to view or receive reports and to view and provide 

trade details via (a) computer-to-computer links, (b) secure web interface, or (c) other means of 

access designated by DDR from time to time, for the purpose of effecting electronic submission 

of records of eligible transactions. 

DDR will maintain an audit trail of information submitted by Users. 

DDR shall retain exclusive control over the System through which the SDR Services are provided. 

1.4.2 Recordkeeping 

DDR shall maintain all information as required by Applicable Law as well as maintain swap and 

security-based swap data throughout the existence of the swap and security-based swap and for 15 

years following termination of the swap or security-based swap or as otherwise required by 

Applicable Regulations. The records will be readily accessible throughout the life of a swap or 

security-based swap and for 5 years following its termination and shall be in an electronic format 

that is non-rewriteable and non-erasable. For the remainder of the retention period, the swap or 
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security-based swap record will be retrievable within 3 business days. In the event DDR ceases 

doing business or ceases to be a registered or designated trade repository it shall arrange, for a 

period of not less than five (5) years or until transfer to the Designated Regulator or its designee 

or another registered or designated trade repository for that jurisdiction, to preserve, maintain, and 

make accessible to each Designated Regulator or its designee, the records and data required by 

Applicable Regulation in accordance with DDR’s Wind-Down Policies and Procedures document. 

1.5 User Fees 

All fees imposed by DDR in connection with the reporting of swap or security-based swap data 

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

uniform and non-discriminatory manner. DDR’s Fee Schedules will be available to all Market 

Participants on DDR’s website. 

1.6 Limitation of Liability 

Limitations on liability as between the User and DDR are contained in Section 9 of the Operating 

Procedures, attached hereto as Appendix A. 

2. MANAGEMENT & CORPORATE STRUCTURE 

 2.1 Ownership & Structure 

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 (“Deriv/SERV”). Deriv/SERV is a 

wholly owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”), which is 

the ultimate parent of DDR. 

 2.2 Management 

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

Board shall be determined by Deriv/SERV as the sole member of DDR. The Board is composed 

of individuals selected from the following groups: employees of DDR’s users (either fees paying 

Users or End Users) with derivatives industry experience, buy-side representatives, independents, 

and members of senior management or the Board of DTCC. The Board will include appropriate 

representation by individuals who are independent as specified by Applicable Regulations. The 

Deriv/SERV Nominations 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. DDR welcomes suggestions from 

Market Participants of proposed or alternative candidates to serve on the DDR Board, which may 

be submitted to DDR in accordance with Rule 10.5.

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

operations and provide strategic guidance. All relevant governance transparency documents and 

information required under Applicable Law will be readily accessible.
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DDR Officers are selected by Deriv/SERV senior management, who must then be ratified by the 

DDR Board. DDR Officers shall consist of at least a: Senior Officer and a Chief Compliance 

Officer. 

2.3 Chief Compliance Officer (“CCO”) 

The CCO shall have the authority and resources to develop and enforce policies and procedures 

necessary to fulfill the duties set forth in the Applicable Regulations of any jurisdiction in which 

DDR provides SDR Services. The Board is responsible for the appointment and removal of the 

CCO and approval of CCO compensation, which is at the discretion of the Board and effected by 

a majority vote. Each Designated Regulator which has jurisdiction over DDR shall be notified 

within two business days of the appointment or removal of the CCO. The CCO reports to the DDR 

Senior Officer, who is responsible for supervising and recommending the compensation of the 

CCO. The DDR Board shall meet with the CCO at least annually. The CCO shall have supervisory 

authority over all staff acting at the direction of the CCO. The duties of the CCO include, but are 

not limited to, the following: 

(a) oversee and review DDR’s compliance with Applicable Law in jurisdictions where 

DDR is registered, designated, recognized or otherwise licensed; 

(b) in consultation with the Board or the Senior Officer, resolve any conflicts of 

interests that may arise, including, but not limited to, conflicts between business 

considerations and compliance requirements, conflicts between business 

considerations and compliance requirements for fair and open access, and conflicts 

between the management and members of the Board; 

(c) establish and administer written policies and procedures reasonably designed to 

prevent violation of Applicable Law; 

(d) take reasonable steps to ensure compliance with Applicable Law relating to 

agreements, contracts or transactions and confidentiality agreements entered into 

with foreign or domestic regulators; 

(e) establish procedures for the remediation of non-compliance issues identified by the 

CCO through a compliance office review, look-back, internal or external audit 

finding, self-reported error, or validated complaint; 

(f) notify the Board as soon as practicable upon becoming aware of a circumstance 

indicating that DDR, or an individual acting on its behalf, is in non-compliance 

with the Applicable Laws of a jurisdiction in which it operates and either; (1) the 

non-compliance creates a risk to a User; (2) the non-compliance creates a risk of 

harm to the capital markets in which it operates; (3) the non-compliance is part of 

a pattern of non-compliance; or (4) the non-compliance may have an impact on 

DDR’s ability to carry on business as a trade repository in compliance with 

Applicable Law. 

(g) establish and follow appropriate procedures for the handling, management 

response, remediation, retesting and closing of noncompliance issues; 

(h) establish and administer a written code of ethics; and 

(i) prepare and sign an annual compliance report in accordance with Applicable 

Regulations and associated recordkeeping. 
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 2.4 Duty to Monitor, Screen and Analyze Swap and Security-Based Swap 

Data 

Consistent with Applicable Regulation, DDR shall establish and maintain sufficient information 

technology, staff and other resources to fulfill the ability to monitor, screen and analyze all swap 

and security-based swap data recorded by DDR in such manner as the Designated Regulators may 

require. In addition, DDR will maintain and provide a list of Designated Regulators’ authorized 

parties in the manner and frequency required by Applicable Regulation. DDR shall provide 

Designated Regulators with monitoring tools and other access to swap and security-based swap 

data in a manner that is substantially similar to the capabilities developed for internal use, which 

will be accessible only by authorized parties. 

Consistent with Applicable Regulation, DDR has the capacity and will maintain the capacity to: 

(i) monitor swap and security-based swap data; (ii) build reports for analysis of swap and securitybased swap data; (iii) send completed reports to its Designated Regulators as applicable; and (iv) 

accept monitoring, screening, and analysis requests from its Designated Regulators. 

3. USER SUBMISSION OF DATA, DATA AVAILABILITY &

CORRECTION OF ERRORS

 3.1 Asset Classes 

DDR will provide Users with the ability to submit data for over-the-counter (“OTC”) derivatives 

for Credits, Equities, Rates, Foreign Exchange (“FX”) and other Commodity asset classes. 

 3.2 Connectivity 

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

Procedures as set forth in Appendix A. 

 3.3 Transactional Data and Submission Processing 

3.3.1 General; Message Types 

DDR utilizes message templates for the ingestion of data. Submitters of data may update predefined data fields as required by DDR to create a new trade record or update an existing trade 

record. DDR supports the following message types: 

Trade State: This message supports regulatory non-public reporting and is used to report 

the full details of the trades at a certain point in time. End of day Trade State Reports will 

be created from the latest trade and valuation submissions made by a participant. Trade 

State is simply the trade with the latest submitted values and represents the current “state” 

of the trade. 

PPD Message (Public Price Dissemination): This message is used to report the pricing 

Information of the trade and lifecycle events publicly. The transaction type on the 
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submission indicates if the PPD Message is for a trade or a lifecycle event. The Reporting 

Party will be required to use this message to instruct DDR to disseminate the record on 

DDR's public website. DDR's message template identifies required fields that must be 

populated. Upon receipt of the PPD message, DDR will timestamp the record and generate 

a dissemination ID for the trade record. DDR will disseminate the record to its public 

website after applying any time delay required by Applicable Law. 

Valuation: Valuation messages are sent separately from Trade State and PPD messages 

and contain all valuation data as of the point of submission. Valuation messages will be 

processed and made available (via a searchable portal) to the Users and regulators 

throughout the day and will also be appended to latest received Trade State data received 

before the 4am ET end of day cutoff. The valuation data, together with the Trade State 

data, will represent the final and current “state” of the trade for a particular day and will be 

made available to the Users and to the regulators on daily Trade State Reports. 

3.3.2 Reporting Parties 

To enable Reporting Parties under Applicable Regulations to meet their reporting obligation DDR 

will support the following entity types: 

 Trade counterparties 

 DCOs 

 SEFs 

 DCMs 

 Third party submitters to the DDR (on behalf of a counterparty) 

 Confirmation services 

 Asset servicing platforms 

 Custodians 

 Asset and investment managers 

 Any other User of DDR 

3.3.3 Exception and Exemptions from Mandatory Clearing Requirements 

Pursuant to Applicable Law, certain transactions submitted by Users may be exempt or subject to 

an exception to the clearing requirement. Information on how Users who qualify for an exemption, 

exception or other relief from the clearing requirement, can elect to claim, such exemption, 

exception or other relief from clearing is located under the Essentials column on the DDR website 

(https://www.dtcc.com/repository-and-derivatives-services/repository-services/gtr-northamerica). 

3.4 Data Availability and Correction of Errors 

The SDR Services make Transaction Records available to Users in trade detail reports. The type 

of report(s) that a User receives with respect to a particular trade is dictated by the User’s role as 
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indicated on to the trade. These reports enable Users to view all Transaction Records where they 

are a counterparty in order to reconcile such data to their own risk systems. Users are provided 

with the ability to submit error correction messages if errors are found during reconciliation 

processes. A User may only correct a record where such User is indicated on the trade message 

as the submitter or the submitted for party. Users shall be responsible for resolving any disputes 

between themselves uncovered during this reconciliation process and, as appropriate, submitting 

correct information. Corrections can be submitted for Trade State, Valuation, and PPD message 

types and will be reflected as such on applicable report types. DDR shall maintain a record of all 

corrections pursuant to Applicable Regulations and such records shall be available to the 

applicable Designated Regulator. 

The four types of trade detail reports are described below. For additional information related to 

these reports and message corrections, please review the materials available on the DTCC learning 

center (https://www.dtcclearning.com/), including the applicable message specifications, 

participant report examples, and participant report summaries. 

Submission Report 

 The Submission Report is an end of day report that contains all submitted data fields. 

 The report is available for Users indicated on the trade message as submitter, submitted 

for party, or execution agent. 

 ACK/NACK status for all submissions for the reporting date are included. 

 All Message types are represented (independent of whether they are submitted via CSV, 

FpML, or XML). 

 The report format is the same for all asset classes. Where a field does not apply to an 

asset class, that field value will be blank. 

 Applicable client-submitted and DDR-generated timestamps are included. 

Trade Activity Report 

 The Trade Activity Report is an end of day report that contains reporting date activity in 

the regulator view, with field names corresponding to the Regulation Field name. 

 The report is available for Users indicated on the trade message as submitter, submitted 

for party, or execution agent, and applicable Designated Regulators. 

 All submissions that have ACKed for the reporting date are included. 

 All Message Types are represented (independent of whether they are submitted via CSV, 

FpML, or XML). 

 The report format is the same for all asset classes. Where a field does not apply to an 

asset class, that field value will be blank. 

 Applicable client-submitted and DDR-generated timestamps are included. 

Trade State Report 

 The Trade State Report is an end of day report that contains the end of day state of live 

trades in the regulator view, with field names corresponding to the Regulation Field 

Name. 

 A trade is considered live: 

o Up to and including the expiration date; or 
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o Up to but not including the date a trade was intentionally exited. 

 The report is available for Users indicated on the trade message as the submitted for 

party, non-reporting counterparty (with some values masked), or execution agent, and 

applicable Designated Regulators. 

 The latest valuation for the trade is included. 

 The report format is the same for all asset classes. Where a field does not apply to an 

asset class, that field value will be blank. 

 Where there is more than one submitted for party and/or more than one reporting 

Jurisdiction or Province, there will be a separate line in the report for each. 

 Applicable client-submitted and DDR-generated timestamps are included. 

PPD Status Report 

 The PPD Status Report is an end of day report that contains reporting date PPD 

dissemination data in the regulator view, with field names corresponding to the 

Regulation Field Name. 

 The report is available for Users indicated on the trade message as the submitter and 

applicable Designated Regulators. 

 All submissions that have ACKed for the reporting date are included. 

 All PPD submissions are represented (independent of whether they are submitted via 

CSV, FpML, or XML). 

 The report format is the same for all asset classes. Where a field does not apply to an 

asset class, that field value will be blank. 

 Applicable client-submitted and DDR-generated timestamps are included. 

3.5 DDR System Validations 

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

record is complete and conforms to DDR’s message ingestion requirements. Validation of 

information received or disseminated by the DDR System is completed systemically. DDR may 

reject a Transaction Record submitted due the submission failing to meet DDR validations, 

including but not limited to, the submitter must be recognized by the DDR System, the submitter 

must be eligible to submit records, the submission must be in a format that can be ingested by 

DDR, and the submission must meet all Designated Regulator and DDR data format and content 

requirements. 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. A rejected 

submission is deemed not to have been submitted at all with respect to reporting to the jurisdiction 

for which it was rejected (it is possible that one Transaction Record is submitted to comply with 

reporting in more than one jurisdiction and may be acceptable for one jurisdiction, but rejected for 

the other). For additional information on the validations DDR employs, please review the 

materials available on the DTCC learning center (https://www.dtcclearning.com/), including the 

applicable message specifications. 
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4. UNIQUE IDENTIFIERS

 4.1 Overview 

Unique identifiers are required to be assigned to all swap and security-based swap transactions 

which identify the transactions uniquely throughout their duration and facilitate the reporting of 

life cycle events and correction of errors in information previously submitted to DDR. 

4.2 Unique Swap Identifier (“USI”) and Unique Trade Identifier (“UTI”) 

A USI or UTI is utilized to identify swap and security-based swap transactions between unique 

pairs and will be used to identify the particular swap or security-based swap transaction throughout 

its existence. The USI or UTI is required on all submission records. If a USI or UTI is not provided, 

the submission will be rejected, and such rejection status will be communicated to the submitting 

party. The DDR System will check each USI or UTI received to ensure that the USI or UTI is 

well-formed (e.g., correct data type and field length). If the USI or UTI is not well-formed, the 

submission will be rejected, and such rejection status will be communicated to the submitting 

party. 

4.3 Legal Entity Identifier (“LEI”) 

An LEI is intended to uniquely identify counterparties. Each User that is a Reporting Party must 

provide an LEI for itself and its counterparty for each Transaction Record submitted. During the 

onboarding process, DDR requires certain data be provided in order to register a new User. The 

new User will be asked to provide the LEI code along with additional information such as entity 

type (e.g., Swap Dealer, Major Swap Participant). If the new User does not have an LEI code, 

DDR staff will ask the User to register an LEI code prior to on boarding. 

4.4 Unique Product Identifiers (“UPIs”) 

For Product IDs associated with swaps and/or security based swaps, DDR accepts the ISDA 

taxonomy and only those such identifiers as specifically set out in the applicable message 

specifications for the Underlying Asset ID Type field found on the DTCC Learning Center website 

(https://www.dtcclearning.com/) or made available to Users via means normally employed by the 

Company to communicate with its Users. DDR will rely on the above referenced classification 

systems until such time as an internationally recognized standard-setting system is recognized by 

the Designated Regulator. For SEC reporting, DDR requires information sufficient to identify the 

data and calculate price as required by Applicable Regulation or the data must be identified as a 

customized security-based swap in the manner specified by DDR. 

5. PUBLIC REPORTING OF SWAP AND SECURITY-BASED
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SWAP DATA 

Public Data shall be available in accordance with Applicable Regulations and accessible on DDR’s 

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

forth in Appendix A. 

5.1 DDR Real-Time Dissemination – Description 

Real-time dissemination shall be subject to the general systems availability as specified in Rule 7 

hereunder to allow for systems maintenance. 

5.1.1 Public Price Dissemination Pursuant to CFTC Regulation 

DDR will provide a mechanism for public access to transaction information submitted to DDR, as 

required under and subject to the timeframes and delays set forth in Part 43 of the CFTC’s 

regulations. As required by Applicable Regulations, DDR shall publicly disseminate U.S. swap 

transaction and price data subject to:

 

(a) applicable rounding of notional or principal amounts which shall be capped and subject to 

applicable time delays; and 

(b) applicable block transaction thresholds and corresponding time delays. 

5.1.2 Public Price Dissemination pursuant to Canadian Regulations 

DDR does not determine whether a transaction report should be disseminated publicly. Any such 

transaction report received is disseminated publicly if it passes validations and is directed to a 

Canadian Regulator. DDR requires that the Reporting Party provides only transaction reports that 

are required to be disseminated under Canadian Regulations. DDR will provide a mechanism for 

public access to transaction information submitted to DDR, as required under and subject to the 

timeframes and delays set forth in the applicable Canadian Regulations. 

5.1.3 Public Price Dissemination pursuant to SEC Regulations 

In accordance with SEC Regulations, dissemination of an accepted PPD Message for SEC 

reporting will immediately follow receipt and processing. For a security-based swap based on a 

single credit instrument or a narrow-based index of credit instruments having a notional size of $5 

million or greater, DDR will disseminate a capped size of $5 million in lieu of the true notional 

size. For all other security-based swaps, DDR will apply capping and rounding logic according to 

applicable CFTC regulations. 
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5.1.4 Identity of Parties Not to be Disclosed

The data which is publicly disseminated is limited to that required by Applicable Regulations 

provided that in no case shall data be publicly disseminated which discloses the identity of a party 

to the swap or security-based swap or facilitates the identification of a party to a swap or securitybased swap. 

5.2 DDR Notification 

DDR will notify the CFTC of any swap transaction for which DDR becomes aware the realtime swap data was not received by DDR in accordance with the timeframes required by 

Applicable Regulations. 

5.3 Block Trade Calculation for CFTC Reporting 

Based upon User indication in its message submission, for certain asset classes, DDR calculates 

whether a specified swap qualifies as a block trade pursuant to CFTC Part 43. 

6. ACCESS TO AND USE OF DATA 

6.1 Access by Designated Regulators 

Pursuant to Applicable Law, the Designated Regulators, as well as any designee of the Designated 

Regulators, including another registered entity, shall be provided with direct electronic access to 

data reported to DDR in satisfaction of such Designated Regulator’s regulatory mandate in order 

to satisfy their legal and regulatory obligations. 

6.2 DDR Use of Swap and Security-Based Swap Information 

As part of the SDR Services, DDR receives and collects swap and security-based swap data in the 

ordinary course of its business from various Market Participants and registered entities for the 

purpose of maintaining a centralized recordkeeping facility for swaps and security-based 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. 

DDR shall not, as a condition of the reporting of swap or security-based swap transaction data, 

require a Reporting Party to consent to the use of reported data for commercial or business 

purposes. DDR shall not make commercial use of real-time swap data prior to its public 

dissemination. 

6.3 Access by DDR Third Party Service Providers to Data Retained by DDR 

Third-party access to data maintained by DDR is permissible provided the following conditions 

have been satisfied in addition to any other provisions of Applicable Regulations: 
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(a) DDR and the third-party service provider to DDR shall have strict confidentiality 

procedures that protect data and information from improper disclosure; and 

(b) DDR and the third-party service provider shall enter into an agreement setting forth 

minimum confidentiality procedures and permissible use of the information maintained 

by DDR. 

6.4 Access to Data by Other Regulators and Entities 

Any entity that is not a Designated Regulator and is authorized by Applicable Law to receive 

access to data held by DDR shall, prior to receiving such access from DDR, comply with all 

requirements for such access under Applicable Law. In connection with the access contemplated 

by this section, requestor will provide any additional information DDR may need to fulfill the 

request. DDR will provide all notifications required by Applicable Law related to a request for 

data under this section. 

6.5 Denial of Access to Data 

In the event a request for access to data made pursuant to Section 6 is denied by DDR, the party 

making the request (the “Subject Party”) shall be notified of the grounds for the denial (the “Data 

Access Denial Notice”). It shall thereafter be the responsibility of the Subject Party to address the 

issues identified in the Data Access Denial Notice and resubmit the application in accordance with 

the applicable provisions of this Section 6. 

7. DDR SYSTEM

7.1 System Capacity 

Consistent with Applicable Law, the DDR System is designed to provide reliable, secure and 

adequate scalable capacity sufficient to perform its trade repository functions. DDR conducts 

routine assessments of the capacity of the DDR System, including measuring peak and average 

system usage against projected usage, and also considers the anticipated impact of system changes 

in relation to current and future DDR System capacity. 

7.2 DDR System Availability 

The DDR System is available 7 days per week, 24 hours per day Monday through Sunday, except 

from 10:00 pm (ET) Saturday to 6:00 am (ET) Sunday to enable maintenance to be performed on 

the DDR System (“Closed Hours”). On occasion, as necessary to support time sensitive processes 

or maintenance occurring outside of Closed Hours, DDR Systems may be unavailable for 

processing (“Unscheduled Downtime”). Data submitted during DDR System Unscheduled 

Downtime is stored and processed once the service has resumed. If during Unscheduled Downtime 

DDR cannot receive and hold in queue transaction information that was required to be reported 

pursuant to Applicable Regulations, it will immediately upon resumption of processing operations 

notify Users that it has resumed normal operations. 
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7.3 Emergency Responses 

DDR retains the right to exercise emergency authority in the event of circumstances determined 

by DDR to require such response or upon request by the Designated Regulators as applicable. Any 

exercise of DDR’s emergency authority shall be adequate to address the nature and scope of any 

such emergency. The Senior Officer of DDR shall have the authority to exercise emergency 

authority and in his/her absence, any other officer of DDR shall have such authority. 

Circumstances requiring the invocation of emergency authority include, but are not limited to, 

occurrences or circumstances: 

(a) determined by DDR to constitute an emergency; 

(b) which threaten the proper functioning of the DDR System and the SDR Services; or 

(c) which materially and adversely affect the performance of the DDR System and the 

SDR Services. 

Emergencies include but are not limited to natural, man-made and information technology 

emergencies. DDR shall notify the Designated Regulators, as soon as reasonably practicable, of 

an invocation of emergency authority or a material system outage is detected by DDR. Such 

notification shall be provided in accordance with Applicable Regulations and will include the 

reasons for taking such emergency action, how potential conflicts of interest were minimized and 

documentation of the decision-making process. 

Documentation underlying the emergency shall be made available to the Designated Regulators 

upon request. 

DDR shall avoid conflicts of interest in decision-making with respect to an emergency authority 

taken. If a potential conflict of interest arises, the CCO shall be notified and consulted for the 

purpose of resolving the potential conflict. DDR shall issue an Important Notice as to all Users as 

soon as reasonably practicable in the event such emergency authority is exercised. Any emergency 

actions taken by DDR may be terminated by the Senior Officer and in his/her absence, any other 

officer of DDR. Such termination of an emergency action will be followed by the issuance of an 

Important Notice as soon as reasonably practicable. 

8. BUSINESS CONTINUITY

8.1 Business Continuity and Disaster Recovery 

The DDR System is supported by DTCC and relies 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; 
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(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. 

8.2 Wind-Down Plan 

In order to satisfy applicable regulatory requirements, DDR maintains written rules, policies and 

procedures reasonably designed to facilitate its orderly wind-down. Such rules, policies and 

procedures are approved by its Board and shared with its regulators. These rules, policies and 

procedures are contained in the DDR Wind-Down Policies and Procedures document. The plan is 

designed to address critical operations and services performed as a going concern during a winddown period and to assess the effectiveness of a full range of options for an orderly wind-down. 

9. DATA INFORMATION SECURITY

9.1 Overview 

DDR will be responsible for monitoring the performance of DTCC regarding implementation and 

maintenance of information security within its infrastructure. 

9.2 System Safeguards 

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 

while still meeting the requirements of Applicable Regulations. 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. 
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10. DENIAL OF USER APPLICATION, TERMINATION &

RESTRICTIVE ACTIONS

10.1 Denial of User Application 

This Rule 10.1 outlines the process required for DDR to decline the request (an “Application”) of 

an applicant (an “Applicant”) to become a User of all or any SDR Services. Applicants may be 

denied access to the DDR System if required pursuant to Applicable Law (e.g., sanctions 

administered and enforced by OFAC or the Canadian Government’s Office of the Superintendent 

of Financial Institutions (“OSFI”)). Applicants to DDR shall be entitled to notice and an 

opportunity for a hearing if DDR declines an Application. An Applicant may be declined if 

required by Applicable Law. DDR shall promptly notify all Designated Regulators should an 

Applicant be denied access to SDR Services, or limited in respect of access to services offered, 

directly or indirectly. If the denial of an Application is reversed, such Application will be accepted, 

and the Applicant granted access following completion of on boarding requirements. 

10.1.1 Application to DDR Declined 

In conjunction with the denial of an Application, DDR shall furnish the Applicant with a written 

statement setting forth the grounds for the determination (the “Denial Notice”). The Denial Notice 

shall inform the Applicant of its right to request a hearing with respect to the determination 

pursuant to Rule 10.1.2. 

10.1.2 Hearing 

(a) To request a hearing on a denial of an Application, an Applicant shall file such a 

request (the “Hearing Request”) with the Secretary of DDR as described in Rule 10.5 within 5 

business days of receipt of the Denial Notice. The Hearing Request must set forth: (i) the action 

to be taken by DDR as set forth in the Denial Notice; and (ii) the name of the representative of the 

Applicant who may be contacted with respect to a hearing. 

(b) Within 7 business days after the Applicant files such Hearing Request, such 

Applicant shall submit to DDR a clear and concise written statement (the “Applicant Statement”) 

setting forth, with particularity: (i) the basis for objection to such action; and (ii) whether the 

Applicant chooses to be represented by counsel at the hearing. DDR may deny the right for a 

hearing if the Applicant Statement fails to set forth a prima facie basis for contesting the violation. 

(c) The failure of an Applicant to file either the Hearing Request and/or Applicant 

Statement within the time frames required under this Rule 10.1.1 will be deemed an election to 

waive the right to a hearing. 

(d) Hearings shall take place promptly after receipt of the Applicant Statement. DDR 

shall notify the Applicant in writing of the date, place and hour of the hearing at least 5 business 

days prior to the hearing (unless the parties agree to waive the 5-business day requirement). Such 

hearing must take place in New York during business hours unless otherwise agreed by the parties. 
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(e) A hearing shall be before a panel (the "Panel") of three individuals. The Panel shall 

consist of 3 members of the Board or their designees selected by the Chairman of the Board. At 

the hearing, the Applicant shall be afforded an opportunity to be heard and may be represented by 

counsel if the Applicant has so elected in the Applicant Statement. A record shall be kept of the 

hearing. The costs associated with the hearing may, in the discretion of the Panel, be charged in 

whole or in part to the Applicant in the event that the decision at the hearing is adverse to the 

Applicant. 

(f) The Panel shall advise the Applicant of its decision within 10 business days after 

the conclusion of the hearing. The decision of the Panel shall be disclosed in, a notice of the 

decision (the “Decision Notice”) setting forth the specific grounds upon which the decision is 

based and shall be furnished to the Applicant. A copy of the Decision Notice shall also be 

furnished to the Chairman of the Board. If the decision of the Panel shall be to reverse the denial, 

such Application will be returned to the staff for processing. 

(g) Any denial as to which an Applicant has the right to request a hearing pursuant to 

Rule 10.1.2 shall be deemed final upon the earliest of: (i) when the Applicant stipulates to the 

denial; (ii) the expiration of the applicable time period provided for the filing of a Hearing Notice 

and/or Applicant Statement; or (iii) when the Decision Notice is delivered to the Applicant. 

Notwithstanding the foregoing, the Board may in its discretion modify any sanctions imposed or 

reverse any decision of the Panel that is adverse to an Applicant. The reversal or modification by 

the Board of a Panel decision or reversal or modification by the Panel of any action by DDR shall 

not provide such Applicant with any rights against DDR or its officers or Directors for 

determination made prior to such reversal or modification. 

10.2 Involuntary Termination Procedures 

10.2.1 User Termination Events by DDR 

DDR may involuntarily terminate a User’s account, User Agreement and access to the SDR 

Services (an “Involuntary Termination”) in the following circumstances: (a) the User has 

materially breached its User Agreement, the DDR Operating Procedures or the rules contained in 

this Rulebook, which shall be deemed to include a User’s failure to pay fees when due; (b) the 

User’s violation of any Applicable Law, including those relating to the regulations administered 

and enforced by OFAC or OSFI; or (c) the User’s account or User’s IT system is causing or may 

cause material harm, as determined in DDR’s reasonable discretion, to the normal operation of the 

System (each a “Termination Event”). 

Upon the occurrence of a Termination Event, DDR’s Senior Officer, in consultation with DDR’s 

counsel and CCO, shall: (i) determine whether or not such User shall be Involuntary Terminated; 

and (ii) present any decision that would result in the Involuntary Termination of a User (a 

“Termination Decision”) to the DDR Board for approval. Notwithstanding the foregoing, if a 

Termination Decision has been issued as a result of the subject User’s failure to pay fees totaling 

less than $5,000, no DDR Board approval shall be required. Upon approval by the DDR Board or 

the Termination Decision, if no approval is required, the Involuntary Termination shall be deemed 
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effective and such termination shall continue to be effective, notwithstanding any appeal thereof 

pursuant to Rule 10.2.3, unless and until such termination is modified or rescinded pursuant to 

Rule 10.2.3. DDR’s rights under this Rule 10.2 will be in addition to and separate from its rights 

under Rule 10.3. 

10.2.2 Notice and Effect of Termination 

(a) In the event a User is Involuntary Terminated in accordance with the provisions of 

this Rule 10.2, DDR shall take the following steps: (i) provide notice of the Involuntary 

Termination to the subject User in writing or via email (“User Notice”) as described in Rule 10.5; 

and (ii) provide prompt notice to the applicable Designated Regulators. The User Notice shall 

advise the subject User to contact DDR for information on how pending matters will be affected 

by the Involuntary Termination and what steps are to be taken in connection therewith. 

(b) Pending Submissions: Notwithstanding any other provision of the DDR Rules, 

DDR shall have no obligation to accept any submission of a terminated User that was affected 

after the time at which User was terminated from access to the System. 

10.2.3 Right of Appeal to Involuntary Termination 

A User who has been Involuntary Terminated pursuant to this Rule 10.2 shall be entitled, upon 

request, to a written statement of the grounds for its termination and shall have the right to appeal 

its termination of access in accordance with the procedure described below. 

A terminated User may appeal its termination of access by filing a written notice of appeal 

within 5 business days after the date of termination of access to the Corporate Secretary as 

described in Rule 10.5. 

(a) Appeals shall be considered and decided by the Appeal Panel (a panel comprised 

of a Chairman and two individuals appointed by the Chairman of the Board to consider appeals 

under Rule 10.2 and the DDR Rules). An appeal shall be heard as promptly as possible, and in no 

event more than 5 business days after the filing of the notice of appeal. The appellant shall be 

notified of the time, place and date of the hearing not less than 3 business days in advance of such 

date. At the hearing, the appellant shall be afforded an opportunity to be heard and to present 

evidence in its own behalf, and may, if it so desires, be represented by counsel. As promptly as 

possible after the hearing, the Appeal Panel shall, by the vote of a majority of its members, affirm 

or reverse the termination of access or modify the terms thereof. The appellant shall be notified 

in writing of the Appeal Panel’s decision; and if the decision shall have been to affirm or modify 

the termination, the appellant shall be given a written statement of the grounds therefor. 

(b) Any decision by the Appeal Panel to affirm or modify a termination shall be 

reviewable by the Board on its own motion or on written demand by the appellant filed with DDR 

within 3 business days after receipt of notice of the Appeal Panel’s decision. The Board may, but 

is not required to, afford the appellant a further opportunity to be heard or to present evidence. The 

appellant shall be notified in writing of the decision of the Board, and if the decision shall have 
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been to affirm or modify the termination, the appellant shall be given a written statement of the 

grounds therefor. 

(c) The filing of an appeal pursuant to this Rule shall not impair the validity or stay the 

effect of the termination appealed from. The reversal or modification of a termination shall not 

invalidate any acts of DDR taken pursuant to such termination prior to such reversal or 

modification, and the rights of any person which may arise out of any such acts shall not be affected 

by such reversal or modification. 

(d) A record shall be kept of any hearing held pursuant hereto. The cost of the 

transcript may, in the discretion of the body holding the hearing, be charged in whole or in part to 

the terminated User in the event that the termination of access is finally affirmed. 

10.3 Other Restrictive Actions 

10.3.1 Restriction of Use, Assessment of Costs Incurred and Financial 

Penalties 

(a) DDR, upon agreement of DDR’s Senior Officer and CCO, may temporarily deny 

access to or otherwise impose restrictions on the use of the DDR System on a User, or take such 

other actions as DDR deems reasonably necessary to protect its systems and other Users, for: (i) a 

violation of the DDR Rules (including failure to pay fees when due); (ii) any neglect or refusal by 

such User to comply with any direction DDR deems reasonably necessary to protect its systems 

and other Users; or (iii) any error, delay or other conduct that materially and adversely affects the 

operations of DDR (each a "Subject Event"). Limits to the activities, functions or operation of 

Users may include, but are not limited to, access to the DDR System or ability to submit data via 

a non-approved source (e.g., temporarily suspending the submission queue, where inbound 

messaging is at issue, while still allowing the User to maintain access to the web interface and 

allowing for submissions via other network services such as a spreadsheet upload). 

Notwithstanding the foregoing, in the event of a Subject Event and in addition to any other action 

taken by DDR, DDR may assess such User with all costs incurred by DDR in connection with 

such Subject Event and apply any deterrent financial penalties that DDR deems necessary. 

(b) DDR shall provide prompt notice to the applicable Designated Regulators of any 

action taken in accordance with this Rule or any terminations pursuant to Rule 10.2. 

10.3.2 Procedures for Other Restrictive Proceedings 

(a) Before any action in accordance with Rule 10.3.1 is taken, DDR shall furnish the 

subject User (“Respondent”) with a concise written statement describing the Subject Event 

applicable to the Respondent (the “Subject Event Statement”). However, no prior written 

statement shall be required to be provided if the action is being taken by DDR in response to 

protecting the security of data, the DDR System or other Users. In such circumstances, a written 

statement shall promptly follow the DDR action. The Respondent shall have 10 business days after 

the service of such statement to file with DDR a written answer thereto. The answer shall admit or 

deny each allegation contained in the Subject Event Statement and may also contain any defense 
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which the Respondent wishes to submit. Allegations contained in the Subject Event Statement 

which are not denied in the answer shall be deemed to have been admitted, and any defense not 

raised in the answer shall be deemed to have been waived. If an answer is not provided to DDR 

within the time permitted, as determined by the CCO, in consultation with DDR’s counsel, the 

allegations shall be deemed to have been admitted, and the Respondent will be notified in writing 

of any action that shall be taken. If an answer is timely filed, DDR shall (unless the Respondent 

and DDR shall have stipulated to the imposition of an agreed action) schedule a hearing before a 

panel comprised of a Chairman and 2 (two) individuals appointed by the Chairman of the Board 

to conduct proceedings under this Rule (the “Restrictive Actions Panel”). At the hearing, the 

Respondent shall be afforded the opportunity to be heard and to present evidence on its behalf and 

may be represented by counsel. A record of the hearing shall be prepared, and the cost of the 

transcript may, in the discretion of the Restrictive Actions Panel, be charged in whole or in part to 

the Respondent in the event any action is taken against the Respondent. As soon as practicable 

after the conclusion of the hearing, the Restrictive Actions Panel shall furnish the Respondent and 

the Board with a written statement of its decision. If the decision is to take an action in accordance 

with this Rule, the written statement shall set forth the action being taken and the facts surrounding 

the violation of these Rules. 

(b) In the event that the Restrictive Actions Panel censures, fines, suspends, expels or 

limits the activities, functions or operations of any Respondent, any affected User may apply for 

review to the Board, by written motion filed with DDR to the Corporate Secretary as described in 

10.5 within 5 business days after issuance of the Restrictive Actions Panel’s written statement of 

its decision. 

(c) The granting of any such motion shall be within the discretion of the Board. In 

addition, the Board may determine to review any such action by the Restrictive Actions Panel on 

its own motion. Based upon such review, the Board may affirm, reverse or modify, in whole or in 

part, the decision of the Restrictive Actions Panel. The Respondent shall be notified in writing of 

the decision of the Board which shall be final. Once a decision of the Restrictive Actions Panel is 

final, the CCO will facilitate and coordinate the administration of any such action taken as a result 

of such proceedings. 

(d) Any time limit set forth in this Rule may be extended by the body having 

jurisdiction over the matter in respect of which the time limit is imposed. 

(e) The summary termination of access by a User pursuant to Rule 10.3 shall not be 

deemed to be a “action” taken in accordance with this Rule, and the provisions of this Rule shall 

be inapplicable to any such summary termination. 

10.4 Audits, Provision of Information and Cooperation 

Subject to Applicable Law, each User will comply with all reasonable requests by DDR for 

information, documentation or data concerning such User and related to such User’s use of the 

System as DDR may deem necessary. DDR will have the right to audit or inspect a User (and its 

facilities) with respect to its use of the System, upon reasonable notice, and Users shall cooperate 
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with such audits or inspections and with other inquiries by DDR concerning their use of the 

System. 

The CCO or his/her delegate shall have authority to investigate any potential rule violation, shall 

be responsible for enforcing sanctions related to violations and for following the procedures 

outlined in Rule 10.4. 

10.5 Communications to DDR Corporate Secretary 

Communications with respect to matters described in Rule 2.2 and this Rule 10 when addressed to 

DDR shall be to: 

DTCC Data Repository (U.S.) LLC 

55 Water Street 

New York, New York 10041 

Attention: Corporate Secretary’s Office 

CorporateSecretary@dtcc.com 

With a copy to: 

ddrnotices@dtcc.com 

Communications with respect to matters described in this Rule 10 when to an Applicant or User 

shall be sufficiently served if in writing and delivered by courier or U.S. mail to the office address 

or emailed to the email address provided by such Applicant or User. Any notice, if mailed by U.S. 

mail, shall be deemed to have been given when received by the Applicant or User and any notice 

emailed will be deemed to have been given upon transmission. 

11. CONFLICTS OF INTEREST 

11.1 General Conflict of Interest Resolution Processes 

DDR utilizes a conflict of interest resolution process that is reasonably designed to identify and 

mitigate potential and existing conflicts of interest in DDR’s decision-making process on an 

ongoing basis, as required by Applicable Law. 

All conflicts of interest, including all potential conflicts of interest, involving the officers, 

employees, consultants and temporary employees of DDR (“DDR Staff”) are escalated to the DDR 

Chief Compliance Officer except in cases where the DDR Chief Compliance Officer has a conflict 

of interest, in which case the matter shall be directed to the attention of DDR’s Senior Officer and 

the Chairman of the DDR Audit Committee. The DDR Chief Compliance Officer, in consultation 

with the DDR Audit Committee, will resolve all conflicts of interest. Any conflict of interest not 

resolved by the DDR Audit Committee shall be escalated to the DDR Board for resolution. 

When resolving conflicts of interest, the DDR Chief Compliance Officer, DDR’s Senior Officer, 

the DDR Audit Committee and the DDR Board (“Responsible Parties”) consider all relevant facts 
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and circumstances. The Responsible Parties, as applicable, will determine whether to require the 

DDR Staff member to recuse himself or herself from any decisions involving the matter in which 

he or she has a conflict of interest or take any other action that is deemed appropriate. 

11.2 Director Conflicts of Interest 

A Director conflict of interest is present whenever the interests of the Company compete with the 

interests of a Director, the Director’s employer, or any other party with which a Director is 

associated, or otherwise whenever a Director’s corporate or personal interests could be reasonably 

viewed as affecting his or her objectivity or independence in fulfilling the Director’s duties to the 

Company. 

While it is not possible to anticipate all possible conflict situations, conflicts of interest typically 

arise whenever a Director, an immediate family member or other personal associate of a Director 

or a firm with which a Director is associated as a Director, officer, employee or beneficial owner 

of 1% or more of the firm’s equity interests, has (directly or indirectly) a business interest in a party 

with whom the Company is doing business in some capacity other than as a User or in a transaction 

or other activity that competes (directly or indirectly) with a transaction or activity which the 

Company is pursuing or conducting. 

Situations involving potential conflicts of interest may also include instances in which a Director, 

an immediate family member or other personal associate of a Director, or a firm with which a 

Director is associated as a Director, officer, employee or beneficial owner, has (directly or 

indirectly): 

(a) a compensation arrangement (other than with respect to fees payable to a Director 

in his or her capacity as an employee or Director) or other interest in a transaction 

with the Company; 

(b) a compensation arrangement or other interest in or affiliation (subject to de minimis 

exceptions) with any entity or individual that: (a) sells goods or services to, or 

purchases goods or services from, the Company; or (b) the Company has, or is 

negotiating, or contemplating negotiating, any other transaction or arrangement; 

(c) used his or her position, or confidential information or the assets of the Company 

to his or her (or an associated party’s) personal advantage or for an improper or 

illegal purpose; 

(d) solicited or accepted any gift, entertainment, or other favor where such gift might 

create the appearance of influence on the Director (other than gifts of nominal value, 

which are clearly tokens of respect and friendship unrelated to any particular 

transaction or arrangement); 

(e) acquired any property or other rights in which the Company has, or the Director 

knows or has reason to believe at the time of acquisition that the Company is likely 

to have, an interest; 

(f) taken advantage of an opportunity related to the activities of the Company that is 

available to the Company or to the Director, unless the Board has made an informed 

decision that the Company will not pursue that opportunity; 
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(g) a business interest that is affected by any transaction, arrangement, or decision 

involving the Company; or 

(h) any other circumstances that may, in fact or in appearance, make it difficult for the 

Director to exercise independence, objective judgment or otherwise perform 

effectively. 

11.3 Reporting Conflicts of Interest 

Conflict identification and analysis can be difficult and, therefore, Directors are at all times 

expected to act on the side of caution and immediately bring to the attention of the Chief 

Compliance Officer and either the Chairman of the Board or DDR’s legal counsel any matters that 

may involve conflicts of interest or be reasonably perceived by others to raise questions about 

potential conflicts even if the person does not believe that an actual conflict exists. Disclosures 

should be made in advance, before any action is taken on the matter. 

In addition, each Director shall complete an annual Questionnaire Concerning Conflicts of Interest, 

disclosing any actual, potential, or apparent conflicts. They shall also promptly disclose any 

relevant change in circumstances. The Questionnaires shall be reviewed by DDR’s counsel and 

the Chief Compliance Officer. 

11.4 Evaluation of a Director’s Actual, Potential or Apparent Conflict of 

Interest 

The Chief Compliance Officer, in consultation with the Chairman of the Board or DDR’s counsel, 

as appropriate, shall evaluate Director conflict disclosures and make other necessary inquiries to 

determine the extent and nature of any actual or potential conflict of interest, consulting with the 

Chairman of the Board or DDR’s counsel as appropriate. If appropriate, the Chief Compliance 

Officer shall consider alternatives to the proposed transaction or arrangement and consult with the 

Board when needed. A director's conflict of interest may, in appropriate circumstances, require 

the director's recusal from discussion or voting. 

11.5 Resolution of Potential Conflicts of Interest 

The Company may enter into a transaction or other arrangement in which there is an actual or 

potential conflict of interest only if at a duly held Board meeting a majority of those Directors (if 

a quorum is present at such time) who have no interest in the transaction or arrangement approve 

the transaction or arrangement after determining, in good faith and after reasonable inquiry, that: 

(a) entering into the transaction or arrangement is in the best interests of the Company, 

while considering the Company’s purpose and resources, and the possibility of 

creating an appearance of impropriety that might impair the confidence in, or the 

reputation of, the Company (even if there is no actual conflict or wrongdoing); 

(b) the transaction or arrangement in its entirety, and each of its terms, are fair and 

reasonable to the Company, after consideration of available alternatives; 

(c) the transaction or arrangement furthers the Company’s purpose; and 

(d) the transaction or arrangement is not prohibited by law or regulation. 
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12. TERMS & TERMINOLOGY

Applicable Law – Any and all applicable laws and regulations, judicial orders and decisions, and 

rules, regulations, interpretations and protocols, as amended from time to time in a jurisdiction in 

which DDR is registered, designated, recognized or otherwise licensed as a trade repository. 

Applicable Publications – those documents designated by DDR as “Applicable Publications” 

pursuant to the Operating Procedures. Such documents include message specifications and upload 

templates. 

Applicable Regulations – Regulations promulgated by Designated Regulators 

Board – The Board of Directors of DDR 

Canadian Regulators – Alberta Securities Commission, Autorité des marchés financiers, British 

Columbia Securities Commission, Manitoba Securities Commission, Financial and Consumer 

Services Commission New Brunswick, Office of the Superintendent of Securities Newfoundland 

and Labrador, Northwest Territories Securities Office, Nova Scotia Securities Commission, Office 

of the Superintendent of Securities Nunavut, Ontario Securities Commission, Office of the 

Superintendent of Securities Prince Edward Island, Financial and Consumer Affairs Authority of 

Saskatchewan, and Office of the Superintendent of Securities Yukon Territories. 

Canadian Regulations – The Applicable Regulations which specifically apply to SDR Services 

provided to Market Participants in the Canadian provinces where DDR is registered, designated or 

recognized to provide trade repository services.

CCO – Chief Compliance Officer 

CEA - Commodity Exchange Act, as amended 

CFTC - U.S. Commodity Futures Trading Commission 

CFTC Regulations – The Applicable Regulations promulgated by the CFTC which specifically 

apply to SDR Services provided to Market Participants.

DCO – Derivatives Clearing Organization or SEC registered security-based swap clearing agency. 

DCM – Designated Contract Market 

DDR System or the System – the automated systems or other mechanisms through which DDR 

provides the SDR Services (for additional information, see the DDR Operating Procedures).

Designated Regulators – Regulators which supervise DDR including the SEC, CFTC, and the 

Canadian Regulators. 
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DTCC Public (White) 

End User – User who is exempt from the mandatory clearing requirements pursuant to section 

2(h)(7) of the CEA. 

Exchange Act – Securities Exchange Act of 1934, as amended 

Important Notice – formal notices made available Users describing significant changes to DDR 

Rules, DDR Systems or other processes. 

Market Participants – With respect to rules herein applicable to SEC reporting, then “Market 

Participant” is as defined by the SEC Regulations. In all other cases, “Market Participant” 

includes, but is not limited to SDs, MSPs, SEFs, DCOs, DCMs, foreign boards of trade 

(“FBOTs”), derivatives dealers and recognized or exempt clearing agency (under Canadian 

law). 

MSP – Major Swap Participant. 

Public Data – Data required to be disseminated publicly pursuant to Applicable Law. 

Registered Entity – An entity appropriately registered with a Designated Regulator 

Reporting Party – for purposes of this Rulebook, the term “Reporting Party” refers to the entity 

with the duty to report and generally shall include the Reporting Entity as defined in the CFTC 

Regulations, the reporting side as defined in the SEC Regulations and the Reporting Counterparty 

as defined in the Canadian Regulations 

SD – Swap Dealer 

SEC - U.S. Securities and Exchange Commission

SEC Regulations -- The Applicable Regulations promulgated by the SEC which specifically 

apply to SDR Services provided to Market Participants

SEF – Swap Execution Facility or security-based swap execution facility or platform 

Senior Officer – the Senior Officer as referred to herein shall be such person who is authorized to 

take the actions or bear the responsibility and obligations described. This could be a Managing 

Director, business manager or Chief Executive Officer, if one is designated, or such other 

individual with the requisite authority. 

Transaction Record – Information regarding a new trade submitted to DDR or update to a trade 

previously submitted. 

User - An entity that has executed a User Agreement then in effect 
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DTCC Public (White) 

APPENDIX A: OPERATING PROCEDURES 

1. DTCC Data Repository (U.S.) LLC Operating Procedures 

2. Swap Data Repository Appendix to the DTCC Data Repository (U.S.) LLC Operating 

Procedures 

3. Canadian Repository Appendix to the DTCC Data Repository (U.S.) LLC Operating 

Procedures 

 
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DTCC Public (White) 

DTCC DATA REPOSITORY (U.S.) LLC

OPERATING PROCEDURES

1. Introduction

DTCC Data Repository (U.S.) LLC (the “Company” or “DDR”), a New York limited 

liability company, has entered into User Agreements with various institutions that are 

potential users (each, a “User”) of one or more services (each, a “Service”) to be provided 

by the Company. The automated systems or other mechanisms through which the 

Company provides the Services are referred to herein as the “System.” 

As used in these Operating Procedures, the term “User” shall also include a Third-Party 

Submitter as defined in the Appendices to these Operating Procedures, except as provided 

therein or as the context may otherwise require. 

2. User Information; Non-Repudiation 

a. The Company will maintain for the benefit of Users a database that (A) assigns to each 

User a unique alpha-numeric identifier and (B) groups Users into families (each, a 

“Family”) as directed by the Users (through User Agreements or in such other manner as 

designated by the Company from time to time) that desire to be so grouped. (The Company 

may use for this purpose a uniform counterparty identifier, such as a Legal Entity Identifier 

or Global Markets Entity Identifier, or similar identifier provided or required by a regulator 

or provided by a third party acceptable to the Company.) Users may access the System 

through (i) computer-to-computer links (“Computer-to-Computer Links”), (ii) a secure 

Web front end (the “Web Front End”), or (iii) other means of access designated by the 

Company from time to time, in each case supported by or on behalf of the Company for 

the purpose, among possible others, of effecting electronic submission of records of 

eligible transactions, all in the manner and subject to the security arrangements established 

by the Company from time to time, as set forth in the Company’s Applicable Publications 

(described below). The security arrangements established by the Company will include (a) 

means of determining whether particular records were submitted to the System through 

Computer-to-Computer Links established with a particular User or its Family or (b) access 

to the Web Front End by means of digital certificate(s) and password(s), or other secure 

identifiers, assigned to that User or its Family. Records submitted to the System (as 

described below) indicating a particular User as the submitting party (through an identifier 

referred to above) shall be conclusively presumed to have been duly authorized by the User 

whenever such records are so determined to have been submitted through Computer-toComputer Links established with that User or its Family, or through access of the Web 

Front End by means of the digital certificate(s) and password(s), or other secure identifiers, 

assigned to that User or its Family. 

b. Records submitted to the System (as described below) indicating a particular User as 

the submitting party (through an identifier referred to above) shall be conclusively 

presumed to have been duly authorized by the User, or in the case of a Third Party 

Submitter, the parties to the transaction submitted, whenever such records are so 
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DTCC Public (White) 

determined to have been submitted through Computer-to-Computer Links established 

with that User or its Family, or through access of the Web Front End by means of the 

digital certificate(s) and password(s), or other secure identifiers, assigned to that User 

or its Family. 

c. If a User submits a record for another User that is a member of the same Family, the 

record shall be conclusively presumed to have been made on behalf of such other 

Family member and to have been duly authorized by such other Family member. 

d. The Company may, at its sole discretion, permit the User to submit certain revised 

documents by e-mail or other electronic means which the Company may adopt from 

time-to-time, which on submission shall supplement the pre-existing document as part 

of this Agreement. The Company is entitled to regard the instructions received in this 

manner as a valid instruction and consent from the User and will not be responsible for 

confirming or verifying the validity or accuracy of the instruction received. The 

submitting User represents and warrants that it has valid authority or consent to submit 

such instruction. 

e. The Company may designate certain documents as “Applicable Publications,” which 

may include publications of message formats and messaging processes for Computerto-Computer Links and of procedures for use of the Web Front End, publications of 

security arrangements, publications of further specifications for Services or the System 

and any other publications, forms or notices that the Company deems to be an 

Applicable Publication including the Company Rulebook, as amended from time-totime. Such Applicable Publications, as well as modifications to these Operating 

Procedures and other notices from time to time, will be announced to Users through 

the issuance of important notices or by posting such notice on the Company’s website 

(each, an "Important Notice"), which will be made available to Users in accordance 

with the "Notices" section set forth under "Important Legal Information" below. 

3. How the System Works 

The System is intended to provide Users with certain Services, in each case as set forth in 

more detail in an appendix or supplement to these Operating Procedures. 

 Transmission of Records from Users to the System. Services may entail submission of one 

or more records or messages (“Records”) by or on behalf of Users to the System, for 

processing, transmission, generation of reports or for other purposes. The Company may 

establish record descriptions (“Record Descriptions”), message formats, messaging 

processes and other specifications from time to time for use in submitting Records to the 

System. Records improperly formatted or containing data elements not conforming to such 

descriptions, formats, processes or specifications may be rejected by the Company in its 

discretion. Publications of Record Descriptions, message formats and messaging processes 

and specifications will be announced to Users through an Important Notice or Applicable 

Publications. Each User agrees with the Company to use the System in accordance with 
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the most up-to-date version of such procedures and publications made available by the 

Company from time to time. The Company may also establish procedures for the back 

loading of existing Records, and may establish different Record Descriptions, message 

formats, messaging processes and other specifications for that purpose. 

 Termination of Use of Services. Subject to any specific termination procedures set forth in 

an appendix or supplement for a particular Service, each User may terminate its use of the 

Services upon at least two New York business days’ notice to the Company. (Such 

termination may or may not be made in connection with any notice of a prospective 

modification to these Operating Procedures pursuant to paragraph 3 under Important Legal 

Information below.) Upon termination, all attempted submissions of Records by the 

terminating User shall not be permitted by the System and the Records of the terminating 

User shall not be subject to change in status as the result of any such attempted submission 

of Records. Such Records would no longer be communicated as open to the applicable 

Regulator. In addition, the terminating User shall be afforded the opportunity prior to 

termination to use the Web Front End to search all transactions and, to the extent then 

permitted by the Web Front End, to “download” copies of all Records found, with 

accompanying System assigned statuses. (All such Records will also have previously been 

transmitted to Users having Computer-to-Computer Links.) The terminating User shall 

not accrue fee obligations from the effective date of the termination onwards, but all other 

obligations and rights of the terminating User under these Operating Procedures shall 

survive termination of use of the Services. The Company may continue to maintain and 

disclose Records relating to the User as provided in these Operating Procedures or as 

required by Applicable Law after termination of use of the Services. 
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DTCC Public (White) 

Important Legal Information

1. Copyright

These DTCC Data Repository (U.S.) LLC Operating Procedures, as amended, 

supplemented or modified from time to time, and together with any appendix, 

annex or supplement hereto as well as the DDR Rulebook and DDR User 

Agreements (these “Operating Procedures”) are protected by copyright ©2021 by 

DTCC Data Repository (U.S.) LLC. 

The Operating Procedures (including, without limitation, any text, image, logo 

compilation code and/or design) are proprietary and protected by copyright and is 

exclusive for use by the Company and Users. Each User is granted, only for so 

long as it is a User, a personal limited, non-exclusive, non-transferable, nonsublicensable and freely revocable license to use these Operating Procedures solely 

for its own internal business purposes in connection with access to and use of the 

System, with the right to make copies as reasonably necessary for such use and the 

right to download and store this publication on a computer of such User, in each 

case subject to the terms and conditions set forth herein. When such User ceases 

being a User, such User shall use its reasonable efforts to promptly return to the 

Company, or destroy, all copies of this publication then in its possession, including 

any copies held in any format in any electronic media; provided that such User shall 

not be obligated to take such action if doing so would be inconsistent with 

applicable law or such User’s internal record retention policies. Except as 

authorized by the foregoing, no part of this publication may be printed, stored, 

reproduced, copied, altered, modified, posted, distributed, transmitted, displayed, 

published, sold, licensed or used in any form or by any means (other than for the 

User’s own internal purposes in connection with the User’s use of the System), 

without the Company’s prior written approval. 

2. Terms of Use 

Users must satisfy themselves that the use of the System and the Services, including 

the submission and use of Records, will meet the requirements of any law, rule or 

regulation (“Applicable Law”) to which they are subject. The Company is not 

making, and hereby expressly disclaims, any representations or warranties as to the 

status of Records submitted to the System by or on behalf of Users under 

Applicable Law or any contractual arrangements involving Users, including 

without limitation as to the enforceability of contracts described in Records. 

Each User agrees that it will not (i) claim, solely on the basis of the electronic nature 

of the System, that any Record is inadmissible in a court of law or other proceeding 

or (ii) object, solely on the basis of the electronic nature of the System, to the 

admission of any Record in a court of law or other proceeding. 

Each User agrees that it will not assign or otherwise transfer its rights or obligations 

hereunder or under its User Agreement to any third party without the Company’s 
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DTCC Public (White) 

express written consent, which consent shall not be unreasonably withheld or 

delayed, and any such assignment or transfer without consent shall be null, void 

and without effect. Each User agrees that the Company may from time to time 

assign or transfer its rights and/or obligations hereunder or under a User Agreement, 

in whole or in part, in each case without the consent of any User; provided, 

however, that any transferee who assumes any obligations for SDR Services will 

have obtained necessary registration and authorizations to provide such services 

under Applicable Law. The Company will notify Users of any such action pursuant 

to Section 3 below. 

The contents of these Operating Procedures may be updated periodically, possibly 

in different formats. The most current version of these Operating Procedures, as 

well as Important Notices that address the contents of these Operating Procedures 

and Applicable Publications, will be made available by the Company to Users from 

time to time in accordance with “Notices” below. The Company will not be 

responsible for losses, costs or expenses arising from any failure of Users to follow 

the Company’s most current Operating Procedures and/or Applicable Publications. 

Users may direct inquiries about these Operating Procedures to 

ddrnotices@dtcc.com or to such other address as the Company shall notify Users 

from time to time. 

Each User waives any claim that it may have against the Company or any other 

person with respect to a business decision by such other person not to commence 

using the System or to terminate use of the System. 

Each User and the Company agree that the User’s User Agreement and these 

Operating Procedures are intended to establish a contractual relationship solely 

between such User and the Company and further that there are no intended or 

unintended third-party beneficiaries of the agreements of such User and the 

Company hereunder. 

 3. Notices

The Company shall provide to Users or prospective Users any disclosure document 

with respect to the Company’s Services and Systems required to be provided under 

Applicable Law. 

The Company will provide 10 New York business days’ prior notice to each User 

of any material modification, amendment or supplement to these Operating 

Procedures and any Applicable Publication. Any such modification, amendment 

or supplement shall have been approved by the Board of Directors of the Company, 

any successor oversight body, or, in either case, its designee(s) (the “DDR Board”). 

Any such notice, together with any Important Notice and any other notice from the 

Company to a User under these Procedures or under any agreement between the 

Company and a User, shall be sufficiently served on such User if the notice is 

electronically made available or transmitted to such User by any means normally 

employed by the Company for the delivery of electronic communications to such 
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DTCC Public (White) 

User. Alternatively, any such notice shall be sufficiently served on such User if it 

is in writing and delivered or mailed to the address most recently provided by such 

User to the Company in writing as being applicable for such purpose. Any such 

notice to a User, if made available or transmitted electronically, shall be deemed to 

have been given, respectively, at the time of availability or transmission. Any such 

notice to a User, if delivered or mailed in writing, shall be deemed to have been 

given at the time of receipt. Any notice from a User to the Company, including any 

notice under any agreement between the Company and the User, shall be sent to 

ddrnotices@dtcc.com or to such other address as the Company shall notify Users 

from time to time. Any notice to the Company shall be deemed to have been given 

when received by the Company at ddrnotices@dtcc.com or to such other address 

as the Company shall notify Users from time to time. 

4. Provision and Use of the Services

The Company shall retain exclusive control over the Services and the System 

through which they are provided. The Company shall be entitled, to the extent 

permitted by Applicable Law, to deny an application to become a User or to 

involuntarily terminate a User’s use of the SDR Services and the DDR System upon 

written notice, and the Company has adopted appropriate procedures in its 

Rulebook under which such a denial or termination may occur. Each User is solely 

responsible for any equipment and software necessary for such User to access and 

use the System. Each User agrees that the System may not be used by any person 

in any jurisdiction where the Operating Procedures or use of the System would be 

contrary to any Applicable Law. Each User agrees that its access to and use of the 

Services and the System, and any activity that such User undertakes in connection 

therewith will at all times comply with Applicable Law. Each User that is a 

regulated entity agrees with the Company that such User will be solely responsible 

for complying with all requirements under Applicable Law with respect to record 

keeping and the maintenance of its books and records, and the Company makes no 

representation that the System will satisfy such requirements. 

Each User agrees with the Company that such User will pay to the Company such 

fees and charges for use of the Services as shall be specified from time to time on 

the Company’s website. 

Each User that has, or has an affiliate that has, a daily money settlement account at 

The Depository Trust Company (“DTC”) hereby agrees on behalf of itself or such 

affiliate that all such fees and charges shall be paid on a monthly basis through such 

a daily money settlement account in such manner as determined by the Company 

from time to time. The Company may from time to time make alternate forms of 

payment available to each such User. If a User does not have, or does not have an 

affiliate that has, a daily money settlement account at DTC, the Company shall 

specify alternate forms of payment to such User. Such an alternate form of payment 

may include, for a User that has, or has an affiliate that has, a money settlement 

account at another subsidiary of The Depository Trust & Clearing Corporation, a 

payment through such money settlement account. 
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Without limiting any other provisions of the Operating Procedures, to the extent 

that a User is located within the United States, or is otherwise subject to the 

jurisdiction of the United States, such User certifies the following in connection 

with Records submitted by it or on its behalf: 

User is a U.S. person as defined by applicable regulations administered and 

enforced by Office of Foreign Assets Control (“OFAC”). User agrees that it is 

thereby subject to such regulations and User agrees that it has implemented a 

program reasonably designed to comply with such regulations. As part of its 

OFAC compliance program, User also certifies that it has screened and will 

continue to periodically screen against the most recent version of OFAC’s List 

of Blocked Persons, Specially Designated Nationals, Specially Designated 

Terrorists, Specially Designated Global Terrorists, Foreign Terrorist 

Organizations and Specially Designated Narcotics Traffickers the name and 

address of any party and/or any counterparty to a transaction for which it 

submits a Record or a Record is submitted on its behalf. 

5. Access to the System and Security 

Each User agrees with the Company to abide by all security procedures specified 

by the Company to the User in the Applicable Publications or as posted on the 

Company’s website and will take reasonable steps to maintain the confidentiality 

and integrity of such security procedures. Each User will not knowingly or 

negligently introduce or permit the introduction of any computer viruses, worms, 

Trojan horses or other harmful codes into the System. Each User agrees with the 

Company that such User is responsible for preventing unauthorized access to the 

System. The Company shall comply with its security procedures specified in the 

Applicable Publications or as posted on the Company’s website. 

 6. Representation and Warranties

By using the System and the Services, each User represents and warrants on a 

continuing basis that (a) it has the power and authority to enter into and perform its 

obligations under these Operating Procedures and its User Agreement, (b) these 

Operating Procedures and its User Agreement constitute valid, binding and 

enforceable obligations of such User, (c) such User’s access to and use of the 

System and the Services does not and will not violate any Applicable Law, and (d) 

access to the System will be limited to authorized personnel who will be using the 

System within the scope of their employment and solely for such User’s or its 

Family’s business purposes. The Company represents and warrants on a continuing 

basis that (a) it has the power and authority to enter into and perform its obligations 

under these Operating Procedures, (b) these Operating Procedures constitute valid, 

binding and enforceable obligations of the Company and (c) it is duly registered, 

designated, recognized or otherwise licensed as a trade repository and authorized 

to provide the SDR Services. 
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7. Compliance with Applicable Law

Each User agrees with the Company that the Company and its affiliates may take 

or refrain from taking any action (including, without limitation, the disclosure of 

any information, including Confidential Information (as defined below), relating to 

such User or such User’s use of the System and the Services) that the Company or 

its affiliates consider necessary or appropriate to comply with Applicable Law or 

with any subpoena, order or request of any court, governmental, regulatory, selfregulatory, market or other relevant authority, agency or organization, or to enable 

the Company and its affiliates to continue to provide the Services and the System 

to the Users. Neither the Company nor its affiliates, nor any of their respective 

officers, directors, employees or other representatives, will be liable to any User or 

any other person, including without limitation, any members, participants or users 

of a Third Party Submitter, as a result of taking or refraining from taking any such 

action. 

Without limiting the other provisions of the Operating Procedures, each User 

acknowledges and agrees that one or more competent governmental authorities may 

have access to the Company’s books and records and that the Company and its 

operations and premises may be subject to examination and/or inspection by 

competent governmental authorities, in each case in accordance with Applicable 

Law. Each User acknowledges and agrees that the Company shall have no 

responsibility or liability to such User with respect to such access, examination or 

inspection by such a governmental authority. 

8. Confidential Information and Use of Data

a. The Company and each User agrees that each will treat as confidential (both during 

and after the termination of a User’s access to the System) all Confidential 

Information. “Confidential Information” shall mean (i) with respect to the 

Company, transaction data specified in Records received by the Company and any 

data, reports, summaries or payment amounts which may be produced as a result of 

processing such transaction data, and (ii) with respect to any User, the technical 

specifications of the System (to the extent not publicly disclosed by the Company). 

Confidential Information shall not include data distributed to the public in 

accordance will Applicable Law. 

b. Except as otherwise expressly provided herein, neither the Company nor a User 

will transfer or disclose Confidential Information to any third party (other than any 

member of the User’s Family, a counterparty to the relevant transaction, as 

requested by the applicable User, or as required under Applicable Law) or use such 

Confidential Information except as expressly contemplated under these Operating 

Procedures and the Applicable Publications or, in the case of the Company, as 

reasonably deemed necessary by the Company to provide the Services or the 

System in connection with the operation of such Service and in any case consistent 

with Applicable Law. In addition, the Company shall consent to the disclosure of 

Confidential Information to vendors or agents of the User as needed to permit such 
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DTCC Public (White) 

vendors or agents to assist the User in its use of the System or the Services, provided 

that such vendors or agents are authorized by Users to receive such Confidential 

Information. Confidential Information will not include (1) in the case of 

Confidential Information maintained by the Company, Confidential Information 

relating to a User that such User, or in the case of a User that is a Third Party 

Submitter, Confidential Information relating to a party to the transaction submitted 

that such party, has requested in writing that the Company release, and that the 

Company has agreed, on conditions determined by the Company in its discretion to 

release, (2) information that is, or becomes, known to the public other than through 

a breach by a User or the Company of these Operating Procedures, (3) information 

that is rightfully received by a User or the Company from a third party entitled to 

disclose it, or (4) information that is independently developed by a User or the 

Company without reference to such party’s Confidential Information. In addition, 

a User may disclose Confidential Information to the extent required by Applicable 

Law, including, without limitation, as required by subpoena, order or request of any 

court, governmental, regulatory, self-regulatory, market or other relevant authority, 

agency or organization, but such disclosure shall be only to the extent and only for 

so long as necessary to comply with such Applicable Law. 

c. Notwithstanding the foregoing, nothing herein shall prevent the Company or its 

affiliates from releasing or disclosing data to others provided that such data (i) shall 

be in a form that does not reveal, directly or indirectly, proprietary or confidential, 

financial, operational or trading data of a particular User or inappropriately 

arranged groups of Users (including, but not limited to, Users or groups of Users 

designated by size, market share, degree of use of the Service, or other similar 

indicator that may indicate the identity of the User or User group) or, in the case of 

a Third Party Submitter, parties to the transactions submitted, or (ii) shall consist 

of a compilation of aggregated anonymous historical data (except the Company 

shall have the right to disclose to a Third Party Submitter data relating to 

transactions submitted by such Third Party Submitter), subject to Applicable Law. 

Notwithstanding anything else contained in this Section 8, but subject to any 

specific provisions set forth in an Appendix to the Operating Procedures for a 

particular Service, the Company may (1) publicly disclose, and/or disclose to 

regulators, information relating to aggregate positions and transaction activity and 

other aggregate data, including information relating to position and transaction 

activity and other data of broad categories of Users (or, in the case of a User that is 

a Third Party Submitter, members, participants or users thereof) so long as such 

categories of Users (or such members, participants or users) are sufficiently 

populous so that individual Users’ (or such members’ participants’ or users’) 

positions and transaction activity and other data cannot be determined; and (2) 

publicly disclose, and/or disclose to regulators, anonymous data based on 

aggregates, including averages and means. 

d. Notwithstanding anything to the contrary herein, any sale or commercialization by 

the Company of data shall be subject to the Company’s policy related to the 
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commercialization of data, as in effect from time to time, if any, and Applicable 

Law. 

e. Subject to Applicable Law, each User will supply the Company with all information 

that reasonably is requested by the Company concerning such User and related to 

such User’s use of the System or the Services or that is reasonably and in good faith 

deemed by the Company to be necessary in connection with the Company’s 

obligations under Applicable Law. Each User acknowledges and agrees that the 

Company and its affiliates on behalf of the Company may monitor and record (x) 

such User’s use of the System or the Services and (y) telephone conversations with 

such User concerning the System or the Services. 

9. Limitation of Liability and Disclaimer

The Company will have no responsibility or liability for a Record submitted by any 

User that is improperly formatted or contains data elements not conforming to the 

applicable Record Description. While the Company may inform a User of such 

improper formatted or nonconforming data elements, the Company shall have no 

obligation to inform any User of such problems and the Company’s failure to so 

inform a User shall in no way signify that the Record was properly formatted and 

is conforming. The Company shall have no responsibility for ensuring that any 

Record submitted conforms in form and substance to the applicable Record 

Description. 

The Company will have no responsibility or liability for the completeness or 

accuracy of any transaction data it receives from or on behalf of any User or 

provides to any regulator or publishes or for the successful completion of any 

transaction covered by any Record. The Company in no event guarantees that any 

party to a transaction covered by any Record will fulfill its obligations to the other 

party or parties to such transaction. 

The Services and the System are provided “as is.” The Company and its affiliates 

do not make any representation or warranty, express or implied, as to the Services, 

the System or any other matter. Each User hereby waives any implied warranty or 

similar protection under any Applicable Law that may be claimed to apply to the 

Services or the System. The Company does not warrant that any method of 

accessing the System is secure and will have no liability in connection with a User’s 

method of accessing the System. 

The Company will not be liable to any User, or in the case of a User that is a Third 

Party Submitter, any member, participant or user of such Third Party Submitter, for 

any loss or damage of any kind directly or indirectly arising out of or related to such 

User’s participation in the Services or the System, including, without limitation, 

any loss or damage arising out of or related to any failure of information available 

on or through the System to be free of error and up to date, failure of the System to 

be free of viruses or similar defects or failure of the Company to maintain 

uninterrupted service or access or to adhere to its security procedures, except, in 
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DTCC Public (White) 

each case, to the extent that such loss or damage results from the Company’s 

negligence or willful misconduct; provided, however, that if such loss or damage 

does not arise from the Company’s gross negligence or willful misconduct (i.e., 

arises from simple negligence), the liability of the Company to any User shall be 

limited to an amount equal to the highest fees paid by the User to the Company 

during any one complete calendar month in the immediately preceding 12-calendar 

month period as imposed pursuant to the fee schedule posted on the Company’s 

website as amended from time to time (the “Fee Limit”). Each User agrees to, and 

shall, defend and indemnify each of the Company and each of its employees, 

officers, directors, shareholders, agents and professional advisors (each, an 

“Indemnified Person”) from and against all reasonable losses, liabilities, damages, 

judgments, settlements, fines, costs and expenses (including, without limitation, 

court costs, reasonable attorneys’ fees and disbursements and the expenses of 

enforcing this provision) (collectively, “Losses”) that such Indemnified Person may 

incur directly arising out of or directly relating to the acts or omissions of such 

User’s participation or failure to participate (for itself or on behalf of others) in the 

Services or the System, any unauthorized access to the System through such User’s 

interface with the System or any other matter directly relating to such User that is 

not the responsibility of the Company hereunder, except in each case to the extent 

that such Losses arise out of or relate to the Company’s negligence or willful 

misconduct; provided, however, that to the extent such Losses result from the 

Company’s simple negligence (as opposed to gross negligence or willful 

misconduct), such limitation on the User’s indemnity obligation shall be no greater 

than the amount of the Fee Limit. 

In no event shall the Company be liable for any indirect, consequential, special, 

exemplary, incidental, or punitive damages. 

10. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial 

(a) These Operating Procedures shall be governed by and construed in accordance 

with the law of the State of New York without giving effect to the conflict of law 

principles thereof (other than section 5-1401 of the New York General Obligations 

Law). 

(b) EACH OF THE COMPANY AND EACH USER IRREVOCABLY AND 

UNCONDITIONALLY (A) SUBMITS TO THE NON-EXCLUSIVE 

JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK 

STATE COURT SITTING IN NEW YORK CITY, AND ANY APPELLATE 

COURT FROM ANY SUCH COURT, FOR THE PURPOSE OF ANY ACTION, 

SUIT OR PROCEEDING BROUGHT TO ENFORCE ITS OBLIGATIONS 

HEREUNDER OR ARISING OUT OF OR RELATING IN ANY WAY TO 

THESE OPERATING PROCEDURES AND THE USE OF THE COMPANY’S 

SERVICES AND (B) WAIVES ANY OBJECTION WHICH IT MAY HAVE AT 

ANY TIME TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR 
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DTCC Public (White) 

PROCEEDING BROUGHT IN ANY SUCH COURT, WAIVES ANY CLAIM 

THAT SUCH ACTION, SUIT OR PROCEEDING HAS BEEN BROUGHT IN 

AN INCONVENIENT FORUM AND FURTHER WAIVES THE RIGHT TO 

OBJECT, WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING, 

THAT SUCH COURT DOES NOT HAVE ANY JURISDICTION OVER SUCH 

PARTY. 

(c) EACH OF THE COMPANY AND EACH USER HEREBY IRREVOCABLY 

WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY 

ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR 

RELATING TO THESE OPERATING PROCEDURES. 

11. Signatures 

The Company may, at its option, in lieu of relying on an original signature, rely on 

a signature as if it were (and the signature shall be considered and have the same 

effect as) a valid and binding original signature in the following circumstances: 

If such signature is transmitted, recorded or stored by any electronic, optical, or 

similar means (including but not limited to telecopy, imaging, xeroxing, electronic 

mail, electronic data interchange, telegram, or telex). 
42 

DTCC Public (White) 

Swap Data Repository Appendix to the 

DTCC Data Repository (U.S.) LLC Operating Procedures 

 

U.S. SWAP DATA REPOSITORY 

I. INTRODUCTION 

The DTCC Data Repository (U.S.) LLC data repository for swaps and security-based 

swaps (the “Swap Data Repository”, “SDR” or “Company”) is implemented and maintained by 

the Company as a “swap data repository” as defined in and for purposes of the Commodity 

Exchange Act, as amended (the “CEA”), and the regulations thereunder, and a “security-based 

swap data repository” as defined in and for purposes of the Securities Exchange Act of 1934, as 

amended (the “Exchange Act”). The Swap Data Repository may also provide services in similar 

capacities under the laws of other jurisdictions and may also provide such services with respect to 

transactions that are not swaps or security-based swaps for purposes of the CEA or the Exchange 

Act. 

Without limiting the foregoing, the SDR will, following its registration as a “swap data 

repository” under the CEA and/or “security-based swap data repository” under the Exchange Act, 

as applicable, except where an exemption applies, (i) perform all of the required functions of a 

swap data repository under part 49 of the regulations of the Commodity Futures Trading 

Commission (the “CFTC”); (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; (iii) 

accept, from or on behalf of Users, transaction and life-cycle data for swaps as specified in parts 

43 and 45 of the CFTC regulations, as and when required to be reported to a swap data repository 

thereunder; (iv) accept, from or on behalf of Users, transaction and life-cycle data for securitybased swaps as specified in SEC Regulation SBSR, as and when required to be reported to a 

security-based swap data repository thereunder; (v) verify and maintain swap and security-based 

swap data as required by such regulations; (vi) 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 securitybased swap data as and when required under SEC Regulation SBSR, either directly or through one 

or more third parties; (viii) provide access to swap and security-based swap data to appropriate 

regulators as described herein and (ix) generate reports with respect to transaction data maintained 

in the Swap Data Repository, in each case as specified in further detail in the Operating Procedures 

and Applicable Publications. 

The Swap Data Repository will be deemed a Service for purposes of the Operating 

Procedures; provided that in the event of any conflict between this Appendix and any other 

provision of the Operating Procedures (or the appendices thereto) in connection with the operation 

of the Swap Data Repository, this Appendix shall govern. 

II. ELIGIBLE DERIVATIVE TRANSACTIONS 

The Company will specify from time to time by Important Notice or through Applicable 

Publications or as posted on the Company’s website the asset classes and transaction types for 

derivatives transactions (“Eligible Derivative Transactions”) for which it will act as a Swap Data 
43 

DTCC Public (White) 

Repository, which will initially include credit derivatives, equity derivatives, interest rate 

derivatives, foreign exchange derivatives and other commodity derivatives. 

III. SUBMISSION OF TRANSACTION DATA 

The Company shall specify in these Operating Procedures, by Important Notice, 

Applicable Publications or as posted on the Company’s website the information required or 

permitted to be included in records submitted to the Swap Data Repository by or on behalf of Users 

with respect to Eligible Derivative Transactions (“SDR Records”) and the manner in which SDR 

Records may be submitted. For the avoidance of doubt, the Company may specify different 

templates, standards and procedures for SDR Records for different types of Eligible Derivative 

Transactions and different events with respect thereto, subject to Applicable Law. The Company 

will also specify in these Operating Procedures, by Important Notice, Applicable Publications or 

as posted on the Company’s website the manner in which SDR Records may be updated by or on 

behalf of Users. All SDR Records included or to be included in the Swap Data Repository from 

time to time shall be subject to the provisions set forth in this Appendix and the Company’s 

Important Notices, Applicable Publications and as posted on the Company’s website, each as may 

be amended from time to time. 

Data contained in SDR Records will be subject to validation in accordance with the 

validation rules specified by the Company from time to time through Applicable Publication, 

Important Notice or as posted on the Company’s website. Consistent with Applicable Law, the 

Company may establish deadlines for the submission of SDR Records for purposes of complying 

with any periodic reporting to be provided by the Company or other purposes consistent with 

Applicable Law. 

The Company may enter into arrangements with one or more Users (each, a “Third Party 

Submitter”), including without limitation confirmation and matching platforms, swap execution 

facilities, security-based swap execution facilities, derivatives clearing organizations and 

securities clearing agencies, that will be permitted to submit SDR Records for Eligible Derivative 

Transactions on behalf of other Users. The Company may require a User to provide authorization, 

in a form and manner to be specified by the Company, for Third Party Submitters to submit SDR 

Records on its behalf. The Company may disclose Confidential Information to Third Party 

Submitters as necessary to validate information in SDR Records or otherwise provide the Services. 

The Company may also designate that certain Third Party Submitters may submit SDR 

Records on behalf of Users and other non-User persons that are party to the transactions described 

in SDR Records (“Other Identified Parties”), without specific authorization by such Users or Other 

Identified Parties, subject to any terms (including as to authentication procedures) set forth in 

Applicable Publications. The Company shall have no obligation or liability to Other Identified 

Parties named in an SDR Record submitted to the Company other than to maintain such SDR 

Record and provide reporting with respect thereto as required by Applicable Law (and any liability 

of the Company to Other Identified Parties with respect to such matters shall be limited to the same 

extent as its liability to Users). Each Third Party Submitter will be deemed to represent to the 

Company that it has obtained all necessary authorization or permission, to the extent required by 

Applicable Law, to submit SDR Records on behalf of Other Identified Parties and for such SDR 

Records to be maintained by the Company as provided herein. 
44 

DTCC Public (White) 

The Company may establish one or more procedures through which Users can verify the 

accuracy of Records maintained by the Company (“Verification Procedures”), as such Users may 

be obligated to do under Applicable Law2, including without limitation in situations where the 

User is not the Reporting Party specified under Applicable Law to submit the Record. Each User 

agrees to comply with all Verification Procedures applicable to Records relating to its Eligible 

Derivative Transactions. 

The Company shall maintain all SDR Records in accordance with Applicable Law. 

IV. REPORTS AND REGULATORY ACCESS 

The Company will prepare from time to time reports based on SDR Records (“Reports”) 

as may be required by Applicable Law or requested by appropriate regulators. Reports may be 

prepared on an aggregate basis for all Users and/or on a submitting User basis and may have 

subcategories for product type, counterparty and other relevant categories. 

Each User will have access to Reports with respect to SDR Records submitted by it or on 

its behalf and SDR Records for which it is named as a party to the relevant Eligible Derivative 

Transaction, and Reports prepared on an aggregate basis for all Users. 

Each User will designate, in a manner to be specified by the Company, the regulator or 

regulators that are to have access to Reports with respect to SDR Records relating to its Eligible 

Derivative Transactions (each, a “Designated Regulator”). In addition, the CFTC will be deemed 

to be a Designated Regulator for SDR Records for Eligible Derivative Transactions that are swaps, 

and the SEC will be deemed to be a Designated Regulator for SDR Records for Eligible Derivative 

Transactions that are security-based swaps. The Company will provide a facility for each 

Designated Regulator for a particular User to have electronic access to such Reports with respect 

to such User’s SDR Records, as well as Reports prepared on an aggregate basis for all Users. 

The reports and access provided pursuant to this Section IV shall be in addition to the 

Company’s rights to disclose information pursuant to Sections 7 and 8 of the Important Legal 

Information Section of the Operating Procedures. The Company will also provide access to SDR 

Records to the United States Department of Justice as may be required by Applicable Law. 

V. PUBLIC DISSEMINATION OF TRANSACTION DATA 

The Company will comply with the requirements for recordkeeping and public 

dissemination of data contained in SDR Records, as, when and to the extent provided by 

Applicable Law. The Company may perform such public dissemination on its own or through one 

or more third parties (which may include affiliates of the Company), as determined by the 

Company from time to time under arrangements acceptable to the Company, subject to the 

requirements of Applicable Law. The Company may designate from time to time, through 

Important Notice, Applicable Publications or as posted on the Company’s website, standards and 

procedures for such public dissemination of data. Each User consents to such public dissemination 

of data contained in SDR Records relating to its Eligible Derivative Transactions. 

2

 See for example, CFTC rule 45.14. 
45 

DTCC Public (White) 

VI. CORRECTION OF RECORDS; RESOLUTION OF DISPUTES 

 In the event that the Users to an Eligible Derivative Transaction agree that SDR Records 

submitted to or maintained by the Company contain erroneous information (e.g., through a mutual 

mistake of fact), such Users may correct such erroneous information in accordance with the 

procedures outlined in Rule 3.4 of the Rulebook. 

 In the event of a dispute between Users as to whether an SDR Record contains erroneous 

information the User shall follow the procedures outlined in Rule 3.4 of the Rulebook to resolve 

such disputes. 

VII. CERTAIN LEGAL MATTERS 

The Company shall not be responsible for a User’s failure to properly and accurately report 

in a timely fashion its positions in Eligible Derivatives Transactions through submission of SDR 

Records, a User’s failure to timely correct errors in SDR Records, or any failure by a Third Party 

Submitter to properly and accurately report in a timely fashion data to be submitted in SDR 

Records, in any such case in accordance with this Appendix and the Operating Procedures or 

Applicable Publications, or for any consequences thereof (legal, regulatory or otherwise). Except 

as required by Applicable Law or as provided in the Operating Procedures, the Company will not 

be responsible for confirming or verifying any such information and will base public dissemination 

and Reports solely on the information provided by or on behalf of Users. 

Without limiting any other provision of the Operating Procedures and Applicable 

Publications, each User consents to the preparation and disclosure of Reports with respect to its 

SDR Records as set forth in this Appendix and other access to its SDR Records by a Designated 

Regulator. Each User agrees that the Company shall not be responsible for any use (or non-use) 

of a Report or other information by a Designated Regulator (or any person to which a Designated 

Regulator may disclose such Report or other information), or any consequences thereof. 

 The Company’s governance arrangements are intended to be transparent to support, among 

other things, the objectives of the U.S. Federal Government pursuant to Applicable Law. 
46 

DTCC Public (White) 

Canadian Repository Appendix to the 

DTCC Data Repository (U.S.) LLC Operating Procedures 

 

CANADIAN SWAP DATA REPORTING SERVICE 

I. INTRODUCTION 

The DTCC Data Repository (U.S.) LLC ( “DDR” or “Company”) has been designated or 

recognized, as applicable, by the Canadian Regulators, as that term is defined below, as a trade 

repository for records submitted by or on behalf of Users from time to time (“Records”) with 

respect to one or more categories or types of derivatives transactions (“Derivatives Transactions”) 

or the status thereof or events with respect thereto, in each case as may be specified by the 

Company, and as a source for generation of reports (“Reports”) relating to such transactions to 

Users and applicable regulatory or supervisory authorities as specified herein. The Company may 

also provide services in similar capacities under the laws of other jurisdictions. 

Without limiting the foregoing, the Company will (i) perform all of the required functions 

of a trade repository under the applicable regulations (“Canadian TR Regulations”) of the Alberta 

Securities Commission, Autorité des marchés financiers, British Columbia Securities 

Commission, Manitoba Securities Commission, Financial and Consumer Services Commission 

New Brunswick, Office of the Superintendent of Securities Newfoundland and Labrador, 

Northwest Territories Securities Office, Nova Scotia Securities Commission, Office of the 

Superintendent of Securities Nunavut, Ontario Securities Commission, Office of the 

Superintendent of Securities Prince Edward Island, Financial and Consumer Affairs Authority of 

Saskatchewan, and Office of the Superintendent of Securities Yukon Territories (together, the 

“Canadian Regulators”); (ii) accept, from or on behalf of Users, transaction and life-cycle data for 

swaps, as and when required to be reported to a trade repository under the Canadian TR 

Regulations; (iii) allow for confirmation of accuracy of and maintain swap data as required by 

such regulations; (iv) publicly disseminate and perform recordkeeping of swap data as and when 

required under the Canadian TR Regulations, either directly or through one or more third parties; 

(v) provide access to swap data to appropriate regulators as described herein and (vi) generate 

reports with respect to transaction data maintained in the Company, in each case as specified in 

further detail in the Operating Procedures and Applicable Publications. 

The Canadian Swap Data Reporting Service will be deemed a Service for purposes of the 

Operating Procedures; provided that in the event of any conflict between this Appendix and any 

other provision of the Operating Procedures (or the appendices thereto) in connection with the 

Derivatives Transactions (and related Records) included or to be included in DDR for the purposes 

of reporting such transactions to Canadian Regulators, this Appendix shall govern. 

II. DERIVATIVE TRANSACTIONS 

Derivatives Transactions eligible for the Canadian Swap Data Reporting Service include 

those derivatives transactions prescribed by Canadian TR Regulations, including equity 

derivatives, interest rate derivatives, credit derivatives, foreign exchange derivatives and 

commodity derivatives as well as such other derivative transactions, in each case of a type specified 
47 

DTCC Public (White) 

by the Company from time to time through Applicable Publications or by Important Notice 

(“Eligible Derivative Transactions”). 

III. SUBMISSION OF TRANSACTION DATA 

The Company shall specify in these Operating Procedures, by Important Notice, 

Applicable Publications or as posted on the Company’s website the information required or 

permitted to be included in Records submitted to the Company by or on behalf of Users with 

respect to Eligible Derivative Transactions and the manner in which such Records may be 

submitted. For the avoidance of doubt, the Company may specify different templates, standards 

and procedures for Records for different types of Eligible Derivative Transactions and different 

events with respect thereto, subject to Applicable Law. The Company will also specify in these 

Operating Procedures, by Important Notice, Applicable Publications or as posted on the 

Company’s website the manner in which Records may be updated by or on behalf of Users. All 

Records included or to be included in the Canadian Swap Data Reporting Service from time to 

time shall be subject to the provisions set forth in this Appendix and the Company’s Important 

Notices, Applicable Publications and as posted on the Company’s website, each as may be 

amended from time to time. 

Data contained in Records will be subject to validation in accordance with the validation 

rules specified by the Company from time to time through Applicable Publication, Important 

Notice or as posted on the Company’s website. Consistent with Applicable Law, the Company 

may establish deadlines for the submission of Records for purposes of complying with any periodic 

reporting to be provided by the Company or other purposes consistent with Applicable Law. 

The Company may enter into arrangements with one or more persons (each, a “Third Party 

Submitter”), including without limitation confirmation and matching platforms, swap execution 

facilities, security-based swap execution facilities, derivatives clearing organizations and 

securities clearing agencies, that will be permitted to submit Records for Eligible Derivative 

Transactions on behalf of other Users. The Company may require a User to provide authorization, 

in a form and manner to be specified by the Company, for Third Party Submitters to submit 

Records on its behalf. The Company may disclose Confidential Information to Third Party 

Submitters as necessary to validate information in Records or otherwise provide the Services. 

The Company may also designate that certain Third Party Submitters may submit Records 

on behalf of Users and other non-User persons that are party to the transactions described in 

Records (“Other Identified Parties”), without specific authorization by such Users or Other 

Identified Parties, subject to any terms (including as to authentication or trusted source procedures) 

set forth in Applicable Publications. The Company shall have no obligation or liability to Other 

Identified Parties named in a Record submitted to the Company other than to maintain such Record 

and provide reporting with respect thereto as required by Applicable Law (and any liability of the 

Company to Other Identified Parties with respect to such matters shall be limited to the same extent 

as its liability to Users). Each Third Party Submitter will be deemed to represent to the Company 

that it has obtained all necessary authorization or permission, to the extent required by Applicable 

Law, to submit Records on behalf of Other Identified Parties and for such Records to be maintained 

by the Company as provided herein. 
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DTCC Public (White) 

The Company may establish one or more procedures through which Users can verify the 

accuracy of Records maintained by the Company (“Verification Procedures”), including without 

limitation in situations where the User is not the reporting party specified under Applicable Law 

to submit the Record. Each User agrees to comply with all Verification Procedures applicable to 

Records relating to its Eligible Derivative Transactions. 

The Company shall maintain all Records in accordance with Applicable Law. 

IV. REPORTS AND REGULATORY ACCESS

The Company will prepare from time to time reports based on Records (“Reports”) as may 

be required by Applicable Law or requested by appropriate regulators. Reports may be prepared 

on an aggregate basis for all Users and/or on a submitting User basis and may have subcategories 

for product type, counterparty and other relevant categories. 

Each User will have access to Reports with respect to Records submitted by it or on its 

behalf and Records for which it is named as a party to the relevant Eligible Derivative Transaction, 

and Reports prepared on an aggregate basis for all Users. 

Each User will designate, in a manner to be specified by the Company, the regulator or 

regulators that are to have access to Reports with respect to Records relating to its Eligible 

Derivative Transactions (each, a “Designated Regulator”). In addition, the Canadian Regulators 

will be deemed to be a Designated Regulator for Records for Eligible Derivative Transactions 

submitted to the Canadian Swap Data Reporting Service. The Company will provide a facility for 

each Designated Regulator for a particular User to have electronic access to such Reports with 

respect to such User’s Records, as well as Reports prepared on an aggregate basis for all Users. 

The reports and access provided pursuant to this Section IV shall be in addition to the 

Company’s rights to disclose information pursuant to Sections 7 and 8 of the Important Legal 

Information Section of the Operating Procedures. 

V. PUBLIC DISSEMINATION OF TRANSACTION DATA 

The Company will comply with the requirements for recordkeeping and public 

dissemination of data contained in Records, as, when and to the extent provided by Canadian TR 

Regulations. The Company may perform such public dissemination on its own or through one or 

more third parties (which may include affiliates of the Company), as determined by the Company 

from time to time under arrangements acceptable to the Company, subject to the requirements of 

Applicable Law. The Company may designate from time to time, through Important Notice, 

Applicable Publications or as posted on the Company’s website, standards and procedures for such 

public dissemination of data. Each User consents to such public dissemination of data contained 

in Records relating to its Eligible Derivative Transactions. 

VI. CORRECTION OF RECORDS; RESOLUTION OF DISPUTES 

 In the event that the Users to an Eligible Derivative Transaction agree that Records 

submitted to or maintained by the Company contain erroneous information (e.g., through a mutual 
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DTCC Public (White) 

mistake of fact), such Users may correct such erroneous information in accordance with the 

procedures outlined in Rule 3.4 of the Rulebook. 

 In the event of a dispute between Users as to whether an Record contains erroneous 

information the User shall follow the procedures outlined in Rule 3.4 of the Rulebook to resolve 

such disputes. 

VII. CERTAIN LEGAL MATTERS 

The Company shall not be responsible for a User’s failure to properly and accurately report 

in a timely fashion its positions in Eligible Derivatives Transactions through submission of 

Records, a User’s failure to timely correct errors in Records, or any failure by a Third Party 

Submitter to properly and accurately report in a timely fashion data to be submitted in Records, in 

any such case in accordance with this Appendix and the Operating Procedures or Applicable 

Publications, or for any consequences thereof (legal, regulatory or otherwise). Except as required 

by Applicable Law or as provided in the Operating Procedures, the Company will not be 

responsible for confirming or verifying any such information and will base public dissemination 

and Reports solely on the information provided by or on behalf of Users. 

Without limiting any other provision of the Operating Procedures and Applicable 

Publications, each User consents to the preparation and disclosure of Reports with respect to its 

Records as set forth in this Appendix and other access to its Records by a Designated Regulator. 

Each User agrees that the Company shall not be responsible for any use (or non-use) of a Report 

or other information by a Designated Regulator (or any person to which a Designated Regulator 

may disclose such Report or other information), or any consequences thereof.