DTCC backlog leaves corporates unable to comply with Emir
Two companies say they have not been able to report to the DTCC's repository, and stopped trading swaps as a result
Corporates say backlogs at the Depository Trust & Clearing Corporation's (DTCC) European trade repository have forced them to stop trading in order to avoid breaching derivatives reporting rules that took effect on February 12.
Pedro Madeira, assistant treasurer at UK airline operator Heathrow Limited, says the company was unable to report new trades or backload old ones last week, despite registering itself before the end of January – a process the DTCC claimed would allow connection within 24
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