Q&A: Sandy Broderick, DTCC, on the Emir reporting avalanche
A month before Europe’s reporting deadline, customer inflows at the Depository Trust & Clearing Corporation’s repository leapt from as little as 10 a day to as many as 200 – something no-one had anticipated, says the chief executive for the business, in his first interview since the service was overwhelmed. When the deadline arrived, around 10,000 accounts were caught in a backlog that has taken weeks to clear. By Fiona Maxwell and Duncan Wood
Customers of the Depository Trust & Clearing Corporation (DTCC) know it struggled with the launch of derivatives reporting requirements in Europe, because thousands of accounts were still queuing to get on board when the deadline took effect on February 12. Everyone else knows about it because in the week that followed, Risk wrote two articles – the first revealing the DTCC had to shut down some of its services while it tried to process a tidal wave of data from companies that had started
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