Trade Information Warehouse

Established by the Depositary Trust and Clearing Corporation (DTCC) in November 2006, the Trade Information Warehouse is an electronic central registry for credit default swaps. According to the DTCC, all of the major credit default swap dealers and most of the credit default swaps that have traded have been registered at the Trade Information Warehouse.

A main service provided by the Trade Information Warehouse is the calculation both of payments that are due after the contracts have been marked to market and of payments due to credit events. DTCC has teamed with CLS bank to clear international trades, where payments for credit default swaps can be combined with foreign exchange payments to be settled by multilateral netting. CLS Bank, founded in 1997 as a global system to settle foreign exchange trades, now settles most of the foreign exchange trades and credit default swaps.

The DTCC has reported that as of October 9, 2008, there was $34.8 trillion (in USD equivalents) of credit default swaps outstanding (different sides of the same trade were not counted twice), down from the $44 trillion registered in April, 2008.

External Links

DTCC Addresses Misconceptions About the Credit Default Swap Market

CLS Bank International