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U.S. clearing house looks to intervene in CME compliance row

Nov 13 2012 Douwe Miedema, Reuters

The Depository Trust and Clearing Corp (DTCC), a U.S. clearing house, sought to intervene Monday in a lawsuit by the CME Group that would allow the exchange operator to avoid making changes to comply with new regulations. CME, the biggest operator of U.S. futures exchanges, last week filed a lawsuit against the Commodity Futures Trading Commission to prevent the regulator from enforcing reporting rules on trading in swaps that passed after the 2008 financial crisis. CME is challenging the requirement that exchanges make available non-public reports of cleared swap transactions to new CFTC-registered entities called swap data repositories, or SDRs. The CFTC has already granted a license for New York-based DTCC to function as an SDR, which are meant to shed more light on the opaque derivatives market that stood at the center of the financial crisis. In a motion filed with the U.S. District Court in Washington, D.C., DTCC said the CME lawsuit would harm the clearing

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