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Corrected: U.S. dispute over derivatives trading data heats up

Jan 17 2013 Douwe Miedema, Reuters

A conflict over potentially valuable derivative trading data heated up on Wednesday, underlining how an overhaul of Wall Street after the financial crisis is sparking acerbic competition battles. The Depository Trust & Clearing Corporation (DTCC), which performs back-office functions for investment banks, threatened to sue the top U.S. derivatives regulator over how rival CME Group Inc plans to handle the data. The DTCC wants to prevent CME, which operates the world's largest futures exchange, from automatically reporting swaps data into its own data warehouse when it is obtained from clients using CME's clearing services. The CME has asked the Commodity Futures Trading Commission to approve its rule governing the practice, which it has dubbed rule 1001, but has met fierce resistance from the DTCC and from investment banks. "DTCC is keeping all of our options open for opposing proposed rule 1001, including litigation," DTCC general counsel Larry Thompson told

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