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
This article is only available in full to Compliance Complete
North America Subscribers who are logged in.
Please log in to see if you can view this content.