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Depository Trust & Clearing Corporation

DTCC

The Depository Trust & Clearing Corporation (DTCC), headquartered in New York with offices in 16 countries around the world, provides post-trade processing services that mitigate risk, increase transparency and promote greater efficiency in the global financial markets to the users that are also its owners.

Lobbying Activity

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament) and Managed Funds Association

27 Oct 2025 · SIU

Meeting with Billy Kelleher (Member of the European Parliament)

4 Nov 2024 · Capital Markets Union

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament)

14 Oct 2024 · Capital Markets Union

Meeting with Dorien Rookmaker (Member of the European Parliament, Shadow rapporteur)

13 Apr 2023 · Stakeholder consultation on EMIR Review

Meeting with Aurore Lalucq (Member of the European Parliament, Shadow rapporteur)

5 Apr 2023 · EMIR

Meeting with Mikuláš Peksa (Member of the European Parliament, Rapporteur) and APCO Worldwide

12 Feb 2021 · Digital Operational Resilience Act

Meeting with Werner Stengg (Cabinet of Executive Vice-President Margrethe Vestager)

4 Feb 2020 · Introducing company

Meeting with Andrea Beltramello (Cabinet of Executive Vice-President Valdis Dombrovskis)

3 Feb 2020 · Digital finance

Meeting with Paulina Dejmek Hack (Cabinet of President Jean-Claude Juncker) and APCO Worldwide

28 Nov 2018 · FinTech and EU-US regulatory exchange

Meeting with Carl-Christian Buhr (Cabinet of Commissioner Mariya Gabriel)

8 Jun 2018 · Digital services space, FinTech and Blockchain technology

Meeting with Elina Melngaile (Cabinet of Vice-President Valdis Dombrovskis), Jan Ceyssens (Cabinet of Vice-President Valdis Dombrovskis)

8 Jun 2018 · Distributed Ledger Technology (DLT) & cloud computing

Response to Extension of transitional period on own funds requirements for exposures to central counterparties

14 May 2018

The Depository Trust & Clearing Corporation (DTCC) welcomes the opportunity to provide comments on the European Commission’s published Draft Implementing Regulation. We believe that extending the transitional provisions under the CRR is critical to ensure continuous access to these markets while outstanding equivalence decisions are under consideration. Yours sincerely, Larry Thompson Vice Chairman, Depository Trust & Clearing Corporation
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Meeting with Marlene Madsen (Cabinet of Vice-President Jyrki Katainen)

28 Feb 2018 · EMIR 2.0 and forthcoming MFF

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

27 Feb 2018 · EU-US relations, CCPs, equivalence

Response to Commission Delegated Act on fees under Article 11(2) SFTR

13 Dec 2017

The DTCC appreciates the opportunity to comment on the European Commission’s draft delegated regulation under article 11(2) of the Securities Financing Transaction Regulation (SFTR) specifying the fees the European Markets Authority (ESMA) charges trade repositories (TR) for their supervision. We would like to share the following thoughts: 1. Registration Fees: Article 5 (5) sets the fee for an extension of the registration of a TR that provides ancillary services at EUR 50.000. We believe the suggested amount of EUR 50.000 should apply only to entities that have no prior TR authorisation. For already authorised TR’s, we would suggest a lower fee, commensurate with the fact that ESMA will already be in possession of, and have reviewed, an extensive amount of supervisory material which need not be duplicated. Failing this, we would like to understand what the charge will be for a new TR with no prior authorisation by ESMA. It should also be borne in mind that as cost recovery entities, any significant charging to TR’s will ultimately make its way through to customer charges. 2. As per Article 2 (3), the calculation of applicable turnover is not limited to SFTR revenue, but includes all ancillary services revenue. In our view, the following issues arise: a) Clarity: The definition of ancillary services and therefore the scope of applicable turnover is currently unclear. b) Group structure: When calculating a TR’s revenue, the Delegated Act proposes to include any revenue created by ancillary services related to SFTs within the TR’s group and could therefore potentially capture the revenue from businesses that ESMA does not supervise and that may be offered by entities established outside of the European Union. We would appreciate if the Commission could clarify that the scope of the revenue generation is for direct activity of the supervised entity to avoid overreach into areas of activity not subject to ESMA supervision and regulation. c) Double counting: Most of the ancillary services revenue of TRs will come from reporting which already attracts its own supervisory fees under EMIR reporting, so there would seem to be an element of double counting for the same supervision. All of the above could make both SFTR and the overall TR business more costly with no apparent benefit to either the supervisors or the data quality. We would therefore not be in favour of including ancillary services in the calculation of applicable turnover for TRs under SFTR.
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Meeting with Valdis Dombrovskis (Vice-President) and BlackRock and

30 Nov 2017 · Speech at EU-Asia Financial Services Dinner Reception on growth and investment in Europe; Fintech and sustainable finance

Response to EMIR Amendment

18 Jul 2017

The Depository Trust & Clearing Corporation (DTCC) EMIR REFIT comments DTCC has always, and continues to advocate for improved data quality and preservation of consumer choice. We have provided comments below on specific elements within the text but on the whole are in agreement with the content subject to the requested clarifications. DTCC would encourage further work on improving the Trade Repository (TR) regime in the European Union through focus on improving data quality and ensuring to the highest extent possible, the completeness of the EMIR datasets. We continue to work closely with ESMA, the National Competent Authorities and other TR operators towards improving the TR regime in the following areas: 1. Improving data accuracy: are reporting counterparties reporting the same data (e.g. is counterparty A reporting the same purchase quantity as counterparty B). 2. Improving data quality: are the counterparties reporting using the same standards (e.g. Legal Entity Identifier). 3. Improving Supervisors’ access to data: optimize regulatory reporting so that regulators can aggregate and query data. 4. Improving market participants’ access to data: optimize the counterparty access to data so they can respond to regulatory queries. We have submitted more detailed comments and are happy to discuss further Sincerely, Andrew Douglas
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Meeting with Marlene Madsen (Cabinet of Vice-President Jyrki Katainen)

6 Jul 2017 · FinTech and Cyber Security

Meeting with Jan Ceyssens (Cabinet of Vice-President Valdis Dombrovskis)

6 Jul 2017 · financial markets and market infrastructures

Meeting with Paulina Dejmek Hack (Cabinet of President Jean-Claude Juncker)

28 Mar 2017 · Financial services agenda

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

28 Mar 2017 · Equivalence and EU – US relationship

Meeting with Marlene Madsen (Cabinet of Vice-President Jyrki Katainen)

28 Nov 2016 · Capital Markets, financial market infrastructure

Meeting with Matthew Baldwin (Cabinet of Commissioner Jonathan Hill)

19 Apr 2016 · Financial Policy

Meeting with Valérie Herzberg (Cabinet of Vice-President Jyrki Katainen)

5 Mar 2015 · Capital markets union