Murray Pozmanter, DTCC
The Depository Trust & Clearing Corporation has announced
that the new Centrally Cleared Institutional Tri-Party (CCIT)
Service of its Fixed Income Clearing Corporation (FICC)
subsidiary is live, and the first trade has been executed between
Citadel and Morgan Stanley.
Since the U.S. Securities and Exchange Commission (SEC) approved rule changes last month that allow institutional investors to participate directly in the clearinghouse through CCIT membership, FICC has been working with dealers and cash lenders - including corporations, asset managers, insurance companies, sovereign wealth funds, pension funds, municipalities and state treasuries - to prepare all the necessary documentation and agreements to begin this next stage in the evolution of the repo market.
"We are very pleased to have been able to work with Citadel and Morgan Stanley to take this next step to make CCIT a reality," said Murray Pozmanter, DTCC Managing Director and Head of Clearing Agency Services. "With a greater number of market participants leveraging the clearinghouse through the CCIT Service, we are able to strengthen both the safety and efficiency of the tri-party repo marketplace."