New York Portfolio Clearing Receives DCO Registration from CFTC
01 Febbraio 2011 - 5:42PM
Business Wire
New York Portfolio Clearing, LLC (NYPC), the innovative
derivatives clearing house that will deliver single-pot margin
efficiency between fixed income securities and interest rate
futures, announced today that the Commodity Futures Trading
Commission (CFTC) has granted NYPC registration as a U.S.
Derivatives Clearing Organization (DCO) pursuant to the Commodity
Exchange Act. The CFTC’s approval represents a significant step
towards bringing the unique capital and operational efficiencies of
NYPC to global fixed income traders.
“NYPC’s DCO registration is an important milestone in the
transformation of the U.S. derivatives market towards a more open
and competitive structure,” said Walt Lukken, Chief Executive
Officer of NYPC. “The innovative operational and capital
efficiencies of NYPC’s cross-margining system will be a powerful
catalyst for new competition in our industry while increasing
transparency and mitigating systemic risk. We appreciate the
significant time and consideration that the Commission has taken in
granting this groundbreaking DCO registration.”
NYPC is a joint venture of The Depository Trust & Clearing
Corporation (DTCC) and NYSE Euronext (NYX). This platform was
created to deliver unique capital efficiencies to the market by
netting and reducing risks between a clearing member’s portfolio of
cash bonds and derivatives. It will also provide important
operational efficiencies that reduce systemic risk and enhance
market efficiency, such as the “locked-in” trade delivery process
to allow expiring futures to be submitted to FICC for physical
delivery.
NYPC intends to initially clear Eurodollar and U.S. Treasury
Futures for NYSE Liffe U.S., the U.S. derivatives exchange of NYSE
Euronext. NYPC’s cross-margining arrangement with DTCC’s Fixed
Income Clearing Corporation is currently under review with the CFTC
and the Securities and Exchange Commission. Pending regulatory
approvals, NYPC expects to begin operations in late first quarter
of 2011.
For more information, please visit: www.nypclear.com.
About NYPC
New York Portfolio Clearing, LLC (NYPC) is registered as a U.S.
Derivatives Clearing Organization with the Commodity Futures
Trading Commission. Pending regulatory approvals, NYPC will clear
interest rate products and will support the cross-margining of
fixed income cash products from Depository Trust & Clearing
Corporation’s Fixed Income Clearing Corporation with their related,
offsetting derivatives trades in a “single pot.” This innovative
approach to margining will deliver significant capital and
operational efficiencies for market participants, while reducing
risk and enhancing transparency. For more information, please
visit: www.nypclear.com.
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