DTCC, Swift Register Entities for New Requirement

The Depository Trust & Clearing Corp. and Swift have registered and certified more than 1,100 entities since they launched their CICI Utility web portal last month.

The CICI Utility was established by DTCC and Society for Worldwide Interbank Financial Telecommunication to provide legal entity identifiers to be used by regulators and the financial industry in the management of systemic risk and related regulatory reporting.

The identifiers issued by the CICI Utility are currently being used to satisfy requirements of the U.S. Commodity Futures Trading Commission. That agency will begin mandating the use of CFTC Interim Complaint Identifiers (CICIs) for trading in OTC credit and interest rate derivatives in the middle of October and for all other OTC derivatives asset classes after mid-January.

DTCC and Swift also have added the ability for investment fund managers to bulk-register their funds, which would also permit a different payment method than using a credit card.

The CFTC requires major swap dealers and participants to report any trades not only with CICIs for themselves but also for their counterparties. It also requires all swap counterparties to obtain a CICI as part of the recordkeeping related to such transactions.

DTCC automates and standardizes the processing of financial transactions for institutions worldwide. Swift is a member-owned cooperative through which banking organizations and financial institutions exchange messages.

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