The Society for Worldwide Interbank Financial Telecommunications (SWIFT) and Depository Trust & Clearing Corporation (DTCC) have entered an agreement, Financial Planning reports. As per the deal, the two organizations have offered to make and operate a new repository for foreign exchange derivatives.
The organizations have sent an application to the Association of Financial Markets in Europe and the Securities Industry and Financial Markets Association. The repository for foreign exchange swaps and options will fulfill the requirements of the Dodd-Frank Act and similar legislation in Europe for over-the-counter derivative transactions.
Click here for the story from Financial Planning.