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What is the Trade Inormation Warehouse?

The Warehouse comprises a robust inrastructure that

provides market participants across the globe with a wide

range o automated operational capabilities. It also oers

tailored solutions that allow customers and third-party 

service providers to subscribe to the relevant service that

meets their specifc needs. The Warehouse comprises a:

 Trade Reporting Repository that operates and maintains

the centralized global electronic database or virtually all

CDS contracts outstanding in the marketplace. The reposi-

tory maintains the most current credit deault swap (CDS)

contract details on the ocial legal, or gold record, or

both cleared and bilateral CDS transactions.

The repository also stores key inormation on market

participants single-sided, non-legally binding, (reerred to

as “copper” records), CDS transactions to help regulators

and market participants gain a clearer and more complete

snapshot o the market’s overall risk exposure to OTC

credit derivatives instruments.

DTCC also provides weekly reports on its website, www.dtcc.com, on current and historical data on the notional

amounts o contracts outstanding and contract turnover

on “gold” records. Reporting on Copper records is pro-

 vided only to regulators coincident with their authority.

In establishing the Warehouse Trust Company as a

regulated entity, our aim is to ensure that regulators,

 wherever they are located, have unettered access to

the inormation they need to assess risk exposure in the

global market, and that industry participants have the

assurance o that regulatory oversight over the critical

inrastructure that supports the market activities.

Lifecycle Event Processing provides a wide array o auto-

mated services or recorded contracts, including:

• Payment calculation and bilateral netting: The Ware-

house calculates payments on all “gold calc” confrmed

CDS contracts and creates real-time bilateral nets or

each currency.

• Event processing: The Warehouse provides a compre-

hensive electronic service that automates liecycle pro-

cessing or successor events such as reorganizations andrenaming o corporate entities and credit events such

as bankruptcies, restructurings and insolvencies. As o 

December 30, 2009, DTCC seamlessly completed process-

ing or 50 credit events this year including the General

Motors bankruptcy, reported as the largest in industrial

history. The Warehouse also successully completed one

active restructuring event and 129 successor events so

ar this year.

• Central Settlement: In partnership with CLS Bank 

International, DTCC provides central, automated settle-

ment o payments or contracts processed through the

 Warehouse’s Central Settlement service.

Who can use the service?

The Warehouse’s customer base includes all major global

derivatives dealers and more than 1700 buyside frms and

other market participants located in 52 countries. The

 Warehouse acilitates processing or third party solution

providers such as central counterparties, portolio com-

pression and custodian banks.

The Trade Inormation Warehouse (Warehouse) is the market’s frst and only centralized global repository or

trade reporting and post-trade processing o OTC credit derivatives contracts.

As o March 2010, the Warehouse Trust Company LLC (a newly ormed subsidiary o DTCC) will be the regulated

operator o the Warehouse. It’s regulation is an important step orward in urthering regulatory and industry

objectives to bring greater transparency and added risk mitigation to the global OTC credit derivatives market.

The Depository Trust & Clearing Corporation

DI/TAD IOMATIO WAO

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Benefts

Increases market transparency by providing public and

regulatory reporting to ensure that risk can be viewed

rom a central vantage point through a global repository.

Reduces operational risk and increases eciency 

by automating and centralizing the maintenance o posi-

tion data and supporting a range o post-trade processing

requirements rom a single location.

Promotes accuracy and comprehensiveness based on the

most current position records, and acilitates tracking o 

payment ows between frms.

Helps frms simpliy management o credit events

by eliminating ad hoc reconciliation and supporting In-

ternational Swaps and Derivatives Association’s (ISDA) Big

Bang and Small Bang protocols.

Cost savings

Standardizes and automates post-trade processing o pay-

ments and events over a contract’s lie.

Reduces the number o cash movements by streamlining

the payment process or bilateral contracts through the

 Warehouse’s central settlement service. The service sig-

nifcantly reduces operating risks or users by replacingmanually processed bilateral payments with automated,

netted payments.

Increases eciency o portolio management tools and

processes.

or more inormation

Please visit www.dtcc.com.

This description is for informational purposes only. This service is

 governed by applicable Rules, Procedures, and Service Guides for 

each DTCC subsidiary, which contain the full terms, conditions,

and limitations applicable to this Service.