DTCC and CLS unveil OTC settlement scheme
The service replaces manually processed bi-lateral payments with automated, netted payments. In the first quarterly settlement cycle on 20 December 2007, gross settlements by the 14 participating OTC derivatives dealers were consolidated from 340,000 to 123 net settlements.
Market participants from investment banks including Merrill Lynch and Goldman Sachs have hailed the launch as a much-needed opportunity to reduce operational risks while also increasing operating efficiencies.
The actual cash
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