This just means that all participants need to reconcile their own books to what the DTCC shows as their books and report any discrepancies instead of doing that same reconciliation once a month.
It’s a good thing -> in the previous ruling right before this one, the DTCC now has the authority to ask participants to post more collateral for any plays that the DTCC as too risky. The participants can’t use the excuse that they haven’t reconciled to the DTCC statements because they could basically do a full months worth of risky plays and participants could have used the excuse that there are variances and will report those variances after month end (sometimes weeks after the high risk trades are done and over with).
datbf4 on March 25th, 2021 at 01:49 UTC »
This just means that all participants need to reconcile their own books to what the DTCC shows as their books and report any discrepancies instead of doing that same reconciliation once a month.
It’s a good thing -> in the previous ruling right before this one, the DTCC now has the authority to ask participants to post more collateral for any plays that the DTCC as too risky. The participants can’t use the excuse that they haven’t reconciled to the DTCC statements because they could basically do a full months worth of risky plays and participants could have used the excuse that there are variances and will report those variances after month end (sometimes weeks after the high risk trades are done and over with).
8CatTussle on March 25th, 2021 at 01:59 UTC »
Yo this feels like a patch in a video game
Bad_Prophet on March 25th, 2021 at 02:57 UTC »
Bolded and underlined,
"Effective immediately"Nice.