Commonly Used Acronyms

It's an acronym-filled business. Here's the run down.

  • CCS

    Clearing Connectivity Standard

    Is an industry standard that helps improve OTC derivative reporting and communication

  • CCP

    Central Clearing Counterparty / Central Counterparty

    Exchange established for cleared OTC derivatives margin, position and collateral statements.

  • CFTC

    Commodities Futures Trading Commission

    An independent agency with the mandate to regulate commodity futures and option and swaps markets in the United States.

  • CICI

    CFTC Interim Compliant Identifier

    Legal entity identifier for entities transacting swaps under CFTC guidelines. Replaced by GMEI, see also LEI.

  • CSA

    Credit Support Annex

    bi-lateral agreement establishing terms of collateral posting between two derivative counterparties.

  • DCM

    Designated Contract Market

    boards of trade (or exchanges) that operate under the regulatory oversight of the CFTC, pursuant to Section 5 of the Commodity Exchange Act (CEA), 7 USC 7.

  • DCO

    Derivatives Clearing Organization

    CCP that is registered with the CFTC U.S. Commodity Futures Trading Commission.

  • DTC

    The Depository Trust Company

    a subsidiary of DTCC; provides securities movements for NSCC's net settlements, and settlement for institutional trades (which typically involve money and securities transfers between custodian banks and broker/dealers), as well as money market instruments.

  • DTCC

    The Depository Trust & Clearing Corporation

    through its subsidiaries, provides clearing, settlement and information services for over-the-counter derivatives.

  • FATCA

    Foreign Account Tax Compliance Act

    requires non-U.S. foreign financial institutions (FFIs) and non-U.S. non-financial entities (NFFEs) to identify and disclose their U.S. account holders and members. Should they fail to do this, they will become subject to a new 30% U.S. withholding.

  • FCM

    Futures Commission Merchant

    An individual or firm who solicits or accepts orders to buy or sell futures contracts, options on futures, retail off-exchange forex contracts or swaps, on an exchange or through a clearinghouse.

  • FIA

    Futures Industry Association

    the primary industry organization for the centrally cleared futures and swaps markets.

  • FINRA

    Financial Industry Regulatory Authority

    largest independent regulator for all securities firms doing business in the United States.

  • FSB

    Financial Stability Board

    established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability.

  • GFMA

    Global Financial Markets Association

    international association representing the common interests of the world’s leading financial and capital markets participants, with SIFMA the North American member.

  • GMEI

    Global Markets Entity Identifier (formerly known as CICI)

    DTCC's legal entity identifier solution offered in collaboration with SWIFT. See also LEI.

  • GTR

    Global Trade Repository

    an entity that centrally collects and maintains the records of over-the-counter (OTC) derivatives.

  • ISDA

    International Swaps and Derivatives Association

    leading association for the over-the-counter derivatives industry.

  • ISO

    International Organization for Standardization

    an international standard-setting body.

  • LEI

    Legal Entity Identifier

    A unique ID associated with a single legal entity, LEI’s allow for consistent identification of parties to financial transactions, facilitating a consistent and integrated view of exposures, see also CICI or GMEI.

  • LSOC

    Legally segregated, operationally commingled

    describes legal status in customer margin holdings for cleared transactions.

  • LOU

    Local Operating Unit

    local implementers of the global system offering local registration, validation, and maintenance of reference data.

  • NFA

    National Futures Association

    the self regulatory organization for the U.S. derivative industry, including on-exchange traded futures, retail off-exchange foreign currency and OTC derivatives.

  • SDR

    Swaps Data Repository

    entities mandated by the Dodd-Frank Act to provide a central facility for swap data reporting and record keeping.

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