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.