About NYPC

New York Portfolio Clearing, LLC (NYPC) is a joint venture derivatives clearinghouse owned equally by NYSE Euronext and The Depository Trust & Clearing Corporation (DTCC) that clears interest rate futures contracts and cross-margins eligible positions against U.S. Treasury and agency securities and repurchase agreements cleared by DTCC’s subsidiary, Fixed Income Clearing Corporation. Utilizing a uniform risk methodology across clearinghouses, this “one-pot” cross-margining arrangement provides increased margin and operational efficiencies for market participants. By offering a single combined view of risk across asset classes, one-pot margining also enhances market and regulatory transparency with respect to the clearing of fixed income portfolios, which can be used to identify and moderate systemic market risks, facilitating more orderly risk mitigation and reduction in settlement risks.

NYPC is registered with the Commodity Futures Trading Commission (CFTC) as a derivatives clearing organization and initially accepts for clearing U.S. dollar denominated U.S. Treasury and Eurodollar futures contracts traded on NYSE Liffe U.S. As an “open access” clearinghouse, other CFTC-registered exchanges and clearinghouses that satisfy certain nondiscriminatory criteria may also gain access to this “one-pot” arrangement. This combination of one-pot margining and an open access framework is expected to bring competition to the fixed income derivatives market, thereby lowering costs for market participants and reallocating capital to more productive uses in the economy.