The Depository Trust & Clearing Corporation moved Thursday to have its Trade Information Warehouse for credit derivatives overseen by the Federal Reserve as the U.S. government tightens regulation of over-the-counter markets.

The DTCC wants to establish The Warehouse Trust Company under the supervision of the Fed and the New York State Banking Department, which together oversee the only U.S. clearinghouse for credit derivatives, as the New York-based clearing entity looks ahead to an expanded role in post-trade processing of OTC derivatives.

A subsidiary is planned for Europe, where the DTCC has discussed the creation of a Trade Information Warehouse with regulators in recent months.

The DTCC's push for U.S. oversight follows this month's announcement of a Treasury-backed plan that would mandate clearing of standardized over-the-counter derivatives and increase reporting requirements for market participants.

"It makes sure we're bringing into alignment the infrastructure we've created so it's consistent with where regulators in the U.S. and overseas are headed in terms of regulating the marketplace," said Stuart Goldstein, spokesman for the DTCC.

The New York-based DTCC launched the Trade Information Warehouse in November 2006 to record details of U.S. credit default swap trades, part of a wide-ranging effort to reduce a backlog in outstanding trades.

Atlanta-based IntercontinentalExchange Inc. (ICE) structured its credit derivatives clearinghouse, launched in March, as a New York trust bank regulated by the Fed and the New York State Banking Department.

The Obama Administration is backing the clearinghouse approach as a way to reducing systemic risk in over-the-counter markets, with a central counterparty serving as middle man to bilateral trades in credit derivatives and other off-exchange instruments.

The DTCC, a user-owned utility that clears nearly all cash equity trades in the United States, has pledged to work with all clearinghouses for over-the-counter trades.

In the U.S., Nasdaq OMX (NDAQ) owns a clearing service for interest rate swaps, while CME Group Inc. (CME) is readying its own credit derivatives clearing and trading platform.

-By Jacob Bunge, Dow Jones Newswires; (312) 750 4117; jacob.bunge@dowjones.com