Real-Time Reporting

The Commission finalized rules to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act related to Real-Time Reporting.

The Commission issued proposed rules to address Block Sizes for Large Notational Off-Facility Swaps and Block Trades and Measures to Protect the Identities of Counterparties.

The Commission issued proposed rules Prohibiting the Aggregation of Orders to Satisfy Minimum Block Size or Cap Size Requirements, and Establishing Requirements for Parties to Block Trades.

Additional information is provided below, including factsheets for the proposed rules, and details of meetings held between CFTC staff and outside parties.

Related Federal Register Releases

Proposed Rule: 88 FR 90046 // PDF Version
12/28/2023
17 CFR Parts 43 and 45
Name: Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements
Comment File – Closing Date: 02/26/2024
Extended Date: 4/11/2024

See also:
89 FR 14790, 2/29/2024 // PDF Version
17 CFR Parts 43 and 45
Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements; Reopening of Comment Period

Final Rule: 85 FR 75422 // PDF Version
11/25/2020
17 CFR Part 43
Real-Time Public Reporting Requirements
Effective Date: Monday, January 25, 2021

See also:
85 FR 21516, 4/17/2020 // PDF Version
17 CFR Part 43 
Amendments to the Real-Time Public Reporting Requirements

Proposed Rule: 77 FR 15460 // PDF Version
3/15/2012
17 CFR Part 43
Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades
Comment File - Closing Date: 5/14/2012

Final Rule: 77 FR 1182 // PDF Version
1/9/2012
17 CFR Part 43
Real-Time Public Reporting of Swap Transaction Data
Effective Date: March 9, 2012

See also:
77 FR 2909 // PDF Version
1/20/2011
Correction: 17 CFR Part 43
Real-Time Public Reporting of Swap Transaction Data; Correction

Proposed Rule: 75 FR 76139 // PDF Version
12/7/2010
17 CFR Part 43
Real-Time Public Reporting of Swap Transaction Data
Comment File – Closing Date: 2/7/2011

Proposed Rule (Correction): 75 FR 76930 // PDF Version
12/10/2010
17 CFR Part 43
Real-Time Public Reporting of Swap Transaction Data Correction

Technical Specification Versions

Parts 43 and 45 Technical Specification – December 2023 Clean

Parts 43 and 45 Technical Specification – December 2023 Redline

Parts 43 and 45 Technical Specification (March 2023) Redline

Parts 43 and 45 Technical Specification (March 2023) Clean

Parts 43 and 45 Technical Specification – August 2022 Redline

Parts 43 and 45 Technical Specification – August 2022 Clean

Parts 43 and 45 Technical Specification – September 2021 Redline

Parts 43 and 45 Technical Specification – September 2021 Clean

Parts 43 and 45 Technical Specification – September 2020

Parts 43 and 45 Technical Specification Draft for Public Comment – February 2020

Block and Cap Sizes

Part 43 Post-Initial Appropriate Minimum Block Sizes and Post-Initial Cap Sizes for Publicly Reportable Swap Transactions - May 2024

Part 43 Revised Post-Initial Block Sizes and Post-Initial Cap Sizes – April 2023

Part 43 Block Thresholds and Cap Sizes, For Reference Only – Fall 2020

Proposed Part 43 Block Sizes Draft – February 2020

Proposed Part 43 Cap Sizes Draft – February 2020

Additional Information

No-Action Letter 13-10
April 8, 2013
Parts 43, 45 and 46 of the CFTC’s regulations

Division of Market Oversight Advisory
March 8, 2013

No-Action Letter 12-41
December 5, 2012
Part 43, Part 45 and Part 46 of the CFTC's regulations
 
No-Action Letter 12-32
November 19, 2012
Part 43, Part 45 and Part 46 of the CFTC's regulations

Fact Sheet: Final Rulemaking on Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades; Further Measures to Protect the Identities of Parties to Swap Transactions

Questions & Answers: Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades; Further Measures to Protect the Identities of Parties to Swap Transactions

Event: CFTC to Hold Open Meeting to Consider Trade Execution Rules; Anti-Disruptive Trading Practices Guidance

Fact Sheet: Proposed Rule on Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades; Further Measures to Protect the Identities of Parties to Swap Transactions (Reproposal)

Q&A: Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades; Further Measures to Protect the Identities of Parties to Swap Transactions (Reproposal)

Event: CFTC Open Meeting on One Final Rule and One Proposed Rule

Fact Sheet: Final Rules Regarding Real-Time Public Reporting of Swap Transaction and Pricing Data
Q&A: Final Rulemaking: Part 43 (Real-Time Public Reporting)

See also:
– Phase In – Real-Time Public Reporting Compliance Dates and Time Delays for Public Dissemination
– Apendix C – Time Delays for Public Dissemination
– Real-Time Public Reporting (Part 43) Breakdown of Notional Caps

Event: CFTC to Hold Open Meeting to Consider Two Final Rules

Fact Sheet: Proposed Rule on Real Time Public Reporting of Swap Transaction and Pricing Data

Q&A: Real-Time Public Reporting Proposed Rulemaking

Event: Open Meeting on Fifth Series of Proposed Rules under the Dodd-Frank Act

Date

SUBMISSION

05/16/2013

Transcript: Open Meeting on the 29th Series of Rulemakings Under the Dodd-Frank Act
CFTC

 

04/19/2012

Kinetix Trading Solutions Presentation_1548
From External Meeting on 4/19/2012

 

12/20/2011

Transcript: Open Meeting on Two Final Rule Proposals Under The Dodd-Frank Wall Street Reform and Consumer Protection Act
CFTC

 

10/18/2011

Transcript: Open Meeting on the 24th Series of Proposed Rulemakings Under the Dodd-Frank Act
CFTC

 

04/21/2011

Product Representation for Standardized Derivatives (White Paper)
ISDA, From External Meeting on 4/21/2011

 

04/14/2011

On behalf of SIFMA - comment letter on funds portion of the Volcker Rule
Young-Anglim, Alexander

 

04/08/2011

April 11 Mtg. Summary with Rabobank_752
From External Meeting on 4/8/2011

 

03/01/2011

Data Reporting and Universal ID Requirements
DTCC

 

03/01/2011

Division of Market Oversight Presentation to TAC Meeting
CFTC Division of Market Oversight

 

03/01/2011

Recommended Practices for Trading Firms, Clearing Firms and Exchanges Involved in Direct market Access
CFTC Pre-Trade Functionality Subcommittee

 

03/01/2011

Recommendations on Pre-Trade Practices for Trading Firms, Clearing Firms and Exchanges involved in Direct Market Access
CFTC Pre-Trade Functionality Subcommittee

 

03/01/2011

Technology applications needed to implement pre-trade risk management controls for DMA and Sponsored access clients
Newedge

 

03/01/2011

Technology Implications and Costs of Dodd-Frank on Financial Markets
TABB Group

 

03/01/2011

Presentation to the CFTC Technology Advisory Committee (TAC)
BlackRock

 

03/01/2011

Where is the Value in High Frequency Trading?
Álvaro Cartea and José Penalva

 

02/17/2011

Re: RIN Number 3038-AD08 Real-Time Public Reporting of Swap Transaction Data
Richard G. Ketchum, FINRA

 

02/14/2011

Proposed Real-Time Reporting Rules; CFTC RIN 3038?AD08; SEC File No. S7?34?10
Colin D. Lloyd, Cleary Gottlieb Steen & Hamilton LLP

 

02/04/2011

Barclays Capital comment letter on the phase-in of clearing, execution and reporting requirements for swaps and security based swaps mandated by the Dodd Frank Act
Dmitry Binkevich, Barclays Capital

 

01/18/2011

SBSR Letter
Cameron, Tim

 

12/28/2010

Pre-NOPR Comment Letter regarding Reporting
Barron, Melody R.

 

11/24/2010

SEF Letter
SIFMA

 

11/20/2010

Proposed Rule on Real-Time Reporting
Swap Financial Group

 

11/19/2010

Letter to CFTC and SEC
WMBA America

 

11/17/2010

OTC Derivative Data November 2010
NASDAQ OMX

 

11/17/2010

OTC Derivative Data November 2010 NASDAQ OMX_334
NASDAQ OMX, From External Meeting on 11/17/2010

 

11/04/2010

Re: The Definition of Swap Execution Facility in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (File No. S7-16-10)
Morgan Stanley

 

11/01/2010

Re: Implementation of Certain Provisions of Title VII of Dodd-Frank Wall Street Reform and Consumer Protection Act
Morgan Stanley

 

10/28/2010

Letter re Swap and Security-Based Swap Execution Facilities
Cleary Gottlieb Steen and Hamilton LLP

 

10/25/2010

Re: Swap Execution Facilities under Dodd-Frank
Cleary Gottlieb Steen & Hamilton LLP

 

10/20/2010

No Unilateral Change of Swap Terms by Data Collectors and the Use of Required Electronic Technology
ERISA Pension Plans

 

10/20/2010

Re: Regulatory rule writing regarding Sec 727 and Sec 763 entitled ?Public reporting of Swap Transaction Data? and with specific regard to Block Trade exemptions.
Javelin

 

10/20/2010

Middleware_10-28_Slides FINAL_262
CIEBA and American Benefits Council, From External Meeting on 10/20/2010

 

10/19/2010

Swap Execution Facility (SEF) discussion
BlackRock

 

10/19/2010

(10-19-10) Presentation Materials - BlackRock_182
BlackRock, From External Meeting on 10/19/2010

 

10/13/2010

Swap Data Repositories Registration Standards and Core Principle Rulemaking, Interpretation and Guidance
SNL Energy

 

09/28/2010

Real-Time Reporting Issues and Considerations
markitSERV

 

09/28/2010

SDR Real-time reporting 09-28-10 FINAL_101
MarkitSERV, From External Meeting on 9/28/2010

 

09/20/2010

Definitions; Real Time Reporting
GSIC

 

09/20/2010

Discussions with the CFTC & SEC
Goldman Sachs

 

09/20/2010

Goldman Sachs 9-20-10 RTPR_24
The Goldman Sachs Group, Inc., From External Meeting on 9/20/2010

 

09/15/2010

AGENDA: Meeting of the ?NFP Energy End User Coalition?
NFP Energy End User Coalition

 

09/15/2010

CFTC Agenda - September 15 20101 (2)_26
NFP Energy End User Coalition, From External Meeting on 9/15/2010

 

09/14/2010

Transcript of Public Roundtable on Swap Data, Swap Data Repositories and Real Time Reporting
CFTC

 

09/01/2010

Argus Oil Market Regulation Summit 2010
Argus

 

09/01/2010

dmb argus_72
Argus Oil Market Regulation Summit 2010

 

08/03/2010

Title VII Rulemakings
SEC/CFTC and ISDA/SIFMA