March 19, 2014

CFTC Requests Public Comment on Swap Data Reporting Rules

Washington, DC — The Commodity Futures Trading Commission (Commission) today approved for publication in the Federal Register a request for public comment on the Commission’s swap data recordkeeping and reporting requirements under part 45 and related provisions.

“To do its job the Commission must have accurate data and a clear picture of swaps market activity,” said Acting Chairman Mark Wetjen. “I thank the staff for their hard work in developing this request for public comment on ways to improve the Commission’s data collection and quality standards. I am confident that the responses to this release will inform the Commission as it considers how best to ensure that it receives the information necessary to effectively oversee the derivatives marketplace.”

Part 45 requires reporting counterparties and reporting entities to submit swap transaction data to swap data repositories via electronic reporting to enable the Commission to perform a range of market integrity, risk monitoring and other supervisory functions. The request for comment was developed by the Interdivisional Working Group (IDWG) formed by the Commission on January 21, 2014, to review the swap data reporting rules and make recommendations for resolving reporting challenges (See CFTC Press Release 6837-14).

The request for comment seeks public input on approximately 70 questions addressing such topics as the reporting of primary economic terms, confirmation and continuation data; the manner in which the reporting rules address different transaction types, business models and data flows present in swaps markets; the reporting of cleared swaps; and data harmonization. Comments received will inform the Commission’s ongoing efforts to improve swap transaction data quality and determine whether and how the swap data reporting rules should be enhanced to ensure effective reporting.

The comment period will be open for 60 days from the date of publication of the request for comment in the Federal Register. IDWG members will review all comments received and make recommendations to the Commission by the end of July.

Comments should be submitted on or before May 27, 2014.

Comments may be submitted electronically through the CFTC’s Comments Online process. All comments received will be posted on the CFTC’s website.

Last Updated: March 26, 2014