Swap data reporting is fundamental to post-crisis financial regulation.  Given the important goal of the Dodd-Frank Act to bring transparency to risk in swap markets that was previously hidden, I support the Commission’s designation of unique product identifiers for swap data reporting.

By increasing visibility into swap markets through real-time public reporting and swap data repository reporting, the Commission brought light to what was previously an opaque market with hidden risk.  Swap data reporting increases regulatory insight into swap market activity, which is necessary to promote market integrity.  Real-time public reporting also promotes transparency and price discovery by making swap transaction and pricing information publicly available.

As swap markets are global markets, global harmonization enhances the use of swap data for regulators, market participants, and the public.  The CFTC has been collaborating with global regulators on uniform standards for defining and representing swap products.  I look forward to increased transparency in swap markets through the use of standardized product identifiers.