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CFTC requests public comment on Swap Data Reporting Rules

The Commodity Futures Trading Commission (CFTC) has issued a request for public comment on its swap data recordkeeping and reporting requirements which require reporting counterparties and reporting entities to submit swap transaction data to swap data repositories via electronic reporting to enable the CFTC 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 CFTC on January 21, 2014, to review the swap data reporting rules and make recommendations for resolving reporting challenges.

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 CFTC’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 CFTC by the end of July.  

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