Bloomberg Law®, an integrated legal research and business intelligence solution, combines trusted news and analysis with cutting-edge technology to provide legal professionals tools to be...
By Richard Hill
March 19 --The Commodity Futures Trading Commission said March 19 it is requesting public comment on its year-plus effort to collect data on swaps trading, saying it is seeking to improve the quality of the information it receives.
In a statement, the agency said the request, to be published shortly in the Federal Register, consists of approximately 70 questions about topics such as the reporting of primary economic terms, confirmation and continuation data; the manner in which reporting addresses different transaction types and business models; the reporting of cleared swaps; and data harmonization.
The request is the outgrowth of an interdivisional staff group appointed in January to review swaps data recordkeeping and reporting requirements and to make recommendations on how the rules and processes can be improved. The comment period will be open for 60 days after publication. According to the commission, staff will make recommendations based on the comments by the end of July.
He later told reporters at the event that some of the issues include different swap data repositories using different “data fields” when submitting information. He added that there are “some issues regarding the choice about where the data gets sent to.”
“We're just not seeing the full picture of what's happening” in the marketplace, Wetjen said. “My concern is mostly focused on, is there something about our rule set that is creating these issues? If that's the case, we need to address that.”
In his remarks at the Chamber summit, Wetjen said, “We're prepared to make corrections if we need to. Compliance with our rules has been a challenge.”
Commissioner Scott O'Malia also has been a critic of the CFTC's data collection regime. In a March 19 statement, he said he supported the request for comment, which he called “a critical step in the commission's effort to improve data utilization.'' O'Malia also asked commenters to alert the CFTC to data collection issues that were not highlighted in the request.
To contact the reporter on this story: Richard Hill in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Phyllis Diamond at email@example.com
The request for comment can be seen at http://www.cftc.gov/PressRoom/PressReleases/federalregister031914.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)