Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
By Richard Hill
The CFTC is reviewing its swap data reporting regulations in an attempt to ensure it receives better trading information more efficiently, the agency said July 10.
The Commodity Futures Trading Commission’s Division of Market Oversight issued a “ roadmap” in conjunction with the review that identifies future steps, including working with swap data repositiories (SDRs) to set up processes for rejecting reports with missing or invalid information. The roadmap is essential “because if you don’t know where you’re going, you’re never going to get there,” acting Chairman J. Christopher Giancarlo said in a statement.
The initiative will seek to identify best ways for swaps counterparties to confirm the accuracy of data held by SDRs. The agency also will seek to clarify what data must be reported to an SDR.
SDRs were created under the Dodd-Frank Act to act as central facilities for receiving swaps data from market participants and distributing the information to regulators. They include BSDR LLC, which is owned by Bloomberg LP, of which Bloomberg BNA is an affiliate.
Critics, including Giancarlo, have complained that there is no standard way for swap execution facilities, clearinghouses and other third parties to prepare and submit data to SDRs, making the resulting information inconsistent and hard to analyze. Global regulators also have cited “significant challenges” with the quality of swaps data.
Comments on the review are due by Aug. 21.
The CFTC said it plans to complete the project and implement any changes by the end of 2019. It said that timeline will allow it to consult with international peers and give market participants time to build and test new systems.
To contact the reporter on this story: Richard Hill in Washington at email@example.com
To contact the editor responsible for this story: Phyllis Diamond at firstname.lastname@example.org
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
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 email@example.com.
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 firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)