CFTC Seeks Improvements in Swap Data Reporting
The Commodity Futures Trading Commission on Dec. 22 asked for public comment on draft technical specifications for how swap trades are reported. The CFTC said the effort is intended to improve the quality of swap transaction data and ensure that the data it receives are "accurate, consistent and timely."
The request for comment seeks public input on 80 questions on 120 "data elements" and sets a deadline of Feb. 22 for responses. The data elements include information about transaction counterparty, price, clearing, product, periodic reporting, orders, package transactions, options, additional fixed payments, notional amount, events, rates and foreign exchange. The technical specifications for these data elements include descriptions, allowable values and formats, and focus primarily on three asset classes: interest rate, credit and foreign exchange.
The CFTC noted that some of these swap data elements are already reportable under Part 45 and related provisions of the Commission's regulations, but others are not. The CFTC explained that it views these additional data elements as having the potential to assist the agency in fulfilling its regulatory mandates, including "systemic risk mitigation, market monitoring and market abuse prevention."
