FIA commodities members support swaps data reporting changes

22 May 2020

In a recent comment letter, FIA supports the Commodity Futures Trading Commission’s (CFTC) efforts to improve its swap data reporting rules. In particular, FIA’s commodity members, which include commercial end users and other firms that are active in physical commodities and their related swaps markets, support proposed changes to update and streamline the way swap transaction data is collected from market participants. The Dodd-Frank Act required increased transparency and collection of data for the swaps markets.

The CFTC adopted the existing swap data reporting rules under an accelerated time frame after the passage of the Dodd-Frank Act with the intent of revisiting those rules in the future. FIA supports the Commission’s efforts to revisit the rules now to streamline and enhance the quality of the data reported to swap data repositories (SDRs). The proposed framework for reporting swap data under the new proposals would substantially improve the accuracy, reliability, and utility of swap data for the Commission and market participants.

FIA’s commodities members also recommend several targeted modifications to further enhance the proposed reporting framework. In offering the recommendations, FIA’s commodities members urge the Commission to remain focused on a core set of critical data elements, rather than incorporating additional elements to address various regulatory issues unrelated to real-time and SDR reporting, which will impose new and potentially burdensome requirements on reporting parties, including commercial end users.

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