The Division of Market Oversight of the Commodity Futures Trading Commission announced a “comprehensive review” of its swap data reporting requirements.
DMO’s review will be conducted in two parts. First, the Division will examine swap data repositories’ operations, with emphasis on how SDRs validate incoming data and counterparties confirm data at SDRs.
Secondly, the Division will review workflows generally, with a focus to standardize data fields, to reduce the amount of messages that are required to be reported regarding a single swap, and to evaluate when extending reporting timelines will enhance reporting quality.
Among other things, the Division will explore possible alignment of CFTC reporting deadlines with those of the Securities and Exchange Commission and the European Securities and Markets Authority, and the harmonization of data fields with foreign regulators.
The Division aims to present the Commission with recommendations related to SDR operations by the fourth quarter this year, and regarding overall workflows, by late first quarter or early second quarter in 2018. The CFTC will accept comments on its proposed roadmap through August 21.