CME Group Proposed Rule: Regulatory Reporting of Swap Data - January 2013

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Gavel.png RULE APPROVED: On March 6, 2013, the CFTC approved CME Group Rule 1001
Timeline: CME Group Proposed Rule Change on Swap Data Reporting
Proposal Date Comment Deadline Rule Approved
December 10, 2012 January 14, 2013 March 6, 2013

On November 9, 2012, CME Group submitted to the CFTC a proposed rule change would allow its clearing division to report swap data to its own SDR "for the purposes of complying with applicable CFTC rules" on swap reporting. The company amended its request in a letter dated December 6, 2012. The rule request was met with resistance from the Depository Trust and Clearing Corporation (DTCC), who expresses concern about conflicts of interest regarding the proposal.

Per commission regulations, a 30-day comment period commenced on December 10, 2012. Its initial deadline of January 7, 2013 was extended to January 14, 2012. The commission received numerous letters from market participants on both sides of the issue. To view the letters, along with summaries, click HERE.

CME Proposed Rule Change[edit]

CME is proposing a new chapter, Chapter 10, to its regulations, with Rule 1001 as follows:

For all swaps cleared by the Clearing House, and resulting positions, the Clearing House shall report creation and continuation data to CME's swap data repository for purposes of complying with applicable CFTC rules governing the regulatory reporting of swaps. Upon the request of a counterparty to a swap cleared at the Clearing House, the Clearing House shall provide the same creation and continuation data to a swap data repository selected by the counterparty as the Clearing House provided to CME's swap data repository under the preceding sentence.



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