Swap Data Regulation - Hearings & Testimony

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Dodd-Frank Timeline, Swap Data Recordkeeping and Reporting Requirements
Final Rule Issue Effective Date No-Action Relief, Part 43/45 No-Action Relief, Part 23
January 13, 2012 March 13, 2012 July 1, 2013 (IRS, CDS); Aug. 19 for other swaps June 30, 2013
Dodd-Frank Timeline, Swap Data Recordkeeping and Reporting Requirements for Pre-Enactment and Transition Swaps
Final Rule Issue Effective Date Compliance Date
June 12, 2012 August 13, 2012 April 10, 2013

Hearings and Testimony addressing swap data reporting and recordkeeping.

On August 5, 2011, the CFTC convened the first meeting of the Subcommittee of Data Standardization. Details of this and subsequent meetings can be found HERE.

Public Roundtable on Swap Data Recordkeeping and Reporting Requirements, June 8, 2011

On June 8, 2011, the CFTC held a public roundtable to discuss technical aspects of implementing infrastructures for issuance and maintenance of Unique Product Identifiers (UPIs), as they apply to CFTC’s proposed swap data recordkeeping and reporting rules, as well as other CFTC proposed rules. Issues addressed:

  • existing systems of swap product classification and identification currently available;
  • classification and identification work-streams for the purpose of achieving a universal method to describe and classify swap products; and
  • Implementation of a universal system of swap product classification and identification for the purpose of meeting various CFTC requirements.[1]

Background

According to a joint CFTC/SEC staff study, prior to the mandating of standardized descriptions for all derivatives, the following are needed:

  • a universal entity identifier and product or instrument identifiers;
  • a further analysis of the costs and benefits of having all aspects of legal documents related to derivatives represented electronically; and
  • a uniform way to represent financial terms not covered by existing definitions.[2]
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Video

Documents Related to CFTC Staff Roundtable, June 8, 2011: List of Participants


References

  1. CFTC Staff Roundtable to Discuss Swap Data Recordkeeping and Reporting Requirements. CFTC. Retrieved on July 28, 2011.
  2. Study: Algorithmic Trading. CFTC. Retrieved on March 22, 2011.

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