Swap Data Regulation - Reporting of Cleared Swaps - Frequently Asked Questions

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Dodd-Frank Timeline, Registration and Regulation of Swap Data Repositories
Proposal Date Final Rule Issue Effective Date*
December 23, 2010 September 1, 2011 October 31, 2011

On October 11, 2012, the CFTC issued a "Frequently Asked Questions" document to help market participants better understand how to report cleared swaps, who has the obligation to report and the timing of reporting.[1] On November 28, 2012, the commission withdrew certain questions about the selection of a particular SDR for cleared swap reporting by a DCO, pending a request by CME Group, which owns both a DCO and SDR.

In December 2012, CME Group filed a requested rule change that 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 proposed rule change led to a dispute with the Depository Trust & Clearing Corp (DTCC) on the appropriateness of the rule change in the context of regulatory reporting under the Dodd-Frank Act. For more information, visit the CME Group Proposed Rule: Regulatory Reporting of Swap Data - January 2013 page.


Below is the amended FAQ sheet, with redlined sections representing the questions and answers that have been stricken.

Related Document: Frequently Asked Questions (FAQ) on the Reporting of Cleared Swaps

References

  1. CFTC Staff Responds to Frequently Asked Questions on the Reporting of Cleared Swaps. CFTC. Retrieved on November 30, 2012.

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