CFTC Unveils Real-Time Reporting of Swap Transactions and More

The U.S. Commodity Futures Trading Commission (CFTC) today issued a statement announcing real-time public reporting for swap transactions and swap dealer registration.

From the CFTC Chairman Gary Gensler:

“Two of the most significant Dodd-Frank reforms began implementation this week. Real-time reporting brings transparency to the formerly opaque swaps market. Also this week, the largest entities dealing in the swaps market became provisionally registered as swap dealers.”

And more:

“With these historic reforms, the public, for the first time, can see the price and volume of swap transactions, just as it has benefitted from transparency for decades in the securities and futures markets. The public also will benefit as swap dealers now will be subject to common-sense standards for sales practices, recordkeeping and business conduct rules that will help lower risk to the rest of the economy.”

According to the CFTC statement, 65 entities had submitted applications as of Monday, including the “G16” dealers. More applications are expected as the year continues and more entities exceed the $8 billion de minimis threshold.

The statement also explains that the public will be able to access this real-time data through the SDRs’ website.

More to Come

The CFTC also stated that more reporting of swap transaction is forthcoming over the next several months. Forex, equity, and physical commodity swaps are first in line, with reporting expected to begin in February. Other market participants are expected to begin in April.

More from Gensler:

“This week’s implementation of transparency and oversight reforms begins to fulfill key goals of the Dodd-Frank Act. They are an historic change for the markets that will benefit the public and the economy at large. This achievement is a real testament to the dedication and excellence of the CFTC staff working as a team and with other regulators, both domestic and international. I also would like to thank Commissioners Sommers, Chilton, O’Malia and Wetjen for their significant contributions to making the implementation of these reforms now a reality.”

Read more.

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