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SPEECHES & TESTIMONY

  • Statements of Support by Chairman Gary Gensler

    Swap Data Recordkeeping and Reporting Requirements

    I support the final rule establishing swap data recordkeeping and reporting requirements for registered entities and counterparties involved in swaps transactions. The final rule will ensure that complete, timely, and accurate data on all swaps is available to the Commodity Futures Trading Commission and other regulators.

    The final rule requires that data be consistently maintained and reported to swap data repositories (SDRs) by swap execution facilities, designated contract markets, derivatives clearing organizations, swap dealers, major swap participants, and other swap counterparties. It requires reporting when the transaction is executed and over the lifetime of the swap.

    The rule has a streamlined data reporting regime – the entities with the easiest, fastest, and cheapest access to the data will report to SDRs. It also extends and phases in reporting deadlines, particularly for counterparties that are not swap dealers or major swap participants.

    The rule’s Legal Entity Identifier, Unique Swap Identifier and Unique Product Identifier regimes will be crucial regulatory tools for linking data together across counterparties, asset classes, repositories, and transactions. They also will improve risk management, operational efficiency, and data processing for market participants. The rule phases in the start of compliance by both asset class and counterparty type.

    Real-Time Public Reporting

    I support the final rule to implement a real-time, public reporting regime for swaps. This rule fulfills Congress’ direction under the Dodd-Frank Wall Street Reform and Consumer Protection Act to bring public transparency to the entire swaps market for both cleared and uncleared swaps. This rule will give the public critical information on the pricing of transactions – similar to what has been working for decades in the securities and futures markets.

    Real-time reporting introduces post-trade transparency to the swaps market, which lowers costs for market participants and consumers.

    In response to commenters, the final rule provides for the phasing in of compliance dates and time delays based on market participant, place of execution and underlying asset. As directed by Congress, the final rule protects the anonymity of counterparties to a swap and takes into account the effect of the rule on market liquidity.

    Last Updated: December 20, 2011



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