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Alternative Market Briefing

Real-time public reporting of swap transactions and swap dealer registration underway - CFTC

Thursday, January 03, 2013

Bailey McCann, Opalesque New York: The Commodity Futures Trading Commission (CFTC) has announced that both real-time public reporting of swap transactions and swap dealer registration, began on December 31, 2012. Public reporting of swaps and swap dealer registration was one of the most noteworthy reforms included in the Dodd-Frank Act. Additionally, the largest entities dealing in the swaps market became provisionally registered as swap dealers.

As of Monday, 65 entities had submitted applications and became provisionally registered as swap dealers. This initial group of entities includes the largest domestic and international financial institutions dealing in swaps in the US. It includes the 16 institutions commonly referred to as the G16 dealers. This initial group of entities had in October, the first month in which the swap dealer registration requirement applied to these entities, exceeded the de minimis level of swap dealing activity that triggers the registration requirement. Other entities are expected to register over the course of this year once they exceed the de minimis threshold.

This week, the provisionally registered swap dealers began reporting interest rate and credit index swap transactions to swap data repositories (SDRs). Designated contract markets (DCMs) that trade swaps also are required to follow these reporting and recordkeeping rules. This swap dealer and DCM reporting to SDRs builds upon the reporting by clearinghouses, which began Octo......................

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