The Commodity Futures Trading Commission (CFTC) has granted industry requests for an extension to the compliance deadline for its rewrite of swaps data reporting rules.
The rewrite is the first major overhaul of US over-the-counter swaps reporting rules since their introduction under the Doff-Frank Act. The revision is aimed at improving the quality of data collected for systemic risk monitoring.
Leo Labeis, chief executive of reporting firm REGnosys, which partnered with ISDA on its digital regulatory reporting initiative, says participating firms are now beginning user acceptance testing:
“A lot of the technical specifications from the SDRs [are expected] to continue to evolve along the way.”
Read Leo’s full comments for Risk.net here at Risk.
30 September 2023
CFTC orders three major US banks to pay over $50 million for swap-reporting failures