Joint Request for Comment on Swap and Security-Based Swap Data Reporting
Key claim: The CFTC and SEC are jointly soliciting public comment on potential changes to the design, scope, and structure of swap and security-based swap data reporting requirements.
Abstract
(Proposed Rule · Commodity Futures Trading Commission, Securities and Exchange Commission) The Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC”) (together, the “Commissions”) request public comment on potential changes to the design, scope, and structure of swap and security-based swap data reporting requirements.
Why this matters
Swap data reporting is the primary transparency mechanism regulators use to monitor systemic risk in derivatives markets post-Dodd-Frank, and the CFTC and SEC run parallel regimes that market participants have long criticized as duplicative. A joint request for comment signals the agencies may pursue harmonization or restructuring of these requirements, which could materially reduce compliance burden for swap dealers and major participants while reshaping the data available to regulators and the public.