CFTC Determines Acceptable UPIs for Swaps Recordkeeping and Reporting

The CFTC designated a unique product identifier and classification system required to be used in swap recordkeeping and reporting. The designation is made pursuant to CFTC Rule 45.7 and firms subject to the requirements of Part 45 will be required to use the designated systems, issued by Derivatives Systems Bureau Limited. The compliance date for the Order will be January 29, 2024.

CFTC Commissioner Christy Goldsmith Romero supported the Order, saying that the decision will bring much needed transparency to swap markets. She stated that the designation will give the CFTC new insight into swap market activity, which she said is necessary to promote market integrity. CFTC Commissioner Caroline D. Pham also expressed support for the Order, but said that progress still remains to be made in improving transparency of swap markets.