CFTC Staff Extends Request for Comments on Draft Swap Data Technical Specifications

The CFTC Division of Market Oversight and the Office of Data and Technology extended the comment period on the Draft Technical Specifications for Certain Swap Data Elements. The extension will enable the CFTC Technology Advisory Committee to address additional comments at the meeting scheduled for February 23, 2016. The request for comments, which originated from a CFTC staff review of Part 45 swap data reporting that began in 2014, was issued last December and features 80 enumerated questions addressing 120 data elements for several swap data reporting topics. Topics for comment included counterparty-related elements, prices, clearing, products, periodic reporting, orders, package transactions, options, additional fixed payments, notional amounts, events, rates, and foreign exchanges.

CFTC staff is considering whether additional standardization and augmentation of certain data elements reportable under the swap data reporting rules would promote the efficient and effective analysis of swap data. CFTC staff emphasized that the draft technical specifications include certain swap data elements that (i) are reportable under Part 45 and related provisions of CFTC regulations, and (ii) are not currently reportable under the CFTC regulations, but which may assist the CFTC in fulfilling regulatory mandates that include systemic risk mitigation, market monitoring and market abuse prevention.

Comments on the draft technical specifications that were due originally on February 22, 2016 must be submitted no later than March 7, 2016.