FINRA proposed implementing a $5 million cap on reported trade size for all agency debt securities. The proposal removes the current distinction between investment and non-investment grade transactions.
FINRA proposed expanding the definition of "Agency Debt Securities" as used in the Trade Reporting and Compliance Engine rules, to include credit risk transfer securities issued by Fannie Mae- or Freddie Mac-sponsored trusts.
The Bank for International Settlements Committee on Payments and Market Infrastructures and IOSCO provided guidance for derivatives regulators on harmonizing certain "critical" data elements for over-the-counter transactions.
CFTC Commissioner Brian Quintenz recommended various improvements to the swap data reporting regime, including advancing global harmonization efforts, streamlining reporting requirements and improving reporting accuracy.
The CFTC Division of Market Oversight extended previously granted no-action relief to certain non-U.S. swap dealers and major swap participants from certain swap dealer recordkeeping and reporting rules.
Federal Reserve Board of New York President and CEO William C. Dudley described policy changes in the Treasury markets caused by "increased electronification of trading, the changing nature of intermediation and liquidity, and the entry of new market participants."
CFTC Commissioner Rostin Behnam identified four key reform priorities: mandatory clearing, exchange trading of standardized swaps, swap data reporting, and capital and margin requirements for non-centrally cleared swaps.