CFTC Sets Comment Deadline on Revisions to Large Trader Position Reporting Requirements

The CFTC set a comment deadline of August 28, 2023 on proposed amendments to large trader position reporting requirements for futures and options.

As previously covered, the CFTC is proposing to remove the "outdated" 80-character record format and replace it by implementing "modern data submission standards." The CFTC would delegate authority to the Director of the Office of Data and Technology to establish a submission standard. CFTC Rule 17.00(g) ("Information to be furnished by futures commission merchants, clearing members and foreign brokers") uses a record format that has become "error-prone, and difficult to use."

The CFTC also proposed amending the specific data to be submitted. The new data elements would provide more information as to the relevant transaction, including economic terms and certain matters such as changes in positions.