The Commodity Futures Trading Commission approved a final rule to make clear that swap dealers and major swap participants must only exchange the “material terms” of swaps in connection with their ongoing obligation to provide swap counterparties with data to reconcile their swap portfolios. Material terms include only minimum primary economic terms as defined in the CFTC’s rules (click here to access Appendix 1 to Part 45). The final rule is generally consistent with prior CFTC staff no action letters. (Click here for information on the CFTC’s proposed rule in the article, “CFTC Proposes to Amend Definition of 'Material Terms' to Reduce Reconciliation Obligations of Swap Counterparties” in the September 20, 2015 edition of Bridging the Week.)