On July 10, the Commodity Futures Trading Commission’s Division of Market Oversight (Division) issued Staff Letter 17-33 (Staff Letter), which announced the launch of a comprehensive review of swap data reporting requirements. The review will focus on existing regulations with the goal of (1) ensuring the CFTC receives accurate, complete and high-quality data regarding swap transactions, (2) streamlining data reporting, (3) reducing the number of messages that must be reported, and (4) right-sizing the number of data elements reported to meet the CFTC’s prior use cases for swap data. In addition to the Staff Letter, the Division also released the Roadmap to Achieve High Quality Swaps Data (Roadmap), which outlines the Division’s plan for improving swap data reporting. Upon the completion of its review, the CFTC expects to adopt final rules and have full industry implementation by the end of 2019.

To solicit industry feedback regarding the plan outlined in the Roadmap, the CFTC has opened a 40-day comment period, which will end on August 21.

Staff Letter 17-33 is available here.

The Roadmap to Achieve High Quality Swaps Data is available here.