Two weeks ago, the Commodity Futures Trading Commission proposed two sets of rules that would, if adopted, impact the reporting of swaps trading data, and reopened the comment period for a previously proposed rule that, if enacted, would amend requirements of swap data repositories related to swaps trading data. Among other things, the Commission’s proposed amendments generally would keep in place the agency’s “as soon as technologically possible” reporting standard for most real-time reporting obligations, but would authorize a two-day public dissemination window for block trades executed subject to a designated contract market’s or swap execution facility’s rules from the current 15 minutes. The proposals would also provide more time for reporting counterparties to report trades to an SDR: by T+1 for swap dealer and derivatives clearing organization reporting parties to T+2 for other parties; the intent is to help ensure more accurate information is reported in the first place that does not need correction later. The proposals would also implement more standardized fields for reporting to conform to international standards. According to CFTC Chairman Heath Tarbert, “[t]he proposals simplify the swap data reporting process to ensure that market participants are not burdened with unclear or duplicative reporting obligations that do little to reduce market risk or facilitate price discovery.” (Click here to access Chairman Tarbert’s full statement.)