Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements (SIFMA and ISDA)

Summary

SIFMA and The International Swaps and Derivatives Association, Inc. (ISDA) provided comments to the Commodity Futures Trading Commission (CFTC) on the proposed revisions to Part 43 and Part 45 of the Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements.

Excerpt

April 11, 2024

Electronic submission

Mr. Christopher J. Kirkpatrick

Secretary of the Commission

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

RE: Comments on Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements (RIN 3038–AF26)

Dear Mr. Kirkpatrick,

The International Swaps and Derivatives Association, Inc. (“ISDA”)1 and the Securities Industry and Financial Markets Association (“SIFMA”)2 (collectively, “the Associations” or “we”) appreciate the opportunity to provide the Commodity Futures Trading Commission (“CFTC” or “Commission”) with comments in response to the proposed revisions to Part 43 and Part 45 of the Commission’s regulations referenced above (“Proposed Amendments”).3

The Associations continue to support global harmonization and international standards for swap data reporting. Our members are subject to multiple global reporting jurisdictions, so are aligned with the Commission’s objective to “improve the harmonization of TRs data across FSB member jurisdictions.”4 We believe that globally harmonized data elements for trade reporting will have benefits for the efficiency of reporting and the quality of the reported data for regulatory use. We commend the Commission’s efforts to adopt the global Unique Product Identifier and product classification system (“UPI”) for swaps in the Commodities asset class through these Proposed Amendments.

Our response begins with several recommendations before turning to responses and feedback to the Proposed Amendments, based on the input of market participants.

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1 Since 1985, ISDA has worked to make the global derivatives markets safer and more efficient. Today, ISDA has over 1,000 member institutions from 77 countries. These members comprise a broad range of derivatives market participants, including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. In addition to market participants, members also include key components of the derivatives market infrastructure, such as exchanges, intermediaries, clearing houses and repositories, as well as law firms, accounting firms and other service providers. Information about ISDA and its activities is available on the Association’s website: www.isda.org.

2 SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as

an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (“GFMA”). For more information, visit http://www.sifma.org.

3 88 Fed. Reg. 90046, Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements

(December 28, 2023), https://www.govinfo.gov/content/pkg/FR-2023-12-28/pdf/2023-28350.pdf; and Proposed parts 43/45

Technical Specification changes version 3.3 “Technical Specification v3.3” (December 13, 2023), https://www.cftc.gov/media/9926/Part43_45TechnicalSpecification12132023REDLINE/download.

4 Proposed Amendments, at 90048.