CFTC Commissioner Encourages Swap Data Reporting Enhancements

CFTC Commissioner Brian Quintenz recommended various improvements to the swap data reporting regime, including advancing global harmonization efforts, streamlining reporting requirements and enhancing reporting accuracy.

Mr. Quintenz asserted that there is still room for improvement in swap data reporting. He acknowledged that mandatory swap reporting to swaps data repositories ("SDRs") and, in turn, anonymous publishing of data for the public, improved transparency. At the same time, however, he noted that submissions were often incorrect or incomplete, detracting from the value of the data sets. While Mr. Quintenz said that 95% of credit default swap trades now have complete counterparty and price information, he stated that other areas that contribute to market transparency are still lacking.