ISDA publishes informal comments on revised CFTC swap data implementation

Article summary

The International Swaps and Derivatives Association (ISDA) has published informal comments from its chief executive officer Scott O'Malia on the implementation of part of the US Commodity Futures Trading Commission’s (CFTC) revised swap data reporting rules, due to come into force in May 2022. The rules will make the CFTC the first regulator to amend its reporting framework to incorporate globally harmonised data elements intended to improve the consistency and accuracy of reported data. Although O’Malia welcomes the revised rules, he highlights that they come with notable compliance challenges, not least the need for each firm to accurately interpret the requirements and build the relevant changes into their reporting systems.