The U.S. swaps regulator will review its requirements for swaps transaction recordkeeping and reporting under Part 45 reporting rules, as it struggles to cope with a flood of newly mandated data. The surge of new trading data has overwhelmed the Commodity Futures Trading Commission ever since early last year, when tougher rules to oversee the opaque and formerly unregulated derivatives market came into force. "We're getting a better handle on it, but it just takes so much time to clean the data. We've just begun to scratch the surface. Right now the data is not at all useful to us," Commissioner Scott O'Malia told Reuters in an interview on Tuesday. The rules were adopted in December 2011 with a March 13, 2012 effective date. They were designed to ensure that complete swap transaction data is available to regulators. The rules require counterparties and reporting entities to submit swap creation data and continuation data to swap data repositories via electronic reporting, the CFTC
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