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April 19, 2014

CFTC Proposes Swaps Report

On November 14, the Commodity Futures Trading Commission issued a proposed version of a report the CFTC is required to produce (as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act) that aims to provide the public with information concerning the swaps market (Swaps Report). The Swaps Report will include information on par with, or in greater detail than, information market participants are currently accustomed to receiving with regard to the CFTC’s Commitments of Traders Report, which provides trade information pertaining to the futures and options markets. It is proposed that such information will include the estimated notional amounts of swaps outstanding (broken down by asset class) and total weekly swap transaction volumes for interest rates swaps, credit swaps, equity swaps and commodity swaps.

The Swap Data Recordkeeping and Reporting Rule (17 CFR Part 45) sets forth the type of information required to be reported by swap execution facilities, designated contract markets, derivatives clearing organizations, swap dealers, major swap participants and other swap counterparties. The CFTC plans to publish the Swaps Report weekly (every Wednesday at 3:30 p.m., beginning in spring 2013).

More information on the Swaps Report can be found here.

©2014 Katten Muchin Rosenman LLP

About the Author

Kevin M. Foley, Finance Attorney, Katten Muchin law Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

312-902-5372

About the Author

Adam J. Spector, Katten Muchin Law firm, Financial Institutions Attorney
Associate

Adam J. Spector concentrates his practice in the financial services sector, representing hedge funds, commodity pools, proprietary trading firms, private equity funds and investment advisers with respect to their corporate, transactional and regulatory matters.

312-902-5275

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