90046 Federal Register / Vol. 88, No. 248 / Thursday, December 28, 2023 / Proposed Rules 

1 17 CFR 145.9. 

2See 17 CFR parts 43, 45; Final Rule, Real-Time 

Public Reporting of Swap Transaction Data, 77 FR 

1182 (Jan. 9, 2012); Final Rule, Swap Data 

Recordkeeping and Reporting Requirements, 77 FR 

2136 (Jan. 13, 2012). 

3See 2012 RTR Final Rule, 77 FR 1182; 17 CFR 

43.3(a). 

4See 2012 RTR Final Rule, 77 FR 1182; 17 CFR 

43.3(b), 43.4(c) and (d). 

5See 2012 SDRR Final Rule, 77 FR 2136; 17 CFR 

45.3, 45.4. 

6Procedures to Establish Appropriate Minimum 

Block Sizes for Large Notional Off-Facility Swaps 

and Block Trades, 78 FR 32866 (May 31, 2013) (the 

‘‘Block Trade Final Rule’’). 

7These CEA sections contain provisions (e.g., 

time delays) that the Commission must include in 

its required rulemakings governing public reporting 

of STAPD for the categories of swaps set forth in 

CEA sections 2(a)(13)(C)(i) and (ii), 7 U.S.C. 

2(a)(13)(C)(i) and (ii). See Notice of Proposed 

Rulemaking, Real-Time Public Reporting 

Requirements, 85 FR 21516 n.5 (Apr. 17, 2020) (the 

‘‘2020 RTR NPRM’’). 

8Amendments to Swap Data Recordkeeping and 

Reporting Requirements for Cleared Swaps, 81 FR 

41736 (June 27, 2016). 

9Real-Time Public Reporting Requirements, 85 

FR 75422 (Nov. 25, 2020) (the ‘‘2020 RTR Final 

Rule’’). 

10Swap Data Recordkeeping and Reporting 

Requirements, 85 FR 75503 (Nov. 25, 2020) (the 

‘‘2020 SDRR Final Rule’’). 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Parts 43 and 45 

RIN 3038–AF26 

Real-Time Public Reporting 

Requirements and Swap Data 

Recordkeeping and Reporting 

Requirements 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Notice of proposed rulemaking. 

SUMMARY: The Commodity Futures 

Trading Commission (the 

‘‘Commission’’ or the ‘‘CFTC’’) is 

proposing revisions to part 43 and part 

45 of the Commission’s regulations to: 

allow for continued geographic masking 

after the designation of the unique 

product identifier and product 

classification system (‘‘UPI’’) for swaps 

in the other commodity asset class; 

implement conforming changes in 

connection with the geographic masking 

requirement; add reportable data fields 

to appendix A to part 43 and appendix 

1 to part 45 that promote international 

harmonization and further the 

Commission’s surveillance and analysis 

activities; and implement nonsubstantive revisions to the descriptions 

of the existing reportable data elements 

in such appendices. 

DATES: Comments must be submitted on 

or before February 26, 2024. 

ADDRESSES: You may submit comments, 

identified by ‘‘Real-Time Public 

Reporting Requirements and Swap Data 

Recordkeeping and Reporting 

Requirements, RIN 3038–AF26,’’ by any 

of the following methods: 

• CFTC Comments Portal: https://

comments.cftc.gov. Select the ‘‘Submit 

Comments’’ link for this rulemaking and 

follow the instructions on the Public 

Comment Form. 

• Mail: Send to Christopher 

Kirkpatrick, Secretary of the 

Commission, Commodity Futures 

Trading Commission, Three Lafayette 

Centre, 1155 21st Street NW, 

Washington, DC 20581. 

• Hand Delivery/Courier: Follow the 

same instructions as for Mail above. 

Please submit your comments using 

only one of these methods. To avoid 

possible delays with mail or in-person 

deliveries, submissions through the 

CFTC Comments Portal are encouraged. 

All comments must be submitted in 

English, or if not, accompanied by an 

English translation. Comments will be 

posted as received to https://comments.

cftc.gov. You should submit only 

information that you wish to make 

available publicly. If you wish the 

Commission to consider information 

that you believe is exempt from 

disclosure under the Freedom of 

Information Act (‘‘FOIA’’), a petition for 

confidential treatment of the exempt 

information may be submitted according 

to the procedures established in § 145.9 

of the Commission’s regulations.1

The Commission reserves the right, 

but shall have no obligation, to review, 

pre-screen, filter, redact, refuse, or 

remove any or all submissions from 

https://www.comments.cftc.gov that it 

may deem to be inappropriate for 

publication, such as obscene language. 

All submissions that have been redacted 

or removed that contain comments on 

the merits of the rulemaking will be 

retained in the public comment file and 

will be considered as required under the 

Administrative Procedure Act and other 

applicable laws, and may be accessible 

under FOIA. 

FOR FURTHER INFORMATION CONTACT: 

Owen J. Kopon, Associate Chief 

Counsel, at (202) 418–5360 or okopon@

cftc.gov, Division of Market Oversight 

(‘‘DMO’’); Alicia Viguri, Assistant Chief 

Counsel, at (202) 418–5219 or aviguri@

cftc.gov, DMO; Isabella Bergstein, 

Assistant Chief Counsel, at (202) 418– 

5182 or ibergstein@cftc.gov, DMO; 

Chase Lindsey, Assistant Chief Counsel, 

at (202) 418–5231 or clindsey@cftc.gov, 

DMO; Kate Mitchel, Associate Director, 

at (202) 418–5871 or kmitchel@cftc.gov, 

Division of Data (‘‘DOD’’); Robert 

Stowsky, IT Specialist, at (202) 418– 

5104 or rstowsky@cftc.gov, DOD; John 

Roberts, Research Analyst, at (202) 418– 

5943 or jroberts@cftc.gov, Office of the 

Chief Economist (‘‘OCE’’); Lee Baker, 

Research Economist at (202) 418–5175 

or lbaker@cftc.gov, OCE; in each case at 

the Commodity Futures Trading 

Commission, 1155 21st Street NW, 

Washington, DC 20581. 

SUPPLEMENTARY INFORMATION: 

I. Background 

A. Introduction 

The Commission’s real-time public 

reporting and swap data reporting 

regulations were first adopted in 2012, 

and are located in parts 43 and 45 of the 

Commission’s regulations.2 The 2012 

Real-Time Public Reporting of Swap 

Transaction Data Final Rule (the ‘‘2012 

RTR Final Rule’’) set forth regulations 

that require swap counterparties, swap 

execution facilities (‘‘SEFs’’), and 

designated contract markets (‘‘DCMs’’) 

to report publicly reportable swap 

transactions (‘‘PRST’’) to swap data 

repositories (‘‘SDRs’’).3 Additionally, 

the 2012 RTR Final Rule set forth 

regulations that require SDRs to 

publicly disseminate swap transaction 

and pricing data (‘‘STAPD’’) in realtime, subject to certain exceptions.4

In the 2012 Swap Data Recordkeeping 

and Reporting Requirements Final Rule 

(‘‘2012 SDRR Final Rule’’), the 

Commission implemented the swap 

data reporting rules. The part 45 

regulations require SEFs, DCMs, and 

reporting counterparties (‘‘RCPs’’) 

(collectively, ‘‘Reporting Entities’’) to 

report swap data to SDRs.5 SDRs collect 

and maintain data related to swap 

transactions, making such data 

electronically available for regulators or 

the public. 

In 2013, the Commission adopted a 

block trade rule 6 to implement the 

statutory requirements of Commodity 

Exchange Act (‘‘CEA’’) section 

2(a)(13)(E)(i)–(iv).7 In 2016, the 

Commission amended part 45 to set 

forth swap data reporting obligations 

with respect to cleared swaps.8

In 2020, the Commission amended 

part 43 and part 45 by issuing a new 

Real-Time Public Reporting 

Requirements final rule (the ‘‘2020 RTR 

Final Rule’’) 9 and Swap Data 

Recordkeeping and Reporting 

Requirements final rule (the ‘‘2020 

SDRR Final Rule’’) 10 (collectively the 

‘‘2020 Final Rules’’). The 2020 RTR 

Final Rule revised the method and 

timing for real-time reporting and public 

dissemination, generally and for specific 

types of swaps; the delay and 

anonymization of the public 


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11See 2020 RTR Final Rule, 85 FR at 75422. 

12See 2020 SDRR Final Rule, 85 FR at 75503, 

75504. 

13Other commodity, as used in this notice of 

proposed rulemaking, shall have the meaning 

ascribed to such term in § 43.2 (i.e., any commodity 

that is not categorized in the interest rate, credit, 

foreign exchange or other asset classes as may be 

determined by the Commission). 

14 2020 SDRR NPRM, 85 FR at 21579. 

15CPMI–IOSCO, Technical Guidance, 

Harmonisation of the Unique Transaction Identifier 

(Feb. 2017), available at https://www.iosco.org/ 

library/pubdocs/pdf/IOSCOPD557.pdf (‘‘UTI 

Technical Guidance’’). 

16CPMI and IOSCO, Technical Guidance: 

Harmonisation of the Unique Product Identifier, 

(Sept. 2017), available at https://www.iosco.org/ 

library/pubdocs/pdf/IOSCOPD580.pdf (‘‘UPI 

Technical Guidance’’). 

17 2020 SDRR NPRM, 85 FR at 21579–21580. 

18The CDE Technical Guidance was finalized 

following consultative reports in September 2015, 

October 2016, and June 2017. See CPMI–IOSCO, 

Technical Guidance, Harmonisation of Critical OTC 

Derivatives Data Elements (other than UTI and UPI) 

(Apr. 2018), available at https://www.bis.org/cpmi/ 

publ/d175.pdf. 

19See Order Designating the Unique Product 

Identifier and Product Classification System to be 

Used in Recordkeeping and Swap Data Reporting, 

88 FR 11790, 11791 (Feb. 24, 2023) (the ‘‘February 

2023 UPI Order’’); UPI Technical Guidance at 3. 

20February 2023 UPI Order at 11791; UPI 

Technical Guidance at 21. 

21February 2023 UPI Order at 11791. 

22 Id. The fifteen technical principles identified 

by CPMI and IOSCO are: jurisdiction neutrality, 

uniqueness, consistency, persistence, adaptability, 

clarity, ease of assignment/retrieval/query, longterm viability, scope neutrality, compatibility, 

comprehensiveness, extensibility, precision, public 

dissemination, and representation. 

23 Id. The FSB is an international body that 

monitors and makes recommendations about the 

global financial system. The Commission, though 

not an FSB member, is a member of IOSCO. 

24February 2023 UPI Order at 11791; FSB, Press 

Release: FSB designates DSB as Unique Product 

Identifier Service Provider (May 2, 2019), available 

at https://www.fsb.org/2019/05/fsb-designates-dsbas-unique-product-identifier-upi-service-provider/. 

25 2020 SDRR NPRM, 85 FR at 21580. 

26CPMI–IOSCO, Harmonisation of Critical OTC 

Derivatives Data Elements (other than UTI and UPI), 

Revised CDE Technical Guidance—Version 2 

(‘‘Revised CDE Technical Guidance’’), at 11 (Sept. 

2021), available at https://www.leiroc.org/ 

publications/gls/roc_20210922.pdf. 

27CPMI–IOSCO, Harmonisation of Critical OTC 

Derivatives Data Elements (other than UTI and UPI), 

Revised CDE Technical Guidance—Version 3, (Oct. 

2023), available at https://www.leiroc.org/ 

publications/gls/roc_20230929.pdf. 

28 2020 SDRR Final Rule, 85 FR at 75505. 

29Revised CDE Technical Guidance—Version 2 at 

10. 

30See BIS, Harmonisation of Critical OTC 

Derivatives Data Elements (other that UTI and 

UPI)—Technical Guidance (Apr. 2018), available at 

https://www.bis.org/cpmi/publ/d175.htm. 

dissemination of block trades and large 

notional trades; the standardization and 

validation of real-time reporting fields; 

the delegation of specific authority to 

Commission staff; and the clarification 

of specific real-time reporting questions 

and common issues.11

The 2020 SDRR Final Rule generally 

revised the reporting regulations to: 

streamline the requirements for 

reporting swaps; require SDRs to 

validate swap reports; permit the 

transfer of swap data between SDRs; 

alleviate reporting burdens for nonswap dealer (‘‘SD’’)/major swap 

participant (‘‘MSP’’) reporting 

counterparties; and harmonize with 

international technical guidance the 

swap data elements that counterparties 

are required to report to SDRs.12

To ensure that the Commission 

continues to receive accurate and highquality data on swap transactions for its 

regulatory oversight role, as well as 

address international swap reporting 

developments, the Commission 

proposes revisions to parts 43 and 45 to: 

allow for geographic masking after 

designation of the UPI for swaps falling 

within the other commodity asset 

class; 13 implement conforming changes 

in connection with the geographic 

masking requirement; add reportable 

data fields to appendix A to part 43 and 

appendix 1 to part 45; and implement 

non-substantive revisions to the 

descriptions of the existing reportable 

data elements in such appendices. 

B. International Harmonization 

Since November 2014, regulators 

overseeing major derivatives 

jurisdictions and markets, including the 

CFTC, have come together through the 

Bank for International Settlements 

Committee on Payments and Market 

Infrastructures (‘‘CPMI’’) and the 

International Organization of Securities 

Commissions (‘‘IOSCO’’) working group 

for the harmonization of key over-thecounter (‘‘OTC’’) derivatives data 

elements (‘‘Harmonisation Group’’) to 

develop global guidance regarding the 

definition, format, and usage of key OTC 

derivatives data elements reported to 

trade repositories (‘‘TRs’’), including the 

unique transaction identifier (‘‘UTI’’), 

the UPI, and other critical data elements 

(‘‘CDE’’).14 The Harmonisation Group 

published Guidance on the 

Harmonisation of Unique Transaction 

Identifier (‘‘UTI Technical Guidance’’) 15

and Technical Guidance on the 

Harmonisation of the Unique Product 

Identifier (‘‘UPI Technical Guidance’’) 16

in February and September 2017, 

respectively.17 In April 2018, the 

Harmonisation Group published 

Technical Guidance on the 

Harmonisation of Critical OTC 

Derivatives Data Elements (other than 

UTI and UPI) (‘‘CDE Technical 

Guidance’’).18

In the UPI Technical Guidance, CPMI 

and IOSCO specify the requirements 

necessary for a product identifier to 

facilitate the reporting of swap data to 

TRs and the aggregation of such data by 

authorities.19 CPMI and IOSCO 

concluded that semantically 

meaningless codes should be assigned 

to each unique product, with the 

product attributes associated with each 

code discoverable by reference to 

standardized tables (‘‘Reference Data 

Library’’ or ‘‘UPI Taxonomy’’).20 The 

UPI Technical Guidance also requires 

that the Reference Data Library contain 

specific reference data elements that 

vary by asset class. These required 

reference data elements detail the asset 

class, asset class sub-types, underlying 

asset, and other swap product 

attributes.21 The UPI Technical 

Guidance concluded that a UPI should 

satisfy fifteen distinct technical 

principles,22 and appointed the 

Financial Stability Board (‘‘FSB’’) 23 to 

designate one or more service providers 

to issue product codes and operate and 

maintain the Reference Data Library. In 

May 2019, the FSB designated the 

Derivatives Service Bureau Limited 

(‘‘DSB’’) as the UPI service provider.24

The CDE Technical Guidance 

provides technical guidance on the 

definition, format, and allowable values 

of critical data elements that are 

reported to TRs and important to 

facilitate aggregation by authorities.25 A 

second version of the CDE Technical 

Guidance was published in September 

2021 and included corrections to the 

April 2018 CDE Technical Guidance to 

facilitate the jurisdictional 

implementations of the CDE Technical 

Guidance.26 The third version of the 

CDE Technical Guidance (the ‘‘2023 

CDE Technical Guidance’’) was 

published in September 2023 and 

includes certain revisions and new data 

elements deemed necessary to further 

improve standardization and 

understanding of swap data.27

The Commission is part of the CDE 

Technical Guidance Harmonisation 

Group. In this role, Commission staff 

works alongside representatives from 

several countries to provide feedback 

regarding the data elements, as well as 

participate in CDE Technical Guidance 

public consultations, related industry 

workshops, and conference calls.28

The CDE Technical Guidance is global 

guidance addressed to authorities 29 that 

‘‘takes account of relevant international 

technical standards where available and 

is jurisdiction-agnostic, thus enabling 

the consistent global aggregation of OTC 

derivatives transaction data.’’ 30 As 

emphasized in the 2020 SDRR Final 

Rule, the Commission believes the 

implementation of the CDE Technical 

Guidance will improve the 


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90048 Federal Register / Vol. 88, No. 248 / Thursday, December 28, 2023 / Proposed Rules 

31 2020 SDRR Final Rule, 85 FR at 75540. 

32 7 U.S.C. 2(a)(13); Notice of Proposed 

Rulemaking, Real-Time Public Reporting of Swap 

Transaction Data, 75 FR 76140, 76141 (Dec. 7, 

2010). 

33See Notice of Proposed Rulemaking, Real-Time 

Public Reporting of Swap Transaction Data, 75 FR 

76140, 76150 n.46 (Dec. 7, 2010).; 156 Cong. Rec. 

S5921 (daily ed. July 15, 2010) (statement of Sen. 

Blanche Lincoln). 

34See Block Trade Final Rule, 78 FR at 32867. 

35 2012 RTR Final Rule, 77 FR at 1183. 36This requirement was originally adopted as 17 

CFR 43.4(d)(2), but has since been re-designated as 

17 CFR 43.4(c)(2) in the 2020 RTR Final Rule. 37 17 CFR 43.4(c)(3). 38 17 CFR 43.4(c)(4). 39 2012 RTR Final Rule at 1209; 17 CFR 43.4(c)(3) 

and (4). 40 2012 RTR Final Rule at 1211–1212; 17 CFR 

43.4(c)(4)(ii). Appendix B listed 28 ‘‘Enumerated 

Physical Commodity Contracts’’ as well as 1 

additional contract—swaps referenced to Brent 

Crude Oil (ICE) or economically related to Brent 

Crude Oil (ICE)—under the ‘‘Other Contracts’’ 

section. The 2020 RTR Final Rule relocated 

§ 43.4(d)(4) to § 43.4(c)(4). 85 FR at 75439. 41 2012 RTR Final Rule, 77 FR at 1211. 

42Block Trade Final Rule, 78 FR at 32910, 32938, 

32941. 

43 Id. at 32909. 

44 2020 RTR Final Rule, 85 FR at 75422; and 2020 

SDRR Final Rule, 85 FR at 75503. 

45 2020 RTR NPRM, 85 FR at 21530. 

harmonization of TRs data across FSB 

member jurisdictions. Wide 

implementation would allow market 

participants to report swap data to 

several jurisdictions in the same format, 

supporting data aggregation for the 

analysis of global systemic risk in swap 

markets.31

The amendments in this proposal 

demonstrate the Commission’s 

commitment to the development of 

global guidance on key OTC derivatives 

data elements reported to TRs to achieve 

international harmony in the area of 

swaps reporting. 

C. Statutory and Regulatory Framework 

for Real-Time Public Reporting and 

Swap Data Recordkeeping and 

Reporting 

Section 2(a)(13) of the CEA authorizes 

and requires the Commission to 

promulgate rules that provide for the 

public availability of STAPD in realtime in such form and at such times as 

the Commission determines appropriate 

to enhance price discovery.32 CEA 

sections 2(a)(13)(C) and (E) reflect 

Congress’ intent that regulators ‘‘ensure 

that the public reporting of swap 

transactions and pricing data does not 

disclose the names or identities of the 

parties to the transactions.’’ 33

Specifically, section 2(a)(13)(C)(iii) of 

the CEA requires that the Commission 

prescribe rules that maintain the 

anonymity of business transactions and 

market positions of the counterparties to 

an uncleared swap. Section 2(a)(13)(E)(i) 

of the CEA directs the Commission to 

protect the identities of counterparties 

to swaps subject to the mandatory 

clearing requirement, swaps excepted 

from the mandatory clearing 

requirement, and voluntarily cleared 

swaps.34

The Commission implemented the 

provisions of section 2(a)(13) of the CEA 

by adopting the 2012 RTR Final Rule on 

January 9, 2012. The real-time reporting 

regulations are located in part 43 and 

establish, inter alia: (1) the entities or 

persons responsible for reporting 

STAPD; (2) the entities or persons 

responsible for publicly disseminating 

such data; and (3) the data fields and 

guidance on the appropriate format and 

manner for STAPD to be reported to the 

public in real-time.35

The 2012 RTR Final Rule required 

reporting parties, SEFs and DCMs to 

report the actual underlying asset(s) of 

PRSTs to an SDR.36 The SDR, in turn, 

is required to publicly disseminate the 

actual underlying asset(s) of all publicly 

reportable swap transactions in the 

interest rate, credit, equity, and foreign 

exchange asset classes.37 SDRs are 

similarly required to publicly 

disseminate the actual underlying 

asset(s) for certain swaps in the other 

commodity asset class, subject to the 

anonymity protections set out in 

§ 43.4(c)(4).38

For all swaps in the interest rate, 

credit, foreign exchange and equity 

classes, the Commission determined 

that the actual underlying asset would 

be disseminated, regardless of whether 

a swap was executed on or pursuant to 

the rules of a SEF or DCM, or if it was 

an off-facility swap.39 With respect to 

swaps in the other commodity asset 

class, § 43.4(d)(4)(ii) directed that, if the 

PRST referenced, or was economically 

related to, any of the ‘‘Enumerated 

Physical Commodity Contracts and 

Other Contracts’’ listed in appendix B to 

part 43, or if the swaps were executed 

on or pursuant to the rules of a SEF or 

DCM, the actual underlying physical 

commodity or referenced price or index 

must be publicly disseminated by the 

SDR.40

However, the Commission determined 

that all off-facility swaps in the other 

commodity asset class that did not fall 

under § 43.4(d)(4)(ii) would not be 

required to comply with the real-time 

reporting and public dissemination 

requirements under part 43 because of 

the increased likelihood that public 

dissemination of the underlying asset 

could disclose the identity, business 

transactions or market positions of a 

counterparty, until the adoption of 

special accommodations in a future 

Commission release to address these 

concerns.41

The Block Trade Final Rule addressed 

the public dissemination of STAPD for 

the group of other commodity swaps 

that were not covered under 

§ 43.4(d)(4)(ii) by adding § 43.4(d)(4)(iii) 

and appendix E to part 43. Section 

43.4(d)(4)(iii) mandated that SDRs must 

publicly disseminate the details about 

the geographic location of the 

underlying assets of the other 

commodity swaps not described in 

§ 43.4(d)(4)(ii) pursuant to appendix E 

to part 43. Appendix E provides topcoding for various geographic regions. 42

Hence, by complying with appendix E, 

the SDRs would mask or disguise the 

geographic details related to the 

underlying assets of a swap when 

publicly disseminating such STAPD.43

In addition to appendix E, the Block 

Trade Final Rule added 13 contracts to 

appendix B for which an SDR would be 

required to publicly disseminate the 

actual underlying asset without 

geographic masking. 

As previously mentioned, the 

Commission amended parts 43 and 45 

in November 2020. Among other 

objectives, the 2020 Final Rules revised 

the method and timing for swap realtime reporting and public 

dissemination, the requirements for 

swap reporting, and defined and 

adopted swap data elements that 

harmonize with international technical 

guidance.44

In its 2020 Notice of Proposed 

Rulemaking: Real-Time Public 

Reporting Requirements (‘‘2020 RTR 

NPRM’’), the Commission proposed 

eliminating appendix B to part 43 and 

former § 43.4(d)(4)(ii), which required 

that SDRs publicly disseminate the 

actual underlying assets of certain 

swaps in the other commodity asset 

class that either (i) reference one of the 

contracts described in appendix B to 

part 43 or (ii) are economically related 

to such contracts. The rationale for the 

proposal was to extend the geographic 

masking for all of the underlying assets 

for the other commodity asset class, 

based on the Commission’s belief that 

other commodity swaps referencing, or 

economically related to, the contracts in 

appendix B could be sufficiently 

bespoke to warrant the additional 

masking.45

After considering whether the 

proposed geographic masking expansion 

outweighed the associated reduction in 

transparency, the Commission declined 

to adopt the proposed revisions to the 

masking requirements. The Commission 


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46The Commission did make minor technical 

edits and relocated § 43.4(d)(4) to § 43.4(c)(4). 2020 

RTR Final Rule, 85 FR at 75439. 

47 7 U.S.C. 24a(b)(1). 

48 2020 RTR Final Rule, 85 FR at 75457; 2020 

SDRR Final Rule, 85 FR at 75540. 

49 2020 SDRR Final Rule, 85 FR at 75540. 

50CFTC, Parts 43 and 45 Technical Specification 

(March 2023), available at https://www.cftc.gov/ 

LawRegulation/DoddFrankAct/Rulemakings/DF_

18_RealTimeReporting/index.htm and https://

www.cftc.gov/LawRegulation/DoddFrankAct/ 

Rulemakings/DF_17_Recordkeeping/index.htm. 

51 2012 RTR Final Rule, 77 FR at 1212. 

52 2012 SDRR Final Rule, 77 FR at 2166. 

53See 85 FR at 75439. 

54The use of the UPI in real-time public reporting 

is also referenced in § 45.7 of the Commission’s 

regulations. 

55 17 CFR 45.7 

56 Id. 

57See the February 2023 UPI Order, 88 FR at 

11790. 

58 Id. at 11792. 

59 Id. at 11793. 

60The other commodity swap asset class includes 

all swaps not contained in the credit, equity, foreign 

exchange, and interest rate asset classes. See 17 CFR 

45.1. 

determined that the basis for adopting 

§ 43.4(d)(4) in 2012 remained operative 

and, as such, left Appendices B and E 

the same as had been adopted in the 

2012 RTR Final Rules and the Block 

Trade Final Rule, respectively.46

Section 21(b) of the CEA directs the 

Commission to prescribe standards that 

specify the data elements for each swap 

that shall be collected and maintained 

by each registered SDR.47 In furtherance 

of this mandate, in adopting the 2020 

Final Rules the Commission reviewed 

the STAPD data fields in appendix A to 

part 43 and the swap data elements in 

appendix 1 to part 45 and determined 

that the STAPD data fields in appendix 

A to part 43 would be a subset of the 

part 45 swap data elements in appendix 

1 to part 45. In an effort to harmonize 

both sets of data, the Commission also 

reviewed the CDE Technical Guidance 

to determine which data elements the 

Commission could adopt.48 In addition 

to adopting and including the CDE 

Technical Guidance Data Elements in 

appendix A and appendix 1, the 

Commission, listed additional CFTCspecific data elements that support the 

Commission’s regulatory 

responsibilities in both appendices.49

Simultaneous with the adoption of 

the 2020 Final Rules, Commission staff 

published a technical specification 

setting forth the form and manner for 

reporting the required swap data 

elements under parts 43 and 45 (the 

‘‘Technical Specification’’). The 

Technical Specification provides 

technical guidance on the definition, 

format, allowable values and validation 

rules for those data elements required to 

be reported and publicly disseminated 

pursuant to part 43, as well as the 

reportable data elements required to be 

reported to SDRs under part 45. 

Commission staff revised the Technical 

Specification in September 2021, 

August 2022 and March 2023 (the 

‘‘Revised Technical Specification’’).50

As discussed above, the Commission 

has been heavily involved in the 

international harmonization efforts of 

swap data reporting. In particular, with 

respect to unique identifiers, the 

Commission included the UPI in the 

2012 RTR Final Rule 51 and the 2012 

SDRR Final Rule, as well as the Data 

Element Appendices.52 In the 2020 RTR 

Final Rule, the Commission included 

the UPI in the revised Data Element 

Appendices. The Commission also 

removed § 43.4(e), which gave SDRs 

discretion regarding what fields to 

publicly disseminate after a UPI exists, 

as the fields required to be publicly 

disseminated are included in appendix 

A to part 43, as modified by the 2020 

RTR Final Rule.53 The requirement to 

report and disseminate the UPI is set out 

through the inclusion of the UPI in 

appendix A to part 43.54

Section 45.7 provides that each swap 

must be identified in all recordkeeping 

and all swap data reporting pursuant to 

part 45 by means of a UPI and product 

classification system acceptable to the 

Commission, when such an identifier 

and classification system has been 

designated by the Commission. The UPI 

and product classification system are 

required to identify and describe the 

swap asset class and the sub-type within 

that asset class to which the swap 

belongs, and the underlying product for 

the swap, with sufficient distinctiveness 

and specificity to enable the 

Commission and other financial 

regulators to fulfill their regulatory 

responsibilities and to assist in real time 

reporting of swaps in part 43.55

Section 45.7 further provides that, 

once the Commission determines that a 

UPI and product classification system is 

available for use, the Commission shall 

designate the UPI and product 

classification system by means of an 

order published in the Federal Register 

and on the Commission’s website. The 

designation order will include the 

notice of the designation, the contact 

information of the issuer of such unique 

product identifiers, and information 

concerning the procedure and 

requirements to obtain UPIs and use the 

product classification system. Finally, 

§ 45.7 directs that each registered entity 

and swap counterparty use the UPI and 

product classification system in all 

recordkeeping and swap data reporting 

once designated by the Commission. 

Prior to such designations, the 

regulation provisionally mandates use 

of the internal product identifier or 

product description used by the SDR to 

which a swap is reported in all 

recordkeeping and swap data reporting 

pursuant to part 45.56

On February 16, 2023, the 

Commission issued the February 2023 

UPI Order designating the UPIs issued 

by the DSB (‘‘DSB UPIs’’) for swaps in 

the credit, equity, foreign exchange, and 

interest rate asset classes as the UPI and 

product classification system to be used 

in recordkeeping and swap data 

reporting pursuant to the Commission’s 

regulations, pursuant to section 21(b) of 

the Act and Commission regulation 

§ 45.7.57

The Commission determined that the 

DSB UPIs are acceptable and satisfy the 

criteria mandated by § 45.7, as they 

identify and describe the swap products 

with sufficient distinctiveness and 

specificity to: (i) enable the Commission 

and other regulators to fulfill their 

regulatory responsibilities, and (ii) assist 

in real-time public reporting of swap 

transaction and pricing data.58

As prescribed in the February 2023 

UPI Order, registered entities and swap 

counterparties shall use the DSB UPIs 

for swaps in the interest rate, credit, 

foreign exchange and equity classes in 

all recordkeeping and swap data 

reporting pursuant to part 45, as well as 

in real-time public reporting as required 

by part 43. The Commission expects 

registered entities and swap 

counterparties to use DSB UPIs in the 

aforementioned swap asset classes for 

part 45 recordkeeping and swap data 

reporting and part 43 real-time public 

reporting purposes by no later than 

January 29, 2024.59

A designation of a UPI for swap 

products in the other commodity asset 

classes 60 was not made 

contemporaneously with the other asset 

classes. This delay has allowed 

additional time to ensure that 

appropriate anonymity protections 

continue to be in place for the swaps in 

the other commodity asset class once 

UPI is implemented in that asset class. 

Specifically, the Commission’s 

regulations balance the CEA’s mandate 

to provide for the public dissemination 

of STAPD, while maintaining the 

anonymity of business transactions and 

market positions of the counterparties to 

a swap. Geographic locations, such as 

delivery points, are often key product 

characteristics of the other commodity 

asset class swap products. The 


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90050 Federal Register / Vol. 88, No. 248 / Thursday, December 28, 2023 / Proposed Rules 

61 2012 SDRR Final Rule, 77 FR at 2166; 17 CFR 

45.7(c)(1). 

62 2012 RTR Final Rule, 77 FR at 1182, 1185. 63 Id. at 1209. 

64 17 CFR 45.7(c)(1); 17 CFR part 43, appendix A 

and 17 CFR part 45, appendix 1, (Data Element # 

87 (Unique Product Identifier UPI) (noting that the 

Commission will designate a UPI pursuant to 

§ 45.7). 

designation of a UPI code for other 

commodity asset class swaps would 

trigger the obligation under parts 43 and 

45 that such UPI be included in each 

public dissemination and confidential 

swap report.61 Without modifications to 

part 43, this could result in RCPs 

reporting to SDRs a UPI that contains 

detailed geographic information in 

contravention of § 43.4(c)(4)(iii) and 

appendix E to part 43, as explained 

further in section II.A. below. 

To achieve international swap data 

standardization and promote post-trade 

transparency and price discovery,62 the 

Commission proposes the following 

modifications to parts 43 and 45 of the 

Commission’s regulations: (i) amend 

§ 43.4(c) to allow for geographic 

masking after the designation of the UPI 

for the other commodity asset classes, 

(ii) implement conforming changes to 

§ 43.4(c) and appendix E to part 43 in 

connection with the geographic masking 

requirement, (iii) implement 

modifications to § 45.7(b) with regards 

to the Commission’s authority to subject 

a UPI designation order to conditions as 

deemed appropriate, and to limit, 

suspend, or withdraw such designation 

order after appropriate notice and 

opportunity to respond; and (iv) 

implement conforming and technical 

revisions to the title of § 45.7 and the 

text of § 45.7(c)(2). 

Additionally, the Commission 

proposes modifications to appendix A 

to part 43 and appendix 1 to part 45 (the 

‘‘Data Element Appendices’’) to (v) add 

additional data elements, and (vi) 

modify the descriptions of the existing 

reportable data elements to harmonize 

with changes done at the international 

level and to remove form and manner 

detail from the Data Element 

Appendices that is set out in the 

Technical Specification. 

II. Proposed Amendments to Part 43 

and Part 45 

The adoption and implementation of 

the UPI and product classification 

system for swaps in the other 

commodity asset class requires certain 

modifications to part 43. As such, the 

Commission hereby proposes 

modifications to § 43.4(c) to allow for 

geographic masking after the 

designation of the UPI and product 

classification system for swaps in the 

other commodity asset class. In 

addition, the Commission is proposing 

modifications to § 45.7(b) with regards 

to the Commission’s authority to subject 

a UPI designation order to conditions as 

deemed appropriate, and to limit, 

suspend, or withdraw such designation 

order. Finally, the Commission is 

proposing certain conforming and 

technical changes to § 43.4(c), appendix 

E to part 43, § 45.7, and § 45.7(c)(2). 

A. Proposed Addition of New 

§ 43.4(c)(5) 

Prior to the implementation of the UPI 

and product classification system for 

swaps in the other commodity asset 

class, the regulatory structure must be in 

place to satisfy the CEA mandate to 

require real-time reporting that will 

enhance price discovery while also 

ensuring the anonymity of the swap 

counterparties and the confidentiality of 

business transactions and market 

positions.63 The Commission is 

proposing to further implement this 

mandate by requiring Reporting Entities 

to submit to the SDRs a UPI that limits 

the geographic detail of the underlying 

asset pursuant to appendix E to part 43, 

for certain swap transactions in the 

other commodity asset class, when a 

UPI and product classification system 

has been designated by the Commission 

pursuant to regulation 45.7. The 

Commission is also proposing to require 

SDRs to disseminate the appropriately 

geographically limited UPI that the 

Reporting Entities report to the SDRs. 

As previously discussed, CEA section 

2(a)(13) directs the Commission to 

prescribe regulations providing for the 

public availability of transaction and 

pricing data for certain swaps. However, 

CEA sections 2(a)(13)(C) and (E) limits 

this direction by mandating the 

protection of the anonymity of swap 

counterparties, business transactions 

and market positions to swap 

transactions. The Commission 

implemented the statutory mandates 

through the adoption of the 2012 RTR 

Final Rule and the Block Trade Final 

Rule in 2012 and 2013, respectively. 

Notwithstanding the requirement to 

publicly disseminate data that discloses 

the underlying asset(s) of PRSTs, the 

2012 RTR Final Rule prohibited an SDR 

from publicly disseminating STAPD in 

a manner that discloses or otherwise 

facilitates the identification of a swap 

counterparty. The Block Trade Final 

Rule required the public dissemination 

of certain swaps in the other commodity 

asset class to limit the geographic detail 

of the underlying asset pursuant to 

appendix E to part 43. 

The designation of the UPI for swaps 

in the other commodity asset class 

highlight operational complexities 

arising from the statutory requirements 

to both provide for the public 

availability of STAPD and also ensure 

the anonymity of the parties to a PRST. 

The implementation of a UPI code for 

other commodity asset class swaps 

pursuant to regulation 45.7 would 

trigger the obligation under parts 43 and 

45 that the same UPI be included in 

each public dissemination and 

confidential swap report.64 However, an 

anonymity issue arises because 

geographic locations, such as delivery 

points, are often key product 

characteristics of certain other 

commodity asset class swap products 

and, consequently, included in the 

underlying UPI reference data library 

elements. This would mean that key 

characteristics of each product, such as 

geographic locations, would be 

potentially publicly accessible, creating 

a risk that public dissemination of a UPI 

code pursuant to part 43 could 

inadvertently allow for the 

identification of the counterparties to 

the specific other commodity swap 

transactions. 

Without modifications to part 43, 

Reporting Entities would report to SDRs 

a UPI that contains detailed geographic 

information, dissemination of which 

could be contrary to § 43.4(c)(4)(iii) and 

appendix E. Without a rule amendment, 

SDRs would not be permitted to 

publicly disseminate a UPI for certain 

swaps in the other commodity asset 

class that require geographic masking 

under the Commission’s current 

regulations, as such dissemination 

would violate § 43.4(c)(4)(iii). 

Therefore, an extension of the UPI 

mandate to the other commodity asset 

class must provide for the geographic 

masking requirement mandated by 

§ 43.4(c)(4)(iii). Under proposed 

§ 43.4(c)(5)(ii), Reporting Entities would 

be obligated to comply with the 

requirement to provide, and SDRs with 

their requirement to disseminate, a 

description of the underlying asset(s) 

that limits geographic detail pursuant to 

paragraph (c)(4)(iii) of § 43.4 by 

providing or disseminating, as 

applicable, STAPD that includes a UPI 

that identifies any specific delivery 

point or pricing point pursuant to 

appendix E to part 43. 

The proposed rule amendment 

harmonizes the competing obligations 

under § 43.4(c)(4)(iii) related to limiting 

geographic detail in public 

dissemination of certain swaps in the 

other commodity asset class and those 

under appendix A to disseminate a UPI, 

which may contain information that is 


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Federal Register / Vol. 88, No. 248 / Thursday, December 28, 2023 / Proposed Rules 90051 

not adequately geographically masked. 

However, the geographically limited 

UPI will not satisfy part 45 reporting 

obligations. Existing part 45 requires 

specific delivery and pricing point 

details to be reported, which would not 

be included in UPIs that disclose a more 

generic geographic location to comply 

with § 43.4(c)(4)(iii). Therefore, 

Reporting Entities will also need to 

report a UPI that contains those details 

in order to comply with the part 45 

reporting requirements. 

Accordingly, proposed § 43.4(c)(5)(iii) 

provides that, notwithstanding the 

requirement under § 43.4(c)(5)(ii) to 

provide and disseminate a 

geographically-masked UPI pursuant to 

appendix E to part 43, Reporting 

Entities shall comply with part 45 

reporting obligations by providing to 

SDRs a separate UPI that does not limit 

the geographic detail of the underlying 

assets. Finally, proposed § 43.4(c)(5)(i) 

provides that, for swaps in the interest 

rate, credit, equity, and foreign 

exchange asset classes, as well as swaps 

in the other commodity asset class 

described in § 43.3(c)(4)(ii), Reporting 

Entities shall comply with their 

requirement to provide an actual 

description of the underlying asset(s) by 

providing STAPD that includes a UPI 

system, once such identifier has been 

designated by the Commission to be 

used in recordkeeping and swap data 

reporting pursuant to regulation 45.7. 

Proposed § 43.3(c)(5)(i) also provides 

that an SDR will be deemed to have 

complied with the requirement to 

disseminate an actual description of the 

underlying asset(s) by disseminating 

STAPD that includes a UPI that has 

been designated by the Commission. 

B. Conforming Changes to § 43.4(c) and 

Appendix E 

The Commission is proposing to make 

additional conforming and technical 

changes to § 43.4(c) and appendix E to 

align with the proposed modifications 

discussed above. 

Existing § 43.4(c)(2) requires 

Reporting Entities to provide an SDR 

with STAPD that includes an actual 

description of the underlying asset. 

Because, as discussed above, the 

requirement to provide a UPI and, if 

applicable, a UPI that limits geographic 

information, is being proposed in 

§ 43.4(c)(5), the proposal implements a 

conforming revision to indicate that the 

requirement in § 43.4(c)(2) to provide an 

actual description of the underlying 

asset applies to PRST in the interest 

rate, credit, equity, and foreign 

exchange asset classes. Similarly, the 

Commission is proposing to address the 

requirement that Reporting Entities 

provide the underlying asset to an SDR 

in § 43.4(c)(4), as modified. This change 

is not meant to be substantive, but 

rather is intended as a technical revision 

to group requirements that are specific 

to an asset class within the same 

paragraph. The Commission is 

proposing technical revisions to the title 

and text of § 43.4(c)(4) to clarify and 

conform to the amendments proposed in 

section II.A above. As such, the revision 

to the title clarifies that the section 

addresses both the reporting and public 

dissemination of the underlying asset(s) 

for certain swaps in the other 

commodity asset class. The technical 

revision to § 43.4(c)(4) and § 43.4(c)(4)(i) 

identifies the Reporting Entities 

obligated to provide the SDRs with 

certain STAPD. Additionally, the 

proposed technical revisions to 

§ 43.4(c)(4)(ii) and (iii) address the 

obligation to provide the underlying 

asset(s) of swaps in the other 

commodity asset class as stipulated in 

each of these sections, to conform with 

the rest of the regulatory text in the 

section. 

Appendix E to part 43 includes tables 

E1 and E2 which must be used by SDRs 

to disseminate any specific delivery 

points or pricing points for PRSTs in the 

other commodity asset class as required 

by § 43.4(c)(4)(iii). The Commission 

proposes to add introductory language 

for consistency with the proposed 

amendments to § 43.4(c) described 

above and proposed new § 43.4(c)(5)(ii). 

C. Proposed Amendments to § 45.7(b) 

In addition to the changes to part 43 

discussed above, the Commission is also 

proposing modifications to § 45.7(b) 

with regards to the Commission’s 

authority to condition or revoke a UPI 

designation order. As stated above, 

§ 45.7 provides that when the 

Commission determines that a UPI and 

product classification system is 

available for use and meets the 

requirements of § 45.7, the Commission 

shall designate the unique product 

identifier and product classification 

system to be used in recordkeeping and 

swap data reporting by means of a 

Commission order published in the 

Federal Register and on the website of 

the Commission. 

Section 45.7(a) establishes the 

requirements that the UPI and product 

classification system must meet to 

enable the Commission and other 

financial regulators to fulfill their 

regulatory responsibilities and to assist 

in real time reporting of swaps as 

provided in the CEA and part 43. The 

Commission is proposing to modify 

§ 45.7 to address the Commission’s 

authority to condition a designation of 

a UPI and product classification system. 

For example, the Commission may 

determine that it is appropriate to 

condition the designation of a UPI and 

product classification system on such an 

identifier continuing to meet certain 

international standards related to 

distinctiveness and specificity. As 

another example, the Commission may 

include as a condition of designation an 

implementation date for use of such UPI 

and product classification system. The 

Commission proposes adding the 

following language at the end of 

§ 45.7(b)(2); The Commission may 

subject such designation order to 

conditions to ensure the unique product 

identifier and product classification 

system continue to meet the 

requirements set out in paragraph (a) 

above. The Commission may also set, in 

such designation order, a date on which 

such designation shall be effective. The 

Commission is also proposing to 

address the Commission’s authority to 

limit, suspend, or revoke a designation 

order previously issued by the 

Commission. The Commission proposes 

to add § 45.7(b)(3), to direct that if the 

Commission determines that a unique 

product identifier and product 

classification system, subject to a 

designation order pursuant to paragraph 

(b) of this section, no longer satisfies the 

requirements set forth in this section, 

the Commission may limit, suspend, or 

withdraw the designation order 

consistent with the Act after appropriate 

notice and opportunity to respond. This 

amendment seeks to address the 

unlikely scenario where a previously 

designated UPI and product 

classification system fails to meet the 

requirements set out in § 45.7. 

Finally, the Commission proposes 

conforming and technical revisions to 

§ 45.7. The Commission proposes 

adding ‘‘and Product Classification 

System’’ to the title of § 45.7 for 

consistency with the rest of the 

regulatory text. The Commission also 

proposes a revision to the language in 

§ 45.7(c)(2) to conform to new proposed 

§ 45.7(b)(3), which provides for the 

withdrawal of a previously issued 

designation order. Commission 

regulation 45.7(c)(2) is meant to set out 

obligations that are applicable in the 

absence of a designated UPI and product 

classification system. The proposed 

modifications are meant to address both 

a situation where a UPI and product 

classification system has not yet been 

designated by the Commission, and, 

now, a situation where a UPI and 

product classification system was 

previously designated but is no longer 


khammond on DSKJM1Z7X2PROD with PROPOSALS2
90052 Federal Register / Vol. 88, No. 248 / Thursday, December 28, 2023 / Proposed Rules 

65 2020 SDRR Final Rule at 75540 (highlighting 

the differences between swap data elements 

required to be reported to SDRs pursuant to part 45 

in appendix 1 to part 45 and swap transaction and 

pricing data elements required to be reported to, 

and then publicly disseminated by, SDRs pursuant 

to part 43 in appendix A to part 43. Both the 

appendices are harmonized such that the swap 

transaction and pricing data elements are a subset 

of the swap data elements in appendix 1 to part 45). 

66 17 CFR 43.7(a)(1); 17 CFR 45.15(b). 

67CFTC Technical Specification, Version 3.2 

(Mar. 1, 2023), available at https://www.cftc.gov/ 

media/8261/Part43_45TechnicalSpecification

03012023CLEAN/download. 

68 Id. 

69 2020 SDRR Final Rule, 85 FR at 75539. 

70 Id. at 75540; 2020 RTR Final Rule, 85 FR at 

75458 (highlighting the Commission’s belief that 

this temporary solution will benefit SDRs such that 

they will only have to change their systems once 

when a UPI becomes available, instead of twice if 

the Commission created standardized product data 

elements before UPIs were available and then later 

when UPIs were designated). 

71 2020 SDRR Final Rule, 85 FR at 75540. 72Staff note the proposed data elements that are 

not proposed to be publicly disseminated and are 

for regulatory reporting purposes under part 45 only 

will be referenced to as additions to appendix 1 of 

part 45. The proposed data elements that SDRs are 

to publicly disseminate will be referenced as 

additions to the Data Element Appendices. 73CFTC Technical Specification 3.3 will be 

published on the Commission’s website alongside 

the publication of this NPRM, available at https:// 

www.cftc.gov/LawRegulation/DoddFrankAct/ 

Rulemakings/DF_18_RealTimeReporting/index.htm 

and https://www.cftc.gov/LawRegulation/ 

DoddFrankAct/Rulemakings/DF_17_

Recordkeeping/index.htm. 74CPMI–IOSCO, Governance Arrangements for 

Critical OTC Derivatives Data Elements (other than 

UTI and UPI) (October 2019), available at https:// 

www.bis.org/cpmi/publ/d186.htm (‘‘CDE 

Governance Arrangements’’). 

75 2020 RTR NPRM, 85 FR at 21542; 2020 RTR 

Final Rule, 85 FR at 75539–40. 

76 2020 RTR Final Rule, 85 FR at 75539–40. 

77These proposed data elements are Custom 

basket code (34), Basket constituent identifier (35), 

Basket constituent unit of measure (37), Basket 

constituent number of units (38), and Basket 

constituent identifier source (36), which would be 

added to appendix 1 to part 45. 

in effect, as contemplated by new, 

proposed § 45.7(b)(3). 

III. Additional Swap Data Elements 

Reported to the Commission and to 

Swap Data Repositories 

A. Background 

The Commission is proposing to add 

and further standardize the required 

data elements and definitions set out in 

the Data Element Appendices. The Data 

Element Appendices specify the current 

requirements for data elements 

reporting; 65 the Revised Technical 

Specification, published on the 

Commission’s website pursuant to 

delegated authority, provides the form 

and manner specifications for reporting 

the required data elements.66

Commission staff published the Revised 

Technical Specification on March 1, 

2023.67 The Revised Technical 

Specification organizes each data 

element from the Data Element 

Appendices by category and provides 

for the corresponding definition, format, 

allowable values, and validation rules 

for each data element.68

Prior to the implementation of the 

2020 Final Rules, SDRs had some 

discretion over what swap data was 

reported, which led to a lack of 

standardization across SDRs.69 This lack 

of standardization warranted the 

introduction of the revised Data Element 

Appendices and the Technical 

Specification. The Commission’s 

adoption of the 2020 Final Rules 

standardized a significant number of 

data elements reported to the 

Commission and to the public. 

When the Commission adopted the 

Data Element Appendices in 2020, it 

noted that those appendices did not 

address the standardization of data 

elements specific to swap product 

terms.70 The Commission noted its 

expectation that a UPI would be 

available in two years, and that until the 

Commission designated a UPI pursuant 

to § 45.7, SDRs would continue to 

accept, and reporting entities would 

continue to report the unstandardized 

product-related data elements unique to 

each SDR.71 As discussed above, 

subsequent to its 2020 Final Rules’ 

adoption, the Commission has 

designated DSB as the UPI service 

provider and expects reporting of DSB 

UPIs for the interest rate, credit, foreign 

exchange, and equity classes to begin no 

later than January 29, 2024. 

The Commission is proposing to 

update the Data Element Appendices 72

to include additional data elements. 

These additional data elements (1) 

supplement the UPI Reference Data 

Library with additional data elements 

from the 2023 CDE Technical Guidance; 

(2) add necessary information and 

address reporting quality issues; and (3) 

further facilitate the standardization of 

data elements. At the same time as the 

Commission is proposing to update the 

Data Element Appendices, staff is 

publishing draft updated technical 

specifications for reporting the swap 

data elements in the Data Element 

Appendices. Commission staff is 

publishing a draft updated technical 

specification (‘‘Technical Specification 

3.3’’),73 when this notice is published so 

commenters can comment on both the 

NPRM and the technical standards and 

validation conditions. Commenters are 

encouraged to comment on the NPRM, 

as well as provide feedback on the 

Technical Specification 3.3 that 

highlights the form and manner of the 

required fields within the Data Element 

Appendices pursuant to delegated 

authority. Commission staff is involved 

in international efforts for the 

harmonization of data elements, and the 

Commission welcomes comments 

related to the 2023 CDE Technical 

Guidance in accordance with the CDE 

Governance Arrangements 74

procedures. To simplify the 

organization of comments received, the 

additional data elements discussed 

below are divided into two categories: 

(1) fields that are included in the 2023 

CDE Technical Guidance (‘‘CDE 

Fields’’); and (2) fields that are not 

included in the CDE Technical 

Guidance (‘‘CFTC Fields’’). 

B. Proposed Data Elements From the 

CDE Technical Guidance 

The Commission previously noted its 

intent to adopt the CDE Technical 

Guidance data elements to the extent 

possible.75 The Commission also 

anticipated the need to update the Data 

Element Appendices to adopt any 

changes to the CDE Technical 

Guidance.76 The Commission is 

proposing the addition of certain data 

elements that are internationally 

harmonized in the 2023 CDE Technical 

Guidance. The Commission believes 

including certain 2023 CDE Technical 

Guidance data elements will create 

significant efficiencies for reporting 

entities and the Commission. 

The Commission is proposing to add 

nineteen data elements from the 2023 

CDE Technical Guidance to the Data 

Element Appendices. These data 

elements are related to the following 

categories: Custom Baskets, Price, 

Product, and Notional Amounts and 

Quantities. 

These proposed fields provide 

additional swap market transparency 

and separate data elements for various 

quantity, amount, and schedule date 

periods. This allows the Commission to 

access and query the data in a 

streamlined manner while also enabling 

analysis of schedule date periods with 

the corresponding valuations. The 

Commission invites comments on any of 

the data elements listed below. 

Custom Baskets. The Commission is 

proposing to add five CDE data 

elements 77 related to custom baskets to 

proactively address exposure risks and 

to allow for the linking of constituents 

of a custom basket for cross-basket 

analysis, among other analyses. These 

proposed data elements would not be 

publicly disseminated to ensure the 

anonymity of the swap counterparties 

and the confidentiality of business 

transactions and market positions. The 

Commission currently requires 


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78See CFTC Technical Specification, Version 3.2 

(March 1, 2023), available at https://www.cftc.gov/ 

media/8261/Part43_45TechnicalSpecification

03012023CLEAN/download. 

79 2020 RTR Final Rule, 85 FR at 75458. 

80See CFTC Technical Specification, supra note 

50, for data element Custom Basket Indicator (25). 

81This view is shared by other financial 

regulators. See, e.g., Frequently Asked Questions on 

Regulation SBSR, U.S. Securities and Exchange 

Commission (Aug. 11, 2022), available at https://

www.sec.gov/tm/faqs-reg-sbs (clarifying Rule 

901(c)(1) requires the reporting of specific 

underlying reference assets); See also CPMI and 

IOSCO, Technical Guidance: Harmonisation of the 

Unique Product Identifier (Sept. 2017) at 20, 

available at https://www.iosco.org/library/pubdocs/ 

pdf/IOSCOPD580.pdf (explaining that authorities 

have an interest in data related to any custom 

basket of assets underlying an OTC derivative 

product in order to understand the economics of the 

product). 

82 In addition, the European Securities and 

Markets Authority (ESMA) and Ontario Securities 

Commission (OSC), respectively, are planning to 

implement or have proposed to implement certain 

identifying information related to the frequency, 

creator, and underlier related information of basket 

creation, among other items, from the CDE 

Technical Guidance. See, generally, July 10, 2022 

O.J. (L 262), available at https://eur-lex.europa.eu/ 

legal-content/EN/TXT/PDF/ 

?uri=CELEX:32022R1855&from=EN; Proposed 

Amendments to OSC Rule 91–507 Trade 

Repositories and Derivatives Data Reporting and 

Proposed Changes to OSC Companion Policy 91– 

507CP and Proposed Changes to OSC Companion 

Policy 91–506CP, R.R.O. 2022—45 (OSC) 

(highlighting fields 120–124), available at https://

www.osc.ca/sites/default/files/2022-06/cp_

20220609_91-507_trade-repositories-derivativesdata-reporting.pdf. 

83These proposed data elements are Price 

schedule-unadjusted effective date of the price (99), 

Price schedule-unadjusted end date of the price 

(100), Price schedule-price (101), Strike price 

schedule-Unadjusted effective date of the strike 

price (108), Strike price schedule-unadjusted end 

date of the strike price (109), and Strike priceschedule-strike price (110). These proposed data 

elements will be added to the Data Element 

Appendices. 

84Currently, SDRs publicly disseminate nine data 

elements uniquely related to the commodity asset 

class and eight data elements uniquely related to 

the equity asset class in the price category. Data 

Field Option Premium Payment Date (#81) is not 

publicly disseminated. 

85See, e.g. July 10, 2022 O.J. (L 262) (highlighting 

fields 50–52 and 135–137), available at https://eurlex.europa.eu/legal-content/EN/TXT/PDF/ 

?uri=CELEX:32022R1855&from=EN. 

86See UPI Technical Guidance supra note 16 at 

6. 

87 Id. at 13–18. (highlighting that the UPI 

Reference Data include attributes such as ‘‘Asset 

Class’’, ‘‘Instrument Type’’, ‘‘Delivery Type’’, ‘‘UPI 

Code’’, ‘‘CFI Code’’, ‘‘Underlier Name’’, 

‘‘Underlying Asset Type’’, ‘‘Underlier ID Source’’, 

‘‘Underlying ID’’, among others). 

88These proposed data elements are Underlier ID 

(Other) (126) and Underlier ID (Other) source (127). 

These proposed data elements would be added to 

appendix 1 to part 45. 

89These proposed data elements are Underlying 

asset trading platform identifier (129) and 

Continued 

reporting entities to report only one data 

element 78 related to custom baskets that 

is publicly disseminated.79 Existing data 

element Custom Basket Indicator 80 only 

provides information pertaining to 

whether a transaction is associated with 

a custom basket. The Commission is 

proposing to add data elements to 

appendix 1 of part 45 because it believes 

that the visibility and reporting 

accuracy of holdings in custom baskets 

provides critical information.81 For 

example, in order to conduct adequate 

market surveillance, including insider 

trading investigations, it is necessary to 

identify the constituents of a custom 

basket. Without this information, the 

Commission would be unable to 

determine the underlying positions that 

a swap counterparty maintained. The 

Commission is therefore proposing to 

adopt these internationally 

harmonized,82 custom basket data 

elements. 

Prices. The Commission is proposing 

to add six CDE data elements to the Data 

Element Appendices related to price 

schedules.83 The Commission currently 

requires SDRs to publicly disseminate 

certain non-schedule related 

information within the price category.84

The Data Element Appendices do not 

currently contain elements related to 

price schedules. As such, SDRs 

currently receive and disseminate 

several data elements related to price 

schedules as unstandardized productrelated fields. The proposed price 

schedule data elements are critical for 

the Commission to receive because it is 

common for swap transactions to have 

price-related terms that vary over the 

duration of the swap, particularly for 

the equity and other commodity asset 

classes. These terms impact the 

transaction value over time. Without the 

reporting of these price related schedule 

data elements, the value of the swap 

transaction over time that is implied 

from the swap data would be 

misleading. The proposed fields have 

been internationally harmonized and 

are expected to be implemented across 

multiple jurisdictions.85 The 

Commission believes that the inclusion 

of these data elements in the Data 

Element Appendices will not only 

further international harmonization 

efforts but also increase the accuracy 

and utility of the swap data reported to, 

and disseminated by, SDRs. 

Product. As discussed above, there are 

certain proposed data elements related 

to underlier information that capture 

data not included in the UPI Taxonomy 

but are within the CDE Technical 

Guidance. Additionally, there are 

certain proposed data elements that are 

not captured in either the UPI 

Taxonomy or the CDE Technical 

Guidance. The Commission will first 

discuss the proposed CDE Fields 

specific to the product underlier, and 

then will discuss the proposed CFTC 

fields that are supplemental to the CDE 

Fields and the UPI Taxonomy in section 

III.C below. 

The UPI includes granular productlevel information, such as underlier and 

identifier information.86 When a 

reporting entity submits a request for a 

UPI Code to the unique product 

identifier service provider, the reporting 

entity submits a set of product reference 

data elements.87 When an underlier is 

not recognized by a unique product 

identifier service provider, the reporting 

entity will submit the value ‘‘other’’ for 

the Underlier ID and Underlier ID 

Source fields to the UPI service 

provider. If approved by the UPI service 

provider, the corresponding issued UPI 

Reference Data Library would not 

include detailed underlier information 

that would allow the Commission to 

determine the underlying product of the 

swap transaction. Without this granular 

information, the Commission would not 

have sufficient understanding of the 

financial product and would be unable 

to distinguish between different 

products that are represented by the 

same ‘‘other’’ underlier type. Proposed 

fields ‘‘Underlier ID (Other)’’ and 

‘‘Underlier ID (Other) source’’ would 

allow for this granular information to be 

reported and allow the Commission to 

understand the characteristics of the 

non-standard underliers across asset 

classes at a level of granularity not 

provided in the UPI Taxonomy that 

resolves to the ‘‘other’’ underlier type.88

The Commission is proposing two 

additional CDE product-related fields 

that are necessary to understand specific 

product information related to the 

source of the price of an underlier. The 

UPI Taxonomy does not include the 

trading venue of an underlier. For 

example, in the case of an equity swap, 

although the underlier would be part of 

the UPI Taxonomy, if that underlier 

were traded on a venue in a non-U.S. 

jurisdiction, that venue would not be 

included in the UPI Taxonomy. For 

those transactions that occur off-venue, 

the source of the price of the underlier 

is also not included in the UPI 

Taxonomy. Without that source being 

reported, the Commission would be 

unable to consistently determine the 

benchmark value of the source of the 

underlier. Proposed CDE data elements 

‘‘Underlying asset trading platform 

identifier’’ and ‘‘Underlying asset price 

source’’ will enable the Commission to 

receive critical pricing information in a 

consistent manner across various 

sources.89 Moreover, receiving 


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Underlying asset price source (128), which would 

be added to appendix 1 to part 45. 

90The proposed data element is Crypto asset 

underlying indicator (130). This proposed data 

element will be added to the Data Element 

Appendices. 

91For example, crypto asset transactions are often 

reported differently across transactions. However, 

there is currently no ISO currency code 

corresponding to crypto assets. See Kath Lockett, 

The down-low on digital currency, ISO focus: The 

New Wave of Finance (Jan. 9, 2020), available at 

https://www.iso.org/files/live/sites/isoorg/files/ 

news/magazine/ISOfocus%20(2013-NOW)/en/ 

2020/ISOfocus_138/ISOfocus_138_en.pdf. 

92See, e.g., July 10, 2022 O.J. (L 262) (highlighting 

field 12), available at https://eur-lex.europa.eu/ 

legal-content/EN/TXT/PDF/?uri=CELEX:

32022R1855&from=EN; See Proposed Amendments 

to OSC Rule 91–507 Trade Repositories and 

Derivatives Data Reporting and Proposed Changes 

to OSC Companion Policy 91–507CP and Proposed 

Changes to OSC Companion Policy 91–506CP, 

R.R.O. 2022—45 (OSC) (highlighting field 119), 

available at https://www.osc.ca/sites/default/files/ 

2022-06/cp_20220609_91-507_trade-repositoriesderivatives-data-reporting.pdf. 

93These proposed data elements, which would be 

added to the Data Element Appendices, are: 

Notional quantity schedule—unadjusted date on 

which the associated notional quantity becomes 

effective (57), Notional quantity schedule— 

unadjusted end date of the notional quantity (58), 

and Notional quantity schedule—notional quantity 

(59). 

94Existing Data Element Appendices currently 

include the following data elements related to 

Notional Amount and Quantity schedules: Notional 

amount schedule—notional amount in effect on 

associated effective date (33); Notional amount 

schedule—unadjusted effective date of the notional 

amount (34); and Notional amount schedule— 

unadjusted end date of the notional amount (35). 

95See, e.g., July 10, 2022 O.J. (L 262), available 

at https://eur-lex.europa.eu/legal-content/EN/TXT/ 

PDF/?uri=CELEX:32022R1855&from=EN; See 

Proposed Amendments to OSC Rule 91–507 Trade 

Repositories and Derivatives Data Reporting and 

Proposed Changes to OSC Companion Policy 91– 

507CP and Proposed Changes to OSC Companion 

Policy 91–506CP, R.R.O. 2022—45 (OSC) 

(highlighting field 37–39), available at https://

www.osc.ca/sites/default/files/2022-06/cp_

20220609_91-507_trade-repositories-derivativesdata-reporting.pdf. 

96See 2020 SDRR Final Rule, 85 FR at 75539. 

97These proposed data elements are Mandatory 

clearing indicator (14) and Clearing member 

identifier source (5). Data Element Mandatory 

clearing indicator (14) will be added to the Data 

Element Appendices. Data Element Clearing 

member identifier source (5) will be added to 

appendix 1 of part 45. 

98Appendix A of part 43 contains one clearingrelated data element, Cleared (1). Appendix 1 of 

part 45 contains the following clearing-related data 

elements: Central counterparty (2), Clearing account 

origin (3), Clearing member (4), Clearing swap USIs 

(5), Clearing swap UTIs (6), Original swap USI (7), 

Original swap UTI (8), Original Swap SDR identifier 

(9), Clearing receipt timestamp (10), Clearing 

exceptions and exemptions—Counterparty 1 (11), 

and Clearing exceptions and exemptions— 

Counterparty 2 (12). 

information specifying the underlying 

asset price source is critical to the 

Commission’s benchmark manipulation 

surveillance efforts. In order to 

adequately conduct such surveillance 

efforts, the Commission must be able to 

reliably understand what source is being 

used to price the underlier of the swap 

transaction. 

Finally, the proposed ‘‘Crypto asset 

underlying indicator’’ data element 90

provides for the identification of 

derivative transaction underliers that 

include crypto assets. This data element 

is particularly important given the 

quickly-evolving market for crypto 

assets and the current lack of 

standardization in the representation of 

swap transactions with crypto asset 

underliers.91 The submission of this 

indicator will allow the Commission 

and the public to more easily identify 

those transactions that have crypto asset 

underliers, regardless of the underlying 

product. This indicator is 

internationally harmonized and 

expected to be implemented across 

multiple jurisdictions.92

Notional Amounts and Quantities. 

The Commission is proposing to add 

three data elements related to notional 

quantity schedules to the Data Element 

Appendices.93 These data elements 

would be applicable to the other 

commodity asset class, where notional 

is often stated as a quantity rather than 

a dollar amount. While the Data 

Element Appendices include certain 

data elements related to schedules, data 

elements addressing the non-monetary 

quantities for these types of instruments 

are currently not included in the Data 

Element Appendices.94 Similar to the 

discussion of the price-related schedule 

fields above, the notional quantity fields 

being proposed are necessary in order to 

understand the economics and value of 

a swap transaction changing over time. 

These notional quantity schedule fields 

are a part of the CDE Technical 

Guidance and expected to be adopted 

across multiple jurisdictions.95

C. Proposed CFTC Data Elements

The Commission is proposing to

supplement the Data Element 

Appendices with data fields sourced 

beyond the UPI Reference Data Library 

and CDE Technical Guidance by adding 

Commission-related data elements to 

further standardization efforts and 

address data quality concerns. As 

discussed below, these proposed data 

elements will ensure the Commission 

has access to data needed to facilitate 

market oversight through surveillance 

and compliance review. 

Primarily, the UPI system is 

comprised of a UPI code and associated 

UPI reference data. The UPI reference 

data elements include three levels of 

information: instrument type (e.g., 

forwards, options, swaps), instrument 

characteristics (e.g., physical delivery, 

Bermudan exercise), and certain 

information about the product (e.g., 

elements of underliers such as 

identifiers). The UPI system is not 

designed to identify contract- or 

transaction-level information. The 

proposed data elements are intended to 

facilitate the reporting of information 

not discernable through the reporting of 

the UPI. As discussed below, in cases 

where the underlier product-level 

information has been assigned the value 

of ‘‘other’’—as may be the case for 

certain bespoke or basket transactions— 

additional information will be needed to 

adequately identify the transaction. 

In addition to the proposed UPIrelated fields, the Commission is 

proposing to add additional fields to the 

Data Element Appendices that will 

enhance data quality and 

standardization. The Commission noted 

the significant effort that must be done 

to standardize swap data.96 Periodic 

review of internal processes, market 

transparency efforts, and proactively 

addressing the market’s use of new 

technology is consistent with the 

Commission’s mission to promote the 

integrity, resilience, and vibrancy of the 

U.S. derivatives markets through sound 

regulation. 

Thus, the Commission is proposing to 

add thirty data elements related to the 

following categories: Clearing, 

Counterparty, Notional Amounts and 

Quantities, Price, Product, and 

Transaction Categories. The 

Commission invites comments on any of 

the data elements listed below; 

additionally, Commission staff invite 

separate comment on the draft 

Technical Specification 3.3 now 

published on the Commission website 

that is intended, upon finalization, to 

provide technical instructions on the 

acceptable form and manner for 

transmitting required data elements to 

an SDR. 

Clearing. The Commission is 

proposing to add two clearing-related 

fields to appendix 1 to part 45: 

‘‘Mandatory clearing indicator’’ and 

‘‘Clearing member identifier source.’’ 97

The current Data Element Appendices 

contain a number of clearing related 

data elements.98 These data elements 

provide significant information 

regarding the clearing-related attributes 

of a given transaction, however, the 

currently required clearing-related data 

elements do not provide an indication 

as to whether a swap transaction is 

subject to mandatory clearing. For 

example, currently the ‘‘Cleared’’ field, 

which is populated with either yes, no, 

or intent to clear, does not enable the 

Commission to determine whether a 


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99 2020 SDRR Final Rule, 85 FR at 75541 n.315. 

100These proposed data elements are 

Counterparty 1 Identifier Source (16), Counterparty 

1 Designation (28), Counterparty 2 Designation (29), 

and Counterparty 2 Special Entity (30). These 

proposed data elements will be added to appendix 

1 to part 45. 

101 In addition, the inclusion of this field will 

align the Counterparty 1 elements with the 

Counterparty 2 elements, as ‘‘Counterparty 2 

identifier source’’ is included in the existing 

Appendix 1 to part 45 (#15). 

102See, e.g., 17 CFR 23.450. 

103These proposed data elements are Notional 

quantity schedule—days of week (60), Notional 

quantity schedule—hours from thru (63), Notional 

quantity schedule -load profile type (66), USD 

equivalent regulatory notional amount (42), 

Notional quantity schedule—unadjusted effective 

date of days of week (61), Notional quantity 

schedule—unadjusted end date of days of week 

(62), Notional quantity schedule—unadjusted 

effective date of hours from thru (64), Notional 

quantity schedule—unadjusted end date of hours 

from thru (65), Notional quantity schedule 

-unadjusted effective date of load profile type (67), 

and Notional quantity schedule-unadjusted end 

date of load profile type (68). These proposed data 

elements will be added to appendix 1 of part 45. 

104The proposed data element is USD equivalent 

regulatory notional amount (42). 

105These proposed data elements are Option 

exercise end date (113), Option exercise frequency 

period (114), and Option exercise frequency period 

multiplier (115). These proposed data elements will 

be added to the Data Element Appendices. 

106These proposed data elements are Swap 

pricing method (116), Pricing date schedule of the 

swap (117), and Start and end time of the settlement 

window for the floating leg(s) (118). These proposed 

data elements will be added to appendix 1 of part 

45. 

107These data elements are Physical commodity 

contract indicator (131) and Maturity date of the 

underlier (133). 

trade is required to be cleared or 

voluntarily cleared. Although the 

Commission previously noted that it 

may be able to determine this 

information through a separate analysis 

based on underlying product fields, it 

also noted the difficulties in obtaining 

such information.99 The Commission 

believes that the provision of this data 

element will allow staff to efficiently 

monitor compliance with the clearing 

mandate. In addition, the Commission 

believes market participants already 

engage in determinations as to whether 

a specific transaction is subject to 

mandatory clearing and as such 

collection of this indicator should not 

present a significant burden to market 

participants. 

In addition to the ‘‘Mandatory 

clearing indicator’’ data element, the 

Commission is proposing to include a 

‘‘Clearing member identifier source’’ 

data element in appendix 1 to part 45. 

This data element would provide 

significant data quality benefits. In order 

for the SDRs to be able to validate 

values that are submitted in the 

‘‘Clearing member’’ data element, the 

swap data repositories must know what 

the source of the identifier is. Because 

Legal Entity Identifiers (‘‘LEIs’’), natural 

person identifiers, and Privacy Law 

Identifiers (‘‘PLIs’’) have different 

characteristics, without knowing the 

relevant source for the value submitted 

in the ‘‘Clearing member’’ data element, 

adequate validations cannot be applied 

to that data element. This results in data 

quality that is lower than it would 

otherwise be with the implementation 

of the ‘‘Clearing member identifier 

source.’’ 

Counterparty. The Commission is 

proposing to add four counterpartyrelated data elements to appendix 1 to 

part 45 that will enhance data quality in 

various ways.100 Similar to the 

‘‘Clearing member identifier source’’ 

data element discussed above, the 

proposed addition of a ‘‘Counterparty 1 

identifier source’’ will provide 

significant data quality benefits because 

it will more readily allow for adequate 

data validation of the Counterparty 1 

data element.101

The Commission is also proposing to 

add three data elements that indicate 

the entity designations of counterparties 

to a transaction. ‘‘Counterparty 1 

designation’’ and ‘‘Counterparty 2 

designation’’ will indicate if a 

counterparty is a SD, MSP, derivatives 

clearing organization (‘‘DCO’’), or nonSD/MSP/DCO. Similarly, ‘‘Counterparty 

2 special entity’’ will indicate if 

Counterparty 2 is a special entity. These 

entity designation fields are important 

for the Commission because many of the 

Commission’s regulations apply based 

on entity designation. For example, 

certain business conduct standards are 

applicable specifically to transactions 

entered into with a special entity.102

The proposed ‘‘Counterparty 2 special 

entity’’ data element is necessary for the 

Commission to be able to determine 

whether a special entity is a party to a 

given transaction. Similarly, the 

‘‘Counterparty 1 designation’’ and 

‘‘Counterparty 2 designation’’ data 

elements are necessary to determine 

whether, for example, a SD is a party to 

a transaction, which is critical to 

understanding both regulatory 

obligations as well as market dynamics. 

Notional Amounts and Quantities. 

The Commission is proposing to add ten 

data 103 elements related to Notional 

Amounts and Quantities to appendix 1 

to part 45. Nine of these data elements 

are specific to the other commodity 

asset class. These nine data elements 

would provide information that is 

necessary to understand the 

characteristics of the commodity 

transaction. These data elements 

provide additional information that is 

not included in the UPI Reference Data 

Library and, without adoption of these 

proposed elements, would not be 

reported once a unique product 

identifier and classification system is 

designated for the other commodity 

asset class. Specifically, these data 

elements provide information related to 

the load profile type, applicable hours, 

and days of the week for the delivery of 

power. This information is not included 

in the UPI Reference Data Library and 

is necessary to understand the 

economics of a transaction for the 

delivery of power. 

Finally, the Commission is proposing 

to add the data element ‘‘USD 

equivalent regulatory notional amount’’ 

to appendix 1 to part 45.104 This data 

element will allow for the consistent 

reporting of notional amounts for 

transactions denominated in U.S. 

dollars. The reporting of USD notional 

amount will allow Commission staff to 

more efficiently monitor swap market 

activity, specifically for swap dealer de 

minimis monitoring, part 43 market 

transparency calculations, and for risk 

surveillance purposes. 

Price. The Commission is proposing 

to add six price-related data elements to 

the Data Element Appendices, three of 

which specifically relate to option-type 

instruments.105 The proposed data 

elements ‘‘Option exercise end date’’, 

‘‘Option exercise frequency period’’, 

and ‘‘Option exercise frequency period 

multiplier’’ will provide information 

that is critical to understanding the 

economics of a particular swap 

transaction. In particular, these data 

elements will provide key dates and 

schedules of the option contract, which 

is necessary to conduct market 

surveillance and identify potential cases 

of market manipulation. 

In addition to these three price-related 

elements, the Commission is proposing 

to add three data elements related to 

settlement price analysis to appendix A 

to part 45.106 Similar to the three 

proposed fields above, these fields will 

further market surveillance. For 

example, proposed ‘‘Swap pricing 

method’’ and ‘‘Pricing date schedule of 

the swap’’ fields will facilitate market 

surveillance and identification of 

situations where the value of a 

derivative position impacts the value of 

the underlying asset on the settlement 

day in a way that benefits the position. 

Product. The Commission is 

proposing to add two product-related 

data elements to the Data Element 

Appendices 107 and three productrelated data elements to appendix 1 to 


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108These proposed data elements are Physical 

delivery location (124), Pricing index location (125), 

and Product grade (132). 

109See, generally, July 10, 2022 O.J. (L 262), 

available at https://eur-lex.europa.eu/legal-content/ 

EN/TXT/PDF/?uri=CELEX:32022R1855&from=EN; 

See Proposed Amendments to OSC Rule 91–507 

Trade Repositories and Derivatives Data Reporting 

and Proposed Changes to OSC Companion Policy 

91–507CP and Proposed Changes to OSC 

Companion Policy 91–506CP, R.R.O. 2022—45 

(OSC) (highlighting field 37–39), available at 

https://www.osc.ca/sites/default/files/2022-06/cp_

20220609_91-507_trade-repositories-derivativesdata-reporting.pdf. 

110These proposed data elements are Large 

notional off-facility swap election indicator (140) 

and SEF or DCM indicator (146). These proposed 

data elements will be added to the Data Element 

Appendices. 

111The proposed data element is SEF or DCM 

anonymous execution indicator (147). This 

proposed data element will be added to the Data 

Element Appendices. 

112At least one other jurisdiction intends to 

collect data elements related to these questions. See 

July 10, 2022 O.J. (L 262) (Fields 121 Load Type; 

122 Delivery interval start time; 123 Delivery 

interval end time; 124 Delivery start date; 125 

Delivery end date; and 127 Days of the week). 

part 45.108 The proposed ‘‘Pricing index 

location’’ and ‘‘Physical delivery 

location’’ fields would allow the 

Commission to receive critical pricing 

and delivery location information in the 

case where the UPI is reported with an 

underlier of ‘‘other’’ or other instances 

where the pricing or delivery locations 

could not be derived from the Underlier 

ID. Proposed ‘‘Physical commodity 

contract indicator’’ provides critical 

information related to whether a swap 

in the other commodity asset class is 

related to or references one of the 

contracts in appendix B to part 43. This 

information is important to perform 

cross-market analysis and surveillance. 

The UPI Reference Data Library does not 

provide for the reporting of the product 

grade for swaps in the other commodity 

asset class. The proposed ‘‘Product 

grade’’ field would aid in the analysis of 

an entities’ exposure, which can vary 

based on the grade of the commodity. 

Finally, the proposed ‘‘Maturity date of 

the underlier’’ field would provide 

information about the underlier that is 

relevant for swaption and swap 

products referencing exchange traded 

derivative products. This data element 

is expected to be implemented across 

jurisdictions.109

Transaction Related. The Commission 

is proposing to add two transactionrelated data elements to the Data 

Element Appendices 110 and one 

additional transaction-related data 

element to appendix 1 to part 45.111

These elements are intended to facilitate 

an SDR’s ability to meet its regulatory 

obligations under parts 43 and 49 of the 

Commission’s regulations. Commission 

regulation 43.5(d) requires an SDR to 

disseminate swap transaction and 

pricing data for transactions executed 

on or pursuant to the rules of a SEF or 

DCM subject to a specified time delay. 

The proposed ‘‘SEF or DCM indicator’’ 

data element would provide an SDR 

with information necessary to indicate 

when its obligations under Commission 

regulation 43.5(d) apply. In addition to 

dissemination delay requirements 

specifically related to SEFs and DCMs, 

§ 43.5 generally sets out required time

delays for block trades and large

notional swap transactions. Proposed

data element ‘‘Large notional off-facility

swap election indicator’’ would provide

an SDR with information necessary to

indicate when a time delay is applicable

to a large notional off-facility swap

transaction. This proposed data element

is analogous to the ‘‘Block trade election

indicator’’ that is already included in

the Data Element Appendices. Finally,

the Commission is proposing to add the

data element ‘‘SEF or DCM anonymous

execution indicator’’ to provide SDRs

with information necessary to comply

with § 49.17(f)(2), which requires SDRs

to make a swap transaction accessible to

either counterparty to the swap. In

providing this access, § 49.17(f)(2)

requires an SDR to not identify one

counterparty to another in instances

where the swap is executed

anonymously on a SEF or DCM and

cleared in accordance with §§ 1.74,

23.610, and 39.12(b)(7) of the

Commission’s regulations. This

proposed data element will provide an

SDR with information that is necessary

to satisfy the requirements of

§ 49.17(f)(2).

Request for Comment

The Commission invites comments on 

any of the data elements listed above; 

additionally, Commission staff invite 

separate comment on the draft 

Technical Specification 3.3 now 

published on the Commission website 

that is intended, upon finalization, to 

provide technical instructions on the 

acceptable form and manner for 

transmitting required data elements to 

an SDR. The Commission also requests 

specific comment on the following: 

(1) Are there any data elements not

included in the proposed Data Element 

Appendices that commenters believe are 

necessary to facilitate further 

standardization of reporting? 

(2) For proposed data element #30

Counterparty 2 special entity, are there 

any impediments that reporting entities 

would experience in providing 

additional information related to special 

entities, such as whether counterparty 2 

is a ‘‘utility special entity’’? 

(3) For proposed data element #116

Swap pricing method, are there 

additional allowable values other than 

those published in the Technical 

Specification that reporting entities 

believe may be applicable for this data 

element? 

(4) For proposed data element #42

USD equivalent regulatory notional 

amount, are there impediments that 

reporting entities would experience in 

calculating and reporting USD 

equivalent notional amount? The 

Commission also seeks comment on the 

cited calculation methodology and the 

utility of the notional values calculated 

according to the methodology. 

The Commission requests comment 

on the following questions related to 

swap transactions that reference the 

delivery of power. Specifically, the 

Commission requests comments on any 

burden or obstacles for reporting entities 

in reporting data elements related to 

these questions.112

(5) Days of week: Are there scenarios

where the ‘‘Days of Week’’ for delivery 

vary over the duration of a transaction 

that necessitates the reporting of 

multiple ‘‘Days of Week’’ occurrences 

for a single transaction? Alternatively, is 

the reporting of a single occurrence of 

‘‘Days of the Week’’ sufficient, and can 

this value be derived from commonly 

known and available data related to the 

referenced hub? 

(6) Hours from Thru: Are there

scenarios where the ‘‘Hours from Thru’’ 

for delivery vary over the duration of a 

transaction that necessitates the 

reporting of multiple ‘‘Hours from 

Thru’’ occurrences for a single 

transaction? Alternatively, is the 

reporting of a single occurrence of 

‘‘Hours from Thru’’ sufficient, and can 

this value be derived from commonly 

known and available data related to the 

referenced hub? 

(7) Load Profile Type: Are there

scenarios where the ‘‘Load Profile 

Type’’ (e.g., Peak, Off-Peak) for delivery 

varies over the duration of a transaction 

that necessitates the reporting of 

multiple ‘‘Load Profile Type’’ 

occurrences for a single transaction? 

Alternatively, is the reporting of a single 

occurrence of ‘‘Load Profile Type’’ 

sufficient, and can this value be derived 

from commonly known and available 

data related to the referenced hub? 

IV. Proposed Revisions to the

Descriptions of Existing Data Elements

in Appendix A to Part 43 and Appendix

1 to Part 45

The Commission is proposing several 

modifications to the existing field 

descriptions in the Data Element 


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113The following existing data elements in 

appendix 1 to part 45 are proposed to be modified 

in this way, ‘‘Action type’’ (26); ‘‘Event type’’ (27); 

‘‘Event identifier’’ (29); ‘‘Event timestamp’’ (30); 

‘‘Reporting timestamp’’ (97); ‘‘Delta’’ (109); 

‘‘Valuation amount’’ (110). 

114Nearly all of the data elements in the Data 

Element Appendices contain such changes. 

115 7 U.S.C. 19(a). 

116The cost analysis in section VI. C., as required 

by the Paperwork Reduction Act (PRA), is 

consistent, but not identical to the costs discussed 

in this section because for purposes of the PRA, 

estimated burden costs are divided between parts 

43 and 45, whereas in this section, the cost and 

benefits discussions are divided between CDE data 

elements and CFTC data elements. Because of these 

methodological differences, the estimated costs 

might not be the same, but the underlying 

assumptions are the same. 

Appendices. Some of these 

modifications are being proposed to 

harmonize the descriptions contained in 

the Data Element Appendices with the 

descriptions adopted at the 

international level by the Regulatory 

Oversight Committee and related 

subcommittees.113 For example, 

‘‘Reporting timestamp’’ in appendix 1 to 

part 45 is proposed to be modified to 

add ‘‘as reported’’ to the data element 

description so that it reads, ‘‘Data and 

time of the submission of the report as 

reported to the trade repository’’ to align 

the description with the CDE Technical 

Guidance. 

In addition, the descriptions 

contained in the appendices would be 

revised to eliminate detail that describes 

the form and manner of reporting the 

data element.114 The form and manner 

detail proposed to be removed from the 

Data Element Appendices would be 

incorporated in the Technical 

Specification 3.3. The Commission 

believes setting out the form and 

manner in one location, namely the 

Technical Specification, simplifies the 

requirements. Moreover, removing such 

form and manner detail from the Data 

Element Appendices would avoid 

inconsistent form and manner 

instructions in those appendices and the 

Technical Specification, in the case 

where such form and manner 

instruction is modified in a revised 

Technical Specification. For example, 

data element #56 ‘‘Floating rate reset 

frequency multiplier’’ represents the 

number of time units, as expressed by 

data element #55 ‘‘Floating rate reset 

frequency period,’’ that determines the 

frequency at which periodic payment 

dates for reset occur. In the Data 

Element Appendices, the description of 

data element #56 includes an example 

of a transaction with reset payments 

occurring every two months. The Data 

Element Appendices state that in such 

case data element #55 should be 

populated with ‘‘MNTH’’ and data 

element #56 should be populated with 

‘‘2.’’ As another example, data element 

#77 ‘‘Strike price currency/currency 

pair’’ currently states, in part, that for 

foreign exchange (‘‘FX’’) options, the 

manner in which the field should be 

expressed is as unit currency/quoted 

currency. In the Commission’s proposed 

modifications, these types of form and 

manner instructions would be removed 

from the Data Element Appendices and 

incorporated in the Technical 

Specification. 

Similar to the proposed modifications 

above, the Commission is also 

proposing to remove the asset class 

references in the Data Element 

Appendices. The removal of the asset 

class information will provide more 

clarity to reporting entities as the 

Technical Specification contains more 

specific information related to asset 

classes. For example, currently the Data 

Element Appendices merely indicate, 

with a checkmark, whether a data 

element is applicable for a specific asset 

class. The Technical Specification, 

however, provides more specific 

information related to when a particular 

data element is applicable to a 

transaction. This specificity provides 

more information about when and how 

to report a certain data element. 

Eliminating the asset class reference 

from the appendices will avoid any 

confusion that the more generic 

indicator in the appendices may create 

when read in conjunction with the more 

specific information provided in the 

Technical Specification. This proposed 

modification would impact each of the 

data elements in the Data Element 

Appendices. 

V. Compliance Date 

The Commission understands that 

market participants would need 

sufficient time to adjust reporting 

systems to account for the proposed 

modifications to parts 43 and 45 of the 

Commission’s regulations, including the 

reporting of additional data elements 

not currently required by parts 43 and 

45. In order to provide market 

participants with sufficient time, the 

Commission is proposing that the 

compliance date for the rules proposed 

herein be 365 days following 

publication of a final rule in the Federal 

Register. 

Request for Comment 

The Commission requests comment 

on all aspects of the proposed 

compliance date. The Commission also 

requests specific comment on the 

following: 

(8) Is the proposed compliance date of 

365 days after publication of a final rule 

in the Federal Register an adequate 

amount of time for compliance with 

respect to the additional data elements 

in the Data Element Appendices? If not, 

please propose an alternative timeline 

and provide reasons supporting that 

alternative timeline. 

VI. Related Matters 

A. Cost-Benefit Considerations 

1. Introduction 

Section 15(a) of the CEA requires the 

Commission to ‘‘consider the costs and 

benefits’’ of its actions before 

promulgating a regulation or issuing 

certain orders under the CEA.115 Section 

15(a) further specifies that the costs and 

benefits shall be evaluated in light of 

five broad areas of market and public 

concern: (1) protection of market 

participants and the public; (2) 

efficiency, competitiveness, and 

financial integrity of futures markets; (3) 

price discovery; (4) sound risk 

management practices; and (5) other 

public interest considerations. The 

Commission considers the costs and 

benefits resulting from its discretionary 

determinations with respect to the 

section 15(a) factors. 

While, as discussed previously and 

further below, the Commission 

preliminarily believes the proposed 

amendments—measured relative to the 

baseline of status quo conditions— 

would create meaningful benefits for 

market participants and the public, it 

also recognizes that they likely would 

result in some incremental costs. The 

Commission has endeavored to 

enumerate material costs and benefits 

and, when reasonably feasible, assign a 

quantitative value to them. Where it is 

not reasonably feasible to quantify costs 

and benefits of the proposed 

amendments, those costs and benefits 

are discussed qualitatively. 

This cost-benefit consideration 

proceeds by discussing the background; 

describing the status quo baseline; 

identifying and assessing costs and 

benefits attributable to proposed nondata element changes to part 43 and part 

45; identifying and assessing costs and 

benefits attributable to the proposed 

expansion of the required data elements, 

separated into CDE and non-CDE data 

elements, the latter referred to as CFTC 

data elements; 116 and, assessing how 

the costs and benefits it has identified 

bear upon each CEA section 15(a) 

factors. 


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117 7 U.S.C. 2(a)(13) (requiring, among other 

things, that the Commission promulgate rules that 

provide for real-time public availability of STAPD 

for uncleared swaps in a form and manner to 

enhance price discovery while maintaining the 

anonymity of business transactions and market 

positions of the counterparties as well as ensuring 

that transaction participants remain anonymous); 

see also, e.g., 2012 RTR Final Rule, 77 FR at 1209 

(‘‘[T]he Commission is requiring real-time reporting 

that will enhance price discovery while ensuring 

the anonymity of the swap counterparties and the 

confidentiality of business transactions and market 

positions.’’). 

118See, e.g., 2012 RTR Final Rule, 77 FR at 1212 

(noting Commission work with prudential 

regulators to develop unique product identifiers for 

the industry); 2012 SDRR Final Rule, 77 FR at 2166 

(adopting 17 CFR 45.7 providing that swaps be 

identified in recordkeeping and swap data reporting 

by means of a UPI and product classification system 

upon designation by the Commission of such an 

identifier and classification system for this 

purpose); 2020 SDRR Final Rule, 85 FR at 75540 

(discussing expectation for UPI availability within 

two years and methods for interim reporting to 

SDRs until the Commission designates a UPI 

provider pursuant to 17 CFR 45.7). 

119See 2012 RTR Final Rule, 77 CFR at 1212; 

2012 SDRR Final Rule, 77 FR at 2165, 2166. 

120 17 CFR 45.7. Paragraph (c)(2) of the current 

rule provides that prior to the Commission’s 

designation of a UPI and product classification 

system, Reporting Entities are to use SDRs’ internal 

product identification or description systems for 

their swap data reporting and recordkeeping. Id. 

45.7(c)(2). 

121 17 CFR 43.4(c)(4); id. part 43 appendix E; see 

also 2012 RTR Final Rule, 77 CFR at 1208–1212 

(determining that all off-facility swaps in the other 

commodity asset class that did not fall under 

§ 43.4(d)(4)(ii) would not be required to comply 

with the real-time reporting and public 

dissemination requirements under part 43 because 

of the increased likelihood that public 

dissemination of the underlying asset could 

disclose the identity, business transactions or 

market positions of a counterparty, until the 

adoption of special accommodations in a future 

Commission release to address these concerns); 

Block Trade Final Rule, 78 FR at 32910, 32938, 

32941 (adding § 43.4(d)(4)(iii), which mandated that 

SDRs must publicly disseminate the details about 

the geographic location of the underlying assets of 

the other commodity swaps not described in 

§ 43.4(d)(4)(ii) pursuant to the newly added 

appendix E to part 43, which allowed for topcoding various geographic regions); 2020 RTR Final 

Rule, 85 FR at 75439 (declining to adopt proposed 

revisions to the masking requirements); discussion 

in section I.C., above. 

122See 2012 RTR Final Rule at 1209–1212. 123Block Trade Final Rule, 78 FR at 32910, 

32938, 32941. 124 2012 SDRR Final Rule, 77 FR at 2166; 17 CFR 

45.7(c)(1). 

2. Background 

As discussed above, the Commission 

has undertaken several rulemakings 

since 2012 related to real-time public 

reporting (part 43) and swap data 

reporting and recordkeeping (part 45). 

These rulemakings have common 

threads, including: the Commission’s 

continued attention to uphold its CEA 

section 2(a)(13) obligations 117 and the 

Commission’s continued progress 

toward harmonizing data element 

reporting across international 

jurisdictions as well as Commission 

registrants (of which use of a shared UPI 

and product classification system is a 

critical piece).118

In the current proposed rulemaking, 

the Commission builds upon these prior 

rulemakings by, among other things, 

seeking to amend: (i) § 43.4(c) to allow 

for geographic masking after the 

designation of the UPI for the other 

commodity asset classes (along with 

conforming language amendments to 

related provisions); (ii) § 45.7(b) to 

explicitly state the Commission’s 

authority to condition orders it issues 

pursuant to the section, and to limit, 

suspend or withdraw the designation of 

a designated UPI service provider and 

classification system; and (iii) the Data 

Element Appendices consistent with 

international harmonization and to 

provide additional necessary 

information, address reporting quality 

issues and make non-substantive 

conforming changes. 

Proposed Amendment to § 43.4(c). 

Since 2012, the Commission’s 

regulations have incorporated the 

concept of UPIs for purposes of both 

part 43 real-time public reporting and 

part 45 swap data reporting and 

recordkeeping.119 In order to fully 

implement the use of UPIs in SDR swap 

data reporting and recordkeeping as 

well as real-time public reporting, two 

challenges must be addressed. First, at 

least one UPI service provider capable 

of providing Reporting Entities with 

product codes and operating a 

corresponding product classification 

system needed to exist, be deemed by 

the Commission to meet the 

requirements set out in § 45.7(a) and be 

designated under § 45.7(b) for use for 

swap data reporting and recordkeeping 

purposes.120 Second, the Commission’s 

regulations must ensure that CEA 

section 2(a)(13) anonymity requirements 

are satisfied for PRSTs—a necessity that 

remains operative upon the 

Commission’s designation of a UPI 

service provider under § 45.7 and 

Reporting Entities’ undertaking to report 

UPI product information data elements 

to SDRs for transactions subject to realtime reporting of PRST. Current 

§ 43.4(c)(4) and appendix E reflect the 

Commission’s rulemaking efforts up to 

the present in this regard.121

Summarized through its cumulative 

rulemakings, the Commission has 

determined that with one exception— 

i.e., off-facility swaps in the other 

commodity asset class for which the 

PRST is not referenced or not 

economically related to any of the 

‘‘Enumerated Physical Commodity 

Contracts and Other Contracts’’ listed in 

appendix B to part 43—compliance with 

part 43’s real-time reporting and public 

dissemination requirements is required 

given the relatively low risk of revealing 

counterparty identity, business 

transactions or market positions.122 As 

to the certain other commodity asset 

class swap exception, § 43.4(c)(4)(iii) 

now mandates that SDRs publicly 

disseminate the geographic location 

detail in a top-coded (i.e., masked) 

manner as provided in appendix E to 

part 43.123

By designating a UPI and product 

classification system for swaps in the 

credit, equity, foreign exchange, and 

interest rate asset classes, the UPI 

February 2023 UPI Order significantly 

advanced the Commission’s progress 

towards fully implementing UPI data 

reporting. However, the Commission 

remains concerned that its current 

regulations fall short of what is 

necessary to address the eventuality of 

designating a UPI and product 

classification system under § 45.7 for 

swap contracts in the other commodity 

asset class. More specifically, SDRs 

could face an operational dilemma after 

the designation of a UPI code for other 

commodity asset class swaps because 

such designation would trigger the 

obligation under parts 43 and 45 that 

such UPI be included in each public 

dissemination and confidential swap 

report,124 yet the UPI may reference data 

library elements that reveal key, 

unmasked geographic locations such as 

delivery points. In some circumstances, 

it may be impossible for them to meet 

their general § 43.4(a) obligation to 

provide real-time price transparency by 

publicly disseminating the data 

specified in appendix A that Reporting 

Entities submit to them for other 

commodity asset class transactions (i.e., 

unmasked UPI data elements) without 

violating § 43.4(c)(4)(iii)’s requirement 

that publicly disseminated geographical 

information be masked in accordance 

with appendix E. Proposed § 43.4(c)(5) 

is intended to resolve this problem and 

allow for full UPI reporting 

implementation. 

Proposed Amendment to § 45.7(b). 

The Commission also proposes to 

amend § 45.7(b) to expressly state its 

authority to issue UPI designation 

orders subject to conditions and to 

amend, suspend, or withdraw any such 

designation order after appropriate 

notice and opportunity to respond. 

Proposed Amendment to Data Element 

Appendices 

This rulemaking also seeks to amend 

the Data Element Appendices by adding 


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125Besides the UPI, the current list of data 

elements required pursuant to appendix 1 of part 

45 includes four other product-related fields; two of 

these are also included in appendix A of part 43. 

In the 2020 SDRR Final Rule, the Commission 

noted that SDRS would continue to accept, and 

reporting counterparties would continue to report, 

the product-related data elements unique to each 

SDR until the Commission designated a UPI. See 85 

FR at 75540; 17 CFR 45.7(c)(2). 

126See 17 CFR 43.3(d)(1), 45.13(a)(1). The 

Commission assumes for purposes of this costbenefit consideration that Reporting Entities report 

this data in the form and manner provided in the 

technical specification published by staff on its 

website (see 17 CFR 43.7(a)(1), 45.15(b)(1)). The 

current Technical Specification is Version 3.2 (as 

revised in March 2023), available at https://

www.cftc.gov/media/8261/Part43_45Technical

Specification03012023CLEAN/download. 

127See 17 CFR 49.10(a), (c)(1). 

128See 17 CFR 43.4(a) and 17 CFR 49.15(b). 

129See 17 CFR 43.4(c)(4)(iii); id. part 43 appendix 

A. SDRs are additionally required to retain the swap 

creation and continuation data and make it 

available to the Commission. See 17 CFR 49.17(c). 

130Order Designating the Unique Product 

Identifier and Product Classification System to be 

Used in Recordkeeping and Swap Data Reporting, 

88 FR 11790, 11791 (Feb. 24, 2023). 

131See discussion at section I.B., above. 

data elements, including productrelated data elements it refrained from 

including in the 2020 Final Rules out of 

concern that they would become 

redundant with the implementation of 

the UPI.125 Since the 2020 Final Rules, 

the Commission has identified productlevel data elements important for 

effective market oversight, but that are 

not determinable through the UPI and 

associated data library. The proposed 

new data elements broadly fall into two 

categories: CDE fields and CFTC fields. 

The proposed CDE data elements will 

further harmonize reported swaps data 

across jurisdictions, and the proposed 

CFTC fields will improve the 

Commission’s ability to oversee its 

registrants. With respect to the latter, for 

example, the current Commission 

regulations do not consider that certain 

power swaps have associated schedules 

specific to the delivery process or 

specific details of the underlying option 

exercise—a shortcoming that limits 

transparency into information that can 

be revelatory and important for 

oversight purposes. 

3. Baseline 

The Commission identifies and 

considers costs and benefits relative to 

a status quo baseline. In this case that 

baseline is defined by three 

components: (1) the Commission’s 

existing requirements under its part 43, 

part 45 and part 49 regulations; (2) its 

February 2023 UPI Order; and (3) nonUS jurisdictions’ movement to 

implement harmonized swap data 

reporting regimes that incorporate a UPI 

and product classification system 

operated and maintained by a FSBdesignated entity, i.e., DSB, in the near 

future to the extent that they have not 

done so already. 

Current regulations require Reporting 

Entities to report STAPD, along with 

swap creation and continuation data, to 

an SDR as information specified in the 

Data Element Appendices.126 As 

discussed above, the Data Element 

Appendices currently include UPI data 

elements, some data elements that are 

internationally harmonized and 

included in the CDE Technical 

Guidance, and some data elements that 

are specific to the CFTC. SDRs are 

required to accept these defined data 

elements from the Reporting Entities 

and maintain systems to validate the 

swap data they receive.127 If a swap is 

a PRST, an SDR generally must 

disseminate the data elements listed in 

appendix A to part 43 to the general 

public,128 and, for certain other 

commodity swaps, must do so in the 

manner prescribed in appendix E to part 

43 to geographically mask the 

underlying asset.129 The February 2023 

UPI Order requires Reporting Entities to 

use UPIs issued by DSB for swaps in the 

credit, equity, foreign exchange, and 

interest rate asset classes in all 

recordkeeping and swap data reporting 

pursuant to part 45 and to facilitate realtime public reporting as required by part 

43.130 Finally, the Commission’s 

movement towards implementation of 

UPI usage in swap reporting, as 

reflected in its past rulemakings, the 

February 2023 UPI Order and these 

proposed amendments, is part of a 

larger global movement by international 

derivatives regulators, discussed in 

detail above, to adopt and implement 

harmonized global swap reporting 

around commonly accepted criteria, of 

which UPI is a key component.131

The Commission notes that this costbenefit consideration is based on its 

understanding that the derivatives 

market regulated by the Commission 

functions internationally with: (1) 

transactions that involve U.S. entities 

occurring across different international 

jurisdictions; (2) some entities organized 

outside of the United States that are 

registered with the Commission; and (3) 

some entities that typically operate both 

within and outside the United States 

and that follow substantially similar 

business practices wherever located. 

Where the Commission does not 

specifically refer to matters of location, 

that discussion of costs and benefits 

below refers to the effects of the 

proposed regulations on all relevant 

derivatives activity, whether based on 

their actual occurrence in the United 

States or on their connection with 

activities in, or effect on, U.S. 

commerce. 

The Commission requests comment 

on the baseline outlined in this section, 

including any of its components and 

what, if any, additional factors that 

should be considered. 

4. Proposed Non-Data Element 

Amendments to Part 43 and Part 45 

Costs and Benefits 

First, the proposed addition of 

§ 43.4(c)(5) would require Reporting 

Entities to report a geographically 

masked UPI to SDRs once a UPI and 

product classification system has been 

designated under § 45.7. This proposed 

change would shift the responsibility to 

limit the geographic information that is 

publicly disseminated for certain swaps 

in the other commodity asset class from 

SDRs, as currently set out in § 43.4(c)(4), 

to Reporting Entities. The Commission 

expects that Reporting Entities will 

incur minimal costs to implement this 

proposed modification. The 

Commission understands that currently, 

in most instances, in order to facilitate 

the geographic masking now required in 

§ 43.4(c)(4), Reporting Entities already 

submit underlier information that limits 

geographic information for those swaps 

described in § 43.4(c)(iii). In addition, 

the Commission believes that Reporting 

Parties are in the best position to 

determine, and currently do determine, 

whether a swap transaction meets the 

criteria set out in § 43.4(c)(iii). 

Furthermore, the Commission believes 

Reporting Entities have developed 

systems to send required data elements 

to an SDR that can accommodate 

reporting specific to part 43. With 

respect to the SDRs, if Reporting Entities 

report a UPI that limits the geographic 

information according to Appendix E to 

part 43 to an SDR, the SDR will be able 

to disseminate that UPI without 

incurring additional costs that would 

otherwise be required to appropriately 

mask the geographic information in the 

reported UPI. For these reasons, the 

Commission believes costs to Reporting 

Entities and SDRs will be minimal. The 

Commission expects market participants 

and the general public to benefit from 

this modification since it provides the 

necessary regulatory groundwork for the 

Commission to designate a UPI and 

product classification system in the 

other commodity asset class designed to 

assure the real-time public 

dissemination of those swaps occurs 

with the requisite anonymity protection. 

The use of UPI in the other commodity 

asset class would significantly increase 

data quality and standardization in the 

data that is publicly disseminated and 


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132The Commission recognizes that limiting, 

suspending or withdrawing a designation order 

potentially could pose costs to an impacted 

designee if the Commission were to have cause to 

exercise this expressly-stated amended § 45.7(b) 

authority. The Commission, consistent with its 

obligations under CEA section 15(a) and the 

Administrative Procedure Act, would consider any 

such potential costs, along with potential benefits, 

at the time of deciding whether to exercise its 

authority in any particular case. 7 U.S.C. 19(a); 5 

U.S.C. 706. 

133Besides the proposed data element additions 

considered in this section and section 6 below, the 

proposed rulemaking also includes several nonsubstantive changes to the Data Element 

Appendices. Specifically, the Commission proposes 

to remove language setting out the form and manner 

for reporting specific data elements from the Data 

Element Appendices, as that language is generally 

duplicative of the technical specifications 

published separately for the purpose of addressing 

the form and manner for reporting. The 

Commission preliminarily foresees no significant 

costs or benefits attendant to these non-substantive 

changes. 

134See, e.g., Final Rule, Swap Data Reporting and 

Recordkeeping, 85 FR 75503, 75539–40 (Nov. 25, 

2020) (‘‘As a general matter, the Commission 

believes the implementation of the CDE Technical 

Guidance will further improve the harmonization of 

SDR data across FSB jurisdictions.’’). 

135See, e.g., Final Rule, Swap Data Reporting and 

Recordkeeping, 85 FR 75540 (Nov. 25, 2020) (‘‘This 

harmonization, when widely implemented, would 

also allow the Commission to potentially receive 

more standardized information regarding swaps 

reported to TRs regulated by other authorities. For 

instance, such standardization across SDRs and TRs 

could support data aggregation for the analysis of 

global systemic risk in swaps markets.’’). 

the part 45 swap data received by the 

Commission. The reporting of a UPI that 

limits the geographic detail would 

ensure that geographic masking is done 

in a consistent manner and help to 

eliminate reporting errors. 

Second, further proposed 

modifications to part 43 include 

implementing conforming and technical 

changes to § 43.4(c) and appendix E in 

connection with the geographic masking 

requirement, as described in section II.B 

above. Preliminarily, the Commission 

does not anticipate any material costs or 

benefits resulting from this proposal. 

Third, the Commission proposes 

modifications to § 45.7(b) to expressly 

articulate its authority to condition a 

designation of a UPI and product 

classification system and to limit, 

suspend or withdraw a designation 

order after appropriate notice and 

opportunity to respond. Preliminarily, 

the Commission does not anticipate any 

material costs or benefits resulting from 

this proposal.132

Request for Comments 

The Commission requests comment 

on the above assessment of benefits and 

costs. Are there additional costs or 

benefits that the Commission should 

consider? Is there data or other 

information that the Commission should 

consider to assist its efforts to quantify 

costs and benefits? Is there an 

alternative approach to what the 

Commission is proposing that would be 

preferable on cost/benefit grounds and, 

if so, what is it and why would it be 

preferable? Commenters are encouraged 

to include both qualitative and 

quantitative assessments of these costs 

and/or benefits and to provide 

substantiating data, statistics, and any 

other supportive information for 

positions they may posit. 

5. Additional Swap Data Elements 

Reported to the Commission and to 

Swap Data Repositories: Proposed CDE 

Data Elements 133

Introduction 

This section considers the costs and 

benefits of the nineteen new data 

elements that are currently included in 

the recommended list of CDE data 

elements. As previously discussed in 

the 2020 Final Rules, the Commission 

believes that new data elements selected 

from the CDE Technical Guidance will 

further improve the harmonization of 

SDR data across FSB-member 

jurisdictions.134 And, as the 

Commission and regulators in other 

FSB-member jurisdictions define data 

elements reflecting the CDE Guidance, 

standardization across SDRs and TRs 

internationally will support data 

aggregation for the analysis of global 

systemic risk in swaps markets.135

These new data elements are related 

to four data categories: custom basket, 

prices, notional amount and quantities, 

and product. A subset of these new data 

elements (ten) are set to also become 

required under part 43 real-time swap 

transaction reporting. 

There are five data elements in the 

custom basket category: [1] custom 

basket code, [2] basket constituent 

identifier, [3] basket constituent unit of 

measure, [4] basket constituent number 

of units, and [5] basket constituent 

identifier source. The Commission 

believes these fields are essential to 

capture the underlying products that 

determine the value of the swap. This 

category of swaps can be especially 

important to monitor risk and used to 

aggregate swaps that have similar risk 

and reward characteristics. The 

Commission expects Reporting Entities 

to have easy access to these details as 

they represent a key feature of the 

negotiated swap. 

There are six data elements in the 

price category: [1] price schedule— 

unadjusted effective date of the price, 

[2] price schedule—unadjusted end date 

of the price, [3] price schedule—price, 

[4] strike price schedule—unadjusted 

effective date of the strike price, [4] 

strike price schedule—unadjusted end 

date of the strike price, and [6] strike 

price schedule—strike. All six data 

elements will be reported under part 43. 

The Commission is aware of many 

examples of equity and other 

commodity swaps that contain a welldefined price schedule, which 

determines the risk/reward profile of the 

swap. Similarly, swaptions can be 

structured to have strike prices that 

change over the life of the swap 

according to a well-defined schedule 

determined at the time of trade. By 

adding the strike price schedule data 

elements, Commission staff would be 

able to determine if the change was due 

to an error or part of the normal 

lifecycle of the swap. 

There are five data elements in the 

product category: [1] underlier ID 

(other), [2] underlier ID (other) source, 

[3] underlying asset price source, [4] 

underlying asset trading platform 

identifier, and [5] crypto asset 

underlying indicator. Only the last data 

element here (crypto asset underlying 

indicator) will be reported under part 

43. The Commission believes the first 

two data elements are now necessary 

following the introduction of the UPI. 

As Reporting Entities send information 

about the underlier to the UPI provider, 

it is possible that the information will 

be new and not on a pre-defined list of 

underliers maintained by the UPI 

provider, in which case the provided 

UPI will simply note the underlier of 

‘‘other.’’ Requiring Reporting Entities to 

submit this information would ensure it 

is retained and sent to the SDR. This 

will allow for updates to the reference 

list of underliers maintained by the UPI 

provider and will allow the Commission 

to identify the necessary information to 

understand the swap. The Commission 

expects the underlying asset price 

source field will be necessary to monitor 

possible manipulation attempts of 

benchmarks, for example from an oil 

price reporting agency or index 

publisher. The Commission is aware 

that equity and other commodity swaps 

might trade on a foreign trading venue 

and thus the new underlying asset 

trading platform identifier is required to 

note if the swap is valued in a non-US 

currency. Finally, considering the 

increase in trading in cryptocurrency 

derivatives, the Commission believes 

that receiving additional information 

with respect to cryptocurrency swap 

transactions will assist with 

identification of swaps that reference a 

cryptocurrency asset as the underlier. 

There are three data elements in the 

notional amounts and quantities 

category: [1] notional quantity 


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136Commission staff arrived at an hourly rate of 

$93.31 using figures from a weighted average of 

salaries and bonuses across different professionals 

contained in the most recent BLS Occupation 

Employment and Wages Report (May 2022) 

multiplied by 1.3 to account for overhead and other 

benefits. The Commission estimated wage rate is a 

weighted national average of mean hourly wages for 

the following occupations (and their relative 

weight): ‘‘computer programmer—industry: 

securities, commodity contracts, and other financial 

investment and related activities’’ (50% weight); 

‘‘compliance officer—industry: securities, 

commodity contracts, and other financial 

investment and related activities’’ (25% weight); 

and ‘‘lawyer- industry: securities, commodity 

contracts, and other financial investment and 

related activities’’ (25% weight). Commission staff 

chose this methodology to account for the variance 

in skill sets that may be used to accomplish the 

collection of information. 

137This estimate incorporates the hourly rate of 

$93.31 as discussed above. For the purpose of 

considering the cost burden to SDRs, the 

Commission estimates a lower and upper bound for 

the number of hours required to adjust current 

electronic systems to send and/or receive swaps 

data, along with necessary requirements to validate 

data. For SDRs, the Commission expects a range of 

500 to 1,000 hours. The CDE data elements 

represent 39 percent of the proposed additional 

data elements, so the range of expected hours for 

SDRs for the CDE data elements is 195 to 390 hours. 

138This estimate incorporates the hourly rate of 

$93.31 as discussed above. For the purpose of 

considering the cost burden to Reporting Entities, 

the Commission estimates a lower and upper bound 

for the number of hours required to adjust current 

electronic systems to send and/or receive swaps 

data, along with necessary requirements to validate 

data. For Reporting Entities, the Commission 

expects a range of 100 to 200 hours. The CDE data 

elements represent 39 percent of the proposed 

additional data elements, so the range of expected 

hours for Reporting Entities for the CDE data 

elements is 39 to 78 hours. 

schedule—unadjusted date on which 

the associated notional quantity 

becomes effective, [2] notional quantity 

schedule—unadjusted end date of the 

notional quantity, and [3] notional 

quantity schedule—notional quantity. 

All three data elements will be reported 

under part 43. These fields are similar 

to existing data elements in the Data 

Element Appendices, but with a key 

difference. That key difference is that 

the proposed fields point to ‘‘nonmonetary amounts.’’ The new fields are 

being proposed to capture swaps in the 

other commodity asset class, which 

specify, for example, a quantity of oil or 

wheat. The Commission believes these 

new fields are essential to capture 

details of the swap not captured by the 

UPI or other currently required fields. 

Benefits 

The Commission believes including 

certain CDE Technical Guidance 3.0 

data elements will create significant 

efficiencies for the Commission and 

Reporting Entities. By including certain 

CDE fields, the Commission believes it 

will receive more cohesive, more 

standardized, and, ultimately, more 

accurate data without sacrificing the 

ability to oversee the markets robustly. 

Higher-quality swap data will improve 

the Commission’s oversight capabilities 

of registrants, and, in turn, will aid in 

protecting markets, participants, and the 

public in general. 

The Commission proposes adding 

CDE fields related to custom baskets 

because it believes that the visibility 

and reporting accuracy of holdings in 

custom baskets provides critical 

information required to ensure robust 

oversight of registrants. The proposed 

additional fields related to product are 

necessary to understand the 

characteristics of the non-standard 

underliers across asset classes at a level 

of granularity not provided in the UPI 

Taxonomy. A more complete 

identification of certain underliers will 

allow the Commission to distinguish 

between positions in different contracts 

that may not currently be 

distinguishable, allowing better 

oversight of registrants and thereby 

protecting the financial integrity of the 

swaps market. Moreover, receiving 

information specifying the underlying 

asset price source is critical to the 

Commission’s benchmark manipulation 

surveillance efforts, thereby enhancing 

the protections afforded to the markets 

generally. 

Since some of these proposed CDE 

data elements will be publicly 

disseminated pursuant to part 43, the 

Commission believes this proposal will 

provide additional swap market 

transparency to market participants and 

to the general public. For example, the 

Commission is aware of swaps that 

contain price and/or notional amounts 

that vary according to a defined 

schedule. Certain aspects of these 

defined schedules are not currently 

disseminated on the real-time ticker. 

The proposed fields address this 

problem and will allow for more 

accurate and complete information, 

thereby allowing market participants to 

better analyze STAPD. 

The Commission believes that 

proposing additional CDE fields will 

benefit cross-jurisdictional Reporting 

Entities by reducing compliance and 

reporting costs. As standards are 

adopted across various jurisdictions, 

these Reporting Entities can develop a 

single reporting system that can send 

the standardized information regardless 

of data reporting requirements. 

The Commission believes adding 

these CDE data elements will provide 

access to high-quality swap data that is 

essential for the public, and for 

regulators to monitor the swaps market 

for systemic risk or unusually large 

concentrations of risk in individual 

swaps markets or asset classes, thereby 

promoting financial integrity. 

Costs 

The Commission believes that 

because all the new data elements 

represent important price-forming 

details of the swap they should readily 

be available to reporters in the normal 

course of business. For example, 

schedules capturing changes in price 

and strike price or specific details of the 

underlier along with knowledge of the 

custom basket constituents are key 

aspects of a swap. Based on this belief, 

the Commission expects data access and 

transmission costs to be minimal since 

reporting entities have immediate access 

to the new information and the ability 

to use current systems and processes to 

send it to the SDR. 

The Commission does acknowledge 

that the proposed changes could result 

in some costs to SDRs and Reporting 

Entities to modify their electronic 

systems to accommodate the new data 

elements; to the extent any SDRs and 

Reporting Entities are already in the 

process of (or have completed) 

modifying their electronic systems to 

accommodate the new data elements for 

reporting in other jurisdictions, their 

costs will likely be lower since a fixed 

component of the infrastructure costs 

for such modifications may have already 

been incurred. The Commission, 

however, does not have access to data 

to indicate the degree to which SDRs 

and Reporting Entities have undertaken 

these modifications already; 

accordingly, its cost estimates represent 

the upper limit, with the likely actual 

costs being lower. These cost burdens 

are hourly rate for a mix of computer 

programmer, compliance officer, and 

lawyer professionals.136 The 

Commission estimates the cost burden 

for SDRs to be $18,195 to $36,391.137

The Commission estimates the cost 

burden for Reporting Entities to be 

$3,639 to $7,278.138

Request for Comments 

The Commission requests comment 

on the above assessment of benefits and 

costs, including on the identified 

benefits for SDRs, Reporting Entities, 

market participants and the public 

generally; and on the range of costs and 

the estimates of cost burdens to SDRs 

and Reporting Entities to comply with 

the proposed amendments related to the 

addition of the new CDE data elements. 

Are there additional costs or benefits 

that the Commission should consider? Is 

there data or other information that the 

Commission should consider to assist 

its efforts to quantify costs and benefits 

(including improved efficiency) and/or 

to understand the degree to which SDRs 


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139See 17 CFR part 43. 

and Reporting Entities have already 

modified their electronic systems to 

accommodate the new data elements, or 

are in the process of doing so? Are there 

alternatives to what the Commission is 

proposing that would be preferable on 

cost/benefit grounds and, if so, what are 

they and why would they be preferable? 

Commenters are encouraged to include 

both qualitative and quantitative 

assessments of these costs and/or 

benefits and to provide substantiating 

data, statistics, and any other supportive 

information for positions they may 

posit. 

6. Additional Swap Data Elements 

Reported to the Commission and To 

Swap Data Repositories: Proposed CFTC 

Data Elements 

Introduction 

This section considers the costs and 

benefits of the thirty new data elements 

that are not included in the 

recommended list of CDE data elements. 

These new data elements can be broken 

into six data categories: prices, product, 

notional amount and quantities, 

clearing, counterparty, and transaction. 

A subset of these new data elements 

(eight) are set to also become required 

under part 43 real-time swap transaction 

reporting. We consider these CFTC new 

data elements separately from the CDE 

new data elements discussed above due 

to the differences that arise in both the 

costs and the benefits. 

There are six data elements in the 

prices category: [1] option exercise end 

date, [2] option exercise frequency 

period, [3] option exercise frequency 

period multiplier, [4] swap pricing 

method, [5] pricing date schedule of the 

swap, and [6] start and end time of the 

settlement window for the floating 

leg(s). Three of these fields (related to 

option exercise) are reported also under 

part 43. The Commission expects a 

primary use-case for these data elements 

will focus on analysis of important 

swap-level characteristics that 

determine the payoffs—specifically 

noting important exercise and 

settlement details that will not be 

captured by the UPI. These details are 

essential for the Commission to monitor 

and identify potential cases of market 

manipulation. The Commission believes 

these details should be well known to 

both sides of the swap and be easy to 

report to the SDR. 

There are five data elements in the 

product category: [1] physical delivery 

location, [2] pricing index location, [3] 

physical commodity contract indicator, 

[4] product grade, and [5] maturity date 

of the underlier. Two of these fields are 

reported also under part 43. Except for 

the last new data element, maturity date 

of the underlier, all the data elements 

here in the product category apply only 

to the other commodity asset class. As 

previously discussed, prior part 43 and 

part 45 rulemakings included minimal 

non-UPI product-related data elements, 

and the Commission believes the 

addition of these five data elements will 

provide it with information essential to 

understanding the price and risk of 

swaps in the other commodity asset 

class that the UPI alone will not capture. 

There are 10 data elements in the 

notional amounts and quantities 

category, and 9 of these proposed 

schedule-related fields concern the 

delivery of power, which can be divided 

into four data elements related to the 

following three groups: [1] days of the 

week, [2] hours from thru, and [3] load 

profile type. The Commission 

understands that this delivery 

information, which is necessary to fully 

understand the economics of swaps for 

the delivery of power, will not be 

captured by UPIs. Further, the 

Commission believes this information 

should be readily available to both sides 

of the swap transaction. The remaining 

element is USD equivalent regulatory 

notional amount, which will allow for 

standardized and consistent reporting of 

notional amount and will be used to 

aggregate and monitor swaps market 

activity. 

There are two data elements in the 

clearing category: [1] mandatory 

clearing indicator, and [2] clearing 

member identifier source. One of these 

fields is reported also under part 43. 

There are four data elements in the 

counterparty category: [1] counterparty 

1 identifier source, [2] counterparty 1 

designation, [3] counterparty 2 

designation, [4] counterparty 2 special 

entity. Counterparty 1 identifier source 

is very similar to a currently required 

data element for counterparty 2 and is 

now being added to address the 

introduction of certain swaps that trade 

without a required swap dealer or LEI. 

Counterparty designation fields are 

necessary to distinguish dealers from 

non-dealers. Counterparty 2 special 

entity will be used for identifying 

reporting thresholds and exemptions. 

There are three data elements in the 

transaction category: [1] SEF or DCM 

anonymous execution indicator, [2] 

large notional off-facility swap election 

indicator, and [3] SEF or DCM indicator. 

Two fields are reported under part 43. 

The Commission preliminarily believes 

that these fields are currently being 

reported to the SDRs and they are 

required for the SDR to perform its 

required responsibilities. The 

Commission expects this information is 

available to the Reporting Entities who 

also have systems in place to send this 

information to the SDRs. 

Benefits 

Similar to the 2020 Final Rules in 

which the Commission first adopted 

some CFTC-specific data elements, the 

Commission believes expanding the 

number of CFTC data elements is 

necessary to support the Commission’s 

regulatory responsibilities. The 

expanded set of CFTC data elements 

will assist the Commission’s efforts to 

investigate potential violations of the 

CEA and the CFTC regulations. For 

example, the product fields will be used 

to investigate price manipulation and 

disruptive trading practices, which 

provides benefits to market participants 

and the general public who could 

otherwise fall victim. 

Further, the Commission expects the 

new CFTC data elements in this 

proposed rulemaking will benefit 

market participants and the general 

public by increasing transparency. Eight 

of these data elements will become part 

of the real-time ticker established under 

part 43 of the CFTC regulations.139 The 

Commission believes the expanded 

public information increases the value 

of the post-trade public dissemination. 

The general public benefits with the 

increased transparency as the 

information can be used to generate 

reports that increase knowledge related 

to trade activity. This information is 

also included in the expanded set of 

regulatory data required under part 45, 

which further benefits market 

participants and the general public by 

allowing Commission staff to 

incorporate publicly accessible data into 

its market oversight and compliance 

responsibilities. 

The Commission believes that the 

new CFTC data elements will benefit 

SDRs by providing them with required 

information to comply more easily with 

Commission regulations. For example, 

the ‘mandatory clearing indicator’ 

represents information that should be 

known to the Reporting Entity but might 

be uncertain to the SDR, which requires 

precise information to comply with 

required time delays pursuant to § 43.5. 

Costs 

As discussed above regarding the 

proposed CDE data elements, the 

Commission believes the cost burden to 

SDRs and Reporting Entities will likely 

be limited to the costs required to 

modify and expand existing electronic 

systems and databases to accommodate 

the new CFTC data elements. While the 


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140This estimate incorporates the hourly rate of 

$93.31 as discussed above. The Commission 

expects the SDRs will be required to spend 500 to 

1,000 hours to update systems to accommodate the 

new data elements. The CFTC data elements 

represent 61 percent of the proposed additional 

data elements, so the range of expected hours for 

SDRs for the CFTC data elements is 305 to 610 

hours. 

141This estimate incorporates the hourly rate of 

$93.31 as discussed above. The Commission 

expects the Reporting Entities will be required to 

spend 100 to 200 hours to update systems to 

accommodate the new data elements. The CFTC 

data elements represent 61 percent of the proposed 

additional data elements, so the range of expected 

hours for Reporting Entities for the CFTC data 

elements is 61 to 122 hours. 

subset of proposed data elements 

considered here are not considered CDE, 

the Commission expects the majority are 

essential price-forming details of the 

swap and should be readily available to 

the Reporting Entity to send to an SDR 

without incurring significant costs. 

Using the same methodology 

employed, above, to estimate costs 

related to proposed CDE data elements, 

the Commission estimates the costs to 

SDRs and Reporting Entities associated 

with the need to modify their electronic 

systems to accommodate the new 

proposed CFTC data elements to be as 

follows: SDRs—$28,460 to $56,919; 140

Reporting Entities—$5,692 to 

$11,384.141

Request for Comments 

The Commission requests comment 

on the above assessment of benefits and 

costs, including on the identified 

benefits for SDRs, market participants 

and the public generally; and on the 

range of costs and the estimates of cost 

burdens to SDRs and Reporting Entities 

to comply with the proposed 

amendments related to the addition of 

the new CFTC data elements. Are there 

additional costs or benefits that the 

Commission should consider? Is there 

data or other information that the 

Commission should consider to assist 

its efforts to quantify costs and benefits? 

Are there alternatives to what the 

Commission is proposing that would be 

preferable on cost/benefit grounds and, 

if so, what are they and why would they 

be preferable? Commenters are 

encouraged to include both qualitative 

and quantitative assessments of these 

costs and/or benefits and to provide 

substantiating data, statistics, and any 

other supportive information for 

positions they may posit. 

7. Section 15(a) Considerations 

Factor 1: Protection of Market 

Participants and the Public 

The Commission believes the 

proposed changes will enhance 

protections already in place for market 

participants and the public. By adding 

new data elements, the Commission 

believes it will receive more cohesive, 

more standardized, and, ultimately, 

more accurate data without sacrificing 

the ability to oversee the markets 

robustly. Higher-quality swap data will 

improve the Commission’s oversight 

capabilities, and, in turn, will aid it in 

protecting markets, market participants, 

and the public in general. The 

Commission views this benefit, in 

combination with the others it 

recognizes, to warrant the relatively 

minor expected costs that it has 

identified. 

Factor 2: Efficiency, Competitiveness, 

and Financial Integrity of Futures 

Markets 

The Commission believes that the 

proposed amendments may potentially 

have a beneficial effect for the financial 

integrity of the swap markets because 

the proposed amendments would assist 

the Commission in its supervision of 

registrants and oversight of the 

derivatives markets. More complete and 

more accurate publicly disseminated 

swap transactions data may improve 

market efficiency and competitiveness 

by helping the public make better 

informed decisions. Moreover, as 

discussed above, the Commission 

believes that adding certain CDE fields 

will benefit cross-jurisdictional 

Reporting Entities by reducing 

compliance and reporting costs, and the 

Commission believes that in some 

instances the new proposed CFTC data 

elements will benefit SDRs by providing 

them with information that can be used 

to comply with the Commission’s 

regulations. Again, the Commission 

views this benefit, in combination with 

the others it recognizes, to warrant the 

relatively minor expected costs that it 

has identified. 

Factor 3: Price Discovery 

Section 2(a)(13) of the CEA and the 

Commission’s existing regulations in 

part 43 implementing CEA section 

2(a)(13) require STAPD to be made 

available to the public in real time. The 

Commission believes inaccurate and 

incomplete STAPD hinders the use of 

the STAPD, which harms transparency 

and price discovery. The Commission 

expects market participants will be 

better able to analyze STAPD as a result 

of the additional publicly disseminated 

data elements, because the fields will 

make STAPD more accurate and 

complete. The Commission views this 

benefit, in combination with the others 

it recognizes, to warrant the relatively 

minor expected costs that it has 

identified. 

Factor 4: Sound Risk Management 

Practices 

The Commission believes the 

proposed rules will improve the quality 

of swap data reported to SDRs and, 

hence, improve the Commission’s 

ability to monitor the swaps market, 

react to changes in market conditions, 

and fulfill its regulatory responsibilities 

generally. The Commission believes 

regulator access to high-quality swap 

data is essential for regulators to 

monitor the swaps market for systemic 

risk or unusually large concentrations of 

risk in individual swaps markets or 

asset classes. The Commission views 

this benefit, in combination with the 

others it recognizes, to warrant the 

relatively minor expected costs that it 

has identified. 

Factor 5: Other Public Interest 

Considerations 

The Commission believes the 

improved accuracy resulting from 

improvements to data entry by market 

participants via the proposed rules has 

other beneficial public interest impacts 

including: [1] Increased understanding 

for the public, market participants, and 

the Commission of the interaction 

between the swaps market, other 

financial markets, and the overall 

economy; [2] Improved regulatory 

oversight and enforcement capabilities; 

and [3] Enhanced information for the 

Commission and other regulators so that 

they may establish more effective public 

policies to monitor and, where 

necessary, reduce overall systemic risk. 

The Commission views these benefits, 

in combination with the others it 

recognizes, to warrant the relatively 

minor expected costs that it has 

identified. 

General Request for Comments 

The Commission generally requests 

comments on all aspects of its 

consideration of costs and benefits, 

including the identification and 

assessment of any costs and benefits not 

discussed herein; data and any other 

information to assist or otherwise 

inform the Commission’s ability to 

quantify or qualitatively describe the 

costs and benefits of the proposed 

amendments; and substantiating data, 

statistics, and any other information to 

support positions posited by 

commenters with respect to the 

Commission’s discussion. The 

Commission welcomes comment on 

such costs and benefits, particularly 

from existing Reporting Entities and 

SDRs that can provide quantitative cost 

and benefit data based on their 

respective experiences. The 


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142 5 U.S.C. 601 et seq. 

143See 5 U.S.C. 603. The RFA applies to rules 

subject to notice and comment rulemakings issued 

pursuant to section 553(b) of the Administrative 

Procedure Act, 5 U.S.C. 553(b), or any other law. 

Id. 

144See Policy Statement and Final Establishment 

of Definitions, 47 FR 18618 (Apr. 30, 1982). 

145The Commission understands that all prime 

brokers (‘‘PBs’’) currently acting as such in 

connection with swaps are SDs. Consequently, the 

RFA analysis applicable to SDs applies equally to 

PBs. 

146See 1982 RFA Release. 

147The Commission has previously certified that 

DCOs are not small entities for purposes of the RFA. 

See DCO General Provisions and Core Principles, 76 

FR 69334, 69428 (Nov. 8, 2011). 

148See SD and MSP Recordkeeping, Reporting, 

and Duties Rules, 77 FR 20128, 20194 (Apr. 3, 2012) 

(basing determination in part on minimum capital 

requirements). 

149See id. 

150See Core Principles and Other Requirements 

for SEFs, 78 FR 33476, 33548 (June 4, 2013). 

151See Swap Data Repositories, 75 FR 80898, 

80926 (Dec. 23, 2010) (basing determination in part 

on the central role of SDRs in swaps reporting 

regime, and on the financial resource obligations 

imposed on SDRs). 

152See 7 U.S.C. 2(e). 

153See 2020 RTR Final Rule, 85 FR at 75461. 

154The sample data sets varied across SDRs and 

asset classes based on relative trade volumes. The 

sample represents data available to the Commission 

for swaps executed over a period of one month. 

These sample data sets captured 2,551,907 FX 

swaps, 603,864 equity swaps, 357,851 other 

commodity swaps, 276,052 IRS, and 98,145 CDS. 

155 5 U.S.C. 605(b). 

156 44 U.S.C. 3501 et seq. 

157As discussed above in the Cost-Benefit 

Considerations section, the following cost burden 

Commission also welcomes comments 

on alternatives to the proposed 

amendments that may be preferable on 

cost-benefit grounds and why. 

B. Regulatory Flexibility Act 

The Regulatory Flexibility Act 142

(‘‘RFA’’) requires that agencies, in 

proposing rules, consider the impact of 

those rules on ‘‘small entities.’’ 143 The 

Commission has defined ‘‘small 

entities’’ as used by the Commission in 

evaluating the impact of its rules in 

accordance with the RFA.144 The 

amendments to part 43 and part 45 

proposed herein would have a direct 

effect on the operations of DCMs, DCOs, 

MSPs, PBs,145 SDs, RCPs, SEFs, and 

SDRs. The Commission has previously 

certified that DCMs,146 DCOs, 147

MSPs,148 SDs,149 SEFs,150 and SDRs 151

are not small entities for RFA purposes. 

The proposed amendments to part 43 

and part 45 would have a direct impact 

on all RCPs. These RCPs may include 

SDs, MSPs, DCOs, and non-SD/MSP/ 

DCO counterparties. Regarding whether 

non-SD/MSP/DCO reporting 

counterparties are small entities for RFA 

purposes, the Commission notes that 

section 2(e) of the CEA prohibits a 

person from entering into a swap unless 

the person is an eligible contract 

participant (‘‘ECP’’), except for swaps 

executed on or pursuant to the rules of 

a DCM.152 The Commission has 

previously certified that ECPs are not 

small entities for purposes of the 

RFA.153

The Commission has analyzed swap 

data reported to each SDR154 across all 

five asset classes to determine the 

number and identities of non-SD/MSP/ 

DCOs that are reporting counterparties 

to swaps under the Commission’s 

jurisdiction. A recent Commission staff 

review of swap data, including swaps 

executed on or pursuant to the rules of 

a DCM, identified nearly 1,600 non-SD/ 

MSP/DCO reporting counterparties. 

Based on its review of publicly 

available data, the Commission believes 

that the overwhelming majority of these 

non-SD/MSP/DCO reporting 

counterparties that have reporting 

obligations under parts 43 and 45 are 

either ECPs or do not meet the 

definition of ‘‘small entity’’ established 

in the RFA. Accordingly, the 

Commission does not believe the Final 

Rule will affect a substantial number of 

small entities. 

Based on the above analysis, the 

Commission does not believe that this 

proposal will have a significant 

economic impact on a substantial 

number of small entities. Thus, under 

section 3(a) of the RFA,155 the 

Chairman, on behalf of the Commission, 

certifies that the proposed rules will not 

have a significant economic impact on 

a substantial number of small entities. 

The Commission nonetheless invites 

comment from any entity which 

believes that these rules would have a 

significant economic impact on its 

operations. 

C. Paperwork Reduction Act 

The Paperwork Reduction Act 

(‘‘PRA’’) 156 imposes certain 

requirements on Federal agencies, 

including the Commission, in 

connection with agencies’ conducting or 

sponsoring any collection of 

information, as defined by the PRA. 

This proposed rulemaking would result 

in the collection of information within 

the meaning of the PRA. The 

Commission has previously received 

control numbers from the Office of 

Management and Budget (‘‘OMB’’) for 

each of the collections impacted by this 

rulemaking: OMB Control Numbers 

3038–0070 (relating to part 43 RealTime Public Reporting) and 3038–0096 

(relating to part 45 Swap Data 

Recordkeeping and Reporting 

Requirements). 

The Commission is proposing to 

amend the above information 

collections to accommodate newly 

proposed and revised information 

collection requirements for participants 

in the swaps markets that require 

approval from OMB under the PRA. The 

amendments are expected to modify the 

existing annual burden for complying 

with certain requirements of parts 43 

and 45. Specifically, the Commission is 

proposing to amend regulation 43.4(c) to 

incorporate the UPI and product 

classification system for the other 

commodity asset class and amending 

appendix A to part 43 and appendix 1 

to part 45 to add additional data 

elements to be reported by Reporting 

Entities. 

Until the Commission designates a 

UPI and product classification system 

for the other commodity asset class, 

Reporting Entities will use the internal 

product identifiers or product 

descriptions used by the SDR for the 

reporting of swaps in the other 

commodity asset class. As a result, until 

the Commission designates a UPI for the 

other commodity asset class, the burden 

estimates for the product fields are 

already accounted for in the current 

burden estimates for §§ 45.3 and 45.4. 

To avoid double-counting, the 

Commission is not revising the burden 

estimate for the implementation of a UPI 

and product classification system for the 

other commodity asset class until the 

Commission designates a UPI. 

The Commission also proposes to 

amend appendix A to part 43 and 

appendix 1 to part 45 to require the 

reporting and public dissemination of 

certain additional details regarding 

swap transactions. Appendix A to part 

43 describes the fields for which an SDR 

must publicly disseminate swap 

transaction and pricing data, and 

appendix 1 to part 45 lists the swap data 

elements required to be reported to 

SDRs. The Commission is proposing to 

add nineteen data elements from the 

CDE Technical Guidance 3.0 (of which 

ten are required to be publicly 

disseminated) and thirty data elements 

not included in the CDE Technical 

Guidance 3.0 (of which eight are 

required to be publicly disseminated) to 

the Data Element Appendices. The 

reporting of these additional data 

elements will affect the burden 

estimates for part 43 (Real-Time Public 

Reporting) and part 45 (Swap Data 

Recordkeeping and Reporting 

Requirements).157


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estimations are based on an estimated hourly rate 

for a mix of computer programmer, compliance 

officer, and lawyer professionals. Commission staff 

arrived at an hourly rate of $93.31 using figures 

from a weighted average of salaries and bonuses 

contained in the most recent BLS Occupation 

Employment and Wages Report (May 2022) 

multiplied by 1.3 to account for overhead and other 

benefits. 

158 5 U.S.C. 552. 

159 7 U.S.C. 12(a)(1). 

160 5 U.S.C. 552a. 161See 17 CFR 45.3, 45.4, and 45.15. 

162See 17 CFR 45.4(b), 49.10. 

163The Commission included the estimated 

capital/start-up costs associated with modification 

of systems to implement the additional new data 

fields in appendix 1 to part 45 under § 45.3. To 

avoid double counting, these estimates also cover 

any capital/start-up costs under § 45.4 for a 

Reporting Entity to modify its systems to implement 

the proposed addition of data elements to appendix 

1. As noted above, the Commission is soliciting 

comments on the revised burden estimates for part 

45, including the estimated costs related to the 

modification or maintenance of systems in order to 

comply with the proposed amendments. 

The Commission is therefore 

submitting this proposal to the OMB for 

its review in accordance with 44 U.S.C. 

3507(d) and 5 CFR 1320.11. Responses 

to this collection of information by 

reporting firms pursuant to the parts 43 

and 45 regulations would be mandatory. 

The Commission will protect 

proprietary information according to the 

Freedom of Information Act 158 and 17 

CFR part 145, ‘‘Commission Records 

and Information.’’ In addition, CEA 

section 8(a)(1) strictly prohibits the 

Commission, unless specifically 

authorized by the CEA, from making 

public ‘‘data and information that 

would separately disclose the business 

transactions or market positions of any 

person and trade secrets or names of 

customers.’’ 159 The Commission is also 

required to protect certain information 

contained in a government system of 

records according to the Privacy Act of 

1974.160

1. Part 43: Revisions to Collection 3038– 

0070 (Real-Time Public Reporting) 

Regulation 43.3 requires reporting 

counterparties, SEFs, and DCMs to send 

swap transaction and pricing data as 

described in appendix A of part 43 to 

SDRs as soon as technologically 

practicable after execution. Regulation 

43.4 requires SDRs to publicly 

disseminate the swap transaction and 

pricing data described in appendix A of 

part 43. The Commission estimates that 

the highly automated nature of part 43 

reporting virtually eliminates the 

marginal costs associated with the 

ongoing recordkeeping or reporting 

burden for each proposed additional 

data element to appendix A of part 43. 

Rather, the costs for the proposed 

amendments will mostly be incurred to 

develop, modify, and test existing 

processes to capture and transmit the 

proposed additional data elements. 

Accordingly, the Commission is 

retaining its previous estimated 

numbers of reports, burden hours per 

report, and average burden hour cost 

under §§ 43.3 and 43.4. However, the 

Commission does estimate Reporting 

Entities will incur the following costs to 

implement the additional new data 

fields. 

Under § 43.3, the Commission 

estimates that the cost for a Reporting 

Entity, which includes DCMs, DCOs, 

SDs, MSPs, non-SD/MSP/DCOs, and 

SEFs, to modify their systems and to 

adopt the proposed addition of data 

elements to appendix A to part 43 could 

range from $3,000–$6,000, assuming it 

takes each Reporting Entity an estimated 

total of 33–67 hours to perform the 

necessary tasks. There are an estimated 

1,729 Reporting Entities. Since the 

Commission cannot enter a range of 

estimates, the Commission has averaged 

its estimates of $3,000 to $6,000 as 

$4,500 for the 1,729 reporting entities, 

for a total of $7,780,500 ($4,500 * 1,729 

reporting entities). Based on five-year, 

straight line depreciation, this amounts 

to annualized total capital/start-up costs 

for all covered entities of $1,556,100 

($7,780,500/5). The estimated cost is 

based on a number of assumptions that 

cover tasks required to design, test, and 

implement an updated data system 

based on the new swap data elements 

contained in part 43. 

Under § 43.4, the Commission 

estimates that the cost for an SDR to 

modify their systems, including their 

data reporting, ingestion, and validation 

systems, and maintain those 

modifications going forward may range 

from $16,000–$31,000 per SDR, 

assuming it takes each Reporting Entity 

an estimated total of 170–330 hours to 

perform the necessary tasks. There are 

currently three SDRs. Since the 

Commission cannot enter a range of 

estimates, the Commission has averaged 

its estimates of $16,000–$31,000 as 

$23,500 for the three SDRs, for a total 

of $70,500 ($23,500 * 3 reporting 

entities). Based on five-year, straight 

line depreciation, this amounts to 

annualized total capital/start-up costs 

for all covered entities of $14,100 

($70,500/5). The estimated cost range is 

based on assumptions that cover the set 

of tasks required for the SDR to design, 

test, and implement a data system based 

on the list of swap data elements 

contained in part 43. 

2. Part 45: Revisions to Collection 3038– 

0096 (Swap Data Recordkeeping and 

Reporting Requirements) 

Under §§ 45.3 and 45.4, SEFs, DCMs, 

and reporting counterparties must 

report swap creation data and swap 

continuation data as described in the 

data elements in appendix 1 to part 45 

and in the form and manner provided in 

the technical specification published by 

the Commission under § 45.15.161 SDRs 

are required to accept the data elements 

from the Reporting Entities and 

maintain systems to validate swap 

data.162 Similar to the discussion above 

in connection with the burden estimates 

for part 43, the Commission estimates 

that the highly automated nature of part 

45 reporting virtually eliminates the 

marginal costs associated with the 

ongoing reporting or recordkeeping 

burden for each proposed additional 

data element to appendix 1 of part 45. 

Rather, the costs for the proposed 

amendments will primarily be incurred 

to develop, modify, and test existing 

processes to capture and transmit the 

proposed additional data elements. 

Accordingly, the Commission is 

retaining its previous estimated 

numbers of reports, burden hours per 

report, and average burden hour costs 

for reporting and recordkeeping under 

§§ 45.3 and 45.4. However, the 

Commission does expect Reporting 

Entities to incur the following capital/ 

start-up costs under § 45.3 to implement 

the additional new data fields.163

The Commission estimates that the 

cost for a Reporting Entity to modify 

their systems to adopt the proposed 

addition of data elements to appendix 1 

of part 45 could range from $37,000– 

$75,000, assuming an estimated total of 

400–800 hours per reporting to perform 

the necessary tasks. There are an 

estimated 1,732 Reporting Entities. 

Since the Commission cannot enter a 

range of estimates, the Commission has 

averaged its estimates of $37,000– 

$75,000 as $56,000 for the 1,732 

Reporting Entities, for a total of 

$96,992,000 ($56,000 * 1,732 reporting 

entities). Based on five-year, straight 

line depreciation, this amounts to 

annualized total capital/start-up costs 

for all covered entities of $19,398,400 

($96,992,000/5). The estimated cost 

range is based on a number of 

assumptions that cover tasks required to 

design, test, and implement an updated 

data system based on the new swap data 

elements contained in part 45. 

Request for Comment 

The Commission invites the public 

and other Federal agencies to comment 

on any aspect of the proposed 

information collection requirements 


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164 7 U.S.C. 19(b). 

discussed above. The Commission will 

consider public comments on this 

proposed collection of information in: 

(1) Evaluating whether the proposed 

collection of information is necessary 

for the proper performance of the 

functions of the Commission, including 

whether the information will have a 

practical use; 

(2) Evaluating the accuracy of the 

estimated burden of the proposed 

collection of information, including the 

degree to which the methodology and 

the assumptions that the Commission 

employed were valid; 

(3) Enhancing the quality, utility, and 

clarity of the information proposed to be 

collected; and 

(4) Minimizing the burden of the 

proposed information collection 

requirements on those who are to 

respond, including through the use of 

appropriate automated, electronic, 

mechanical, or other technological 

information collection techniques, e.g., 

permitting electronic submission of 

responses. 

Copies of the submission from the 

Commission to OMB are available from 

the CFTC Clearance Officer, 1155 21st 

Street NW, Washington, DC 20581, (202) 

418–5714 or from https://RegInfo.gov. 

Organizations and individuals desiring 

to submit comments on the proposed 

information collection requirements 

should send those comments to: 

• The Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, Room 10235, 

New Executive Office Building, 

Washington, DC 20503, Attn: Desk 

Officer of the Commodity Futures 

Trading Commission; 

• (202) 395–6566 (fax); or 

• OIRAsubmissions@omb.eop.gov 

(email). 

Please provide the Commission with 

a copy of submitted comments so that 

comments can be summarized and 

addressed in the final rulemaking, and 

please refer to the ADDRESSES section of 

this rulemaking for instructions on 

submitting comments to the 

Commission. OMB is required to make 

a decision concerning the proposed 

information collection requirements 

between 30 and 60 days after 

publication of this release in the Federal 

Register. Therefore, a comment to OMB 

is best assured of receiving full 

consideration if OMB receives it within 

30 calendar days of publication of this 

release. Nothing in the foregoing affects 

the deadline enumerated above for 

public comment to the Commission on 

the proposed rules. 

D. Antitrust Considerations 

CEA section 15(b) requires the 

Commission to take into consideration 

the public interest to be protected by the 

antitrust laws and endeavor to take the 

least anticompetitive means of 

achieving the objectives of the CEA in 

issuing any order or adopting any 

Commission rule or regulation.164

The Commission believes that the 

public interest to be protected by the 

antitrust laws is generally to protect 

competition. The Commission requests 

comment on whether the proposed rules 

implicate any other specific public 

interest to be protected by the antitrust 

laws. 

The Commission has considered the 

proposed rules to determine whether 

they are anticompetitive and has 

preliminarily identified no anticompetitive effects. The Commission 

requests comment on whether the 

proposed rules are anticompetitive and, 

if so, how and what the anticompetitive 

effects are. 

Because the Commission has 

preliminarily determined that the 

proposed rules are not anticompetitive 

and have no anticompetitive effects, the 

Commission has not identified any less 

anticompetitive means of achieving the 

purposes of the CEA. To the extent, 

however, any commenter may disagree 

with this assessment, the Commission 

requests comment on whether there are 

less anticompetitive means of achieving 

the relevant purposes of the CEA that 

would otherwise be served by adopting 

the proposed rules. 

List of Subjects 

17 CFR Part 43 

Consumer protection, Reporting and 

recordkeeping requirements, Swaps. 

17 CFR Part 45 

Data recordkeeping requirements, 

Data reporting requirements, Swaps. 

For the reasons stated in the 

preamble, the Commodity Futures 

Trading Commission proposes to amend 

17 CFR chapter I as follows: 

PART 43—REAL TIME PUBLIC 

REPORTING 

■ 1. The authority citation for part 43 

continues to read as follows: 

Authority: 7 U.S.C. 2(a), 12a(5), and 24a, as 

amended by Pub. L. 111–203, 124 Stat. 1376 

(2010). 

■ 2. Amend § 43.4 by revising 

paragraphs (c)(2), (c)(4) introductory 

text, (c)(4)(i), (c)(4)(ii) introductory text, 

and (c)(4)(iii) and adding paragraph 

(c)(5) to read as follows: 

§ 43.4 Swap transaction and pricing data 

to be publicly disseminated in real-time. 

* * * * * 

(c) * * * 

(2) Actual product description 

reported to swap data repository. For all 

publicly reportable swap transactions in 

the interest rate, credit, equity, and 

foreign exchange asset classes, reporting 

counterparties, swap execution 

facilities, and designated contract 

markets shall provide a swap data 

repository with swap transaction and 

pricing data that includes an actual 

description of the underlying asset(s). 

This requirement is separate from the 

requirement that a reporting 

counterparty, swap execution facility, or 

designated contract market shall report 

swap data to a swap data repository 

pursuant to section 2(a)(13)(G) of the 

Act and 17 CFR chapter I. 

* * * * * 

(4) Reporting and public 

dissemination of the underlying asset(s) 

for certain swaps in the other 

commodity asset class. Reporting 

counterparties, swap execution 

facilities, and designated contract 

markets shall provide a swap data 

repository, and a swap data repository 

shall publicly disseminate, swap 

transaction and pricing data in the other 

commodity asset class as described in 

this paragraph. 

(i) Reporting counterparties, swap 

execution facilities, and designated 

contract markets shall provide a swap 

data repository, and a swap data 

repository shall publicly disseminate, 

swap transaction and pricing data for 

publicly reportable swap transactions in 

the other commodity asset class in the 

manner described in paragraphs 

(c)(4)(ii) and (iii) of this section. 

(ii) The actual underlying asset(s) 

shall be provided and publicly 

disseminated for the following publicly 

reportable swap transactions in the 

other commodity asset class: 

* * * * * 

(iii) Reporting counterparties, swap 

execution facilities, and designated 

contract markets shall provide a swap 

data repository the actual underlying 

assets of swaps in the other commodity 

asset class that are not described in 

paragraph (c)(4)(ii) of this section, 

which shall be publicly disseminated by 

limiting the geographic detail of the 

underlying asset(s). The identification of 

any specific delivery point or pricing 

point associated with the underlying 

asset of such other commodity swap 


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shall be publicly disseminated pursuant 

to appendix E of this part. 

* * * * * 

(5) Unique Product Identifiers and 

Product Classification System. (i) When 

a unique product identifier and product 

classification system has been 

designated by the Commission to be 

used in recordkeeping and swap data 

reporting pursuant to regulation 45.7, 

reporting counterparties, swap 

execution facilities, and designated 

contract markets shall comply with the 

requirement to provide, and swap data 

repositories shall comply with any 

requirement to disseminate, an actual 

description of the underlying asset(s) by 

providing or disseminating, as 

applicable, swap transaction and pricing 

data that includes a unique product 

identifier and product classification 

system designated by the Commission. 

(ii) For swaps described in paragraph 

(c)(4)(iii) of this section, when a unique 

product identifier and product 

classification system has been 

designated by the Commission to be 

used in recordkeeping and swap data 

reporting pursuant to regulation 45.7, 

reporting counterparties, swap 

execution facilities, and designated 

contract markets shall comply with the 

requirement to provide, and swap data 

repositories shall comply with their 

requirement to disseminate, a 

description of the underlying asset(s) 

that limits geographic detail pursuant to 

paragraph (c)(4)(iii) of this section by 

providing or disseminating, as 

applicable, swap transaction and pricing 

data that includes a unique product 

identifier and product classification 

system designated by the Commission 

that identifies any specific delivery 

point or pricing point pursuant to 

appendix E of this part. 

(iii) Notwithstanding the 

requirements in paragraph (c)(5)(ii) of 

this section to provide and disseminate 

a unique product identifier and product 

classification system that limits 

geographic detail pursuant to appendix 

E of this part, reporting counterparties, 

swap execution facilities, and 

designated contract markets shall also 

comply with part 45 reporting 

obligations by providing to swap data 

repositories a unique product identifier 

and product classification system that 

does not limit the geographic detail of 

the underlying assets. The requirement 

established in paragraph (c)(5)(ii) of this 

section is separate from and in addition 

to the requirements set out in § 45.7. 

* * * * * 

■ 3. Revise appendix A to part 43 to 

read as follows: 

Appendix A to Part 43—Swap 

Transaction and Pricing Data Elements 

Allowable values for data elements are set 

forth in the technical specification published 

pursuant to § 43.7(a)(1) providing the form 

and manner for reporting and publicly 

disseminating the swap transaction and 

pricing data elements. 

# Data element name Definition for data element 

Category: Clearing 

1 ............... Cleared ....................................................... Indicator of whether the transaction has been cleared, or is intended to be cleared, by 

a central counterparty. 

14 ............. Mandatory clearing indicator ...................... An indicator of whether the swap transaction is subject to mandatory clearing under 

the Commission’s regulations. 

Category: Custom baskets 

31 ............. Custom basket indicator ............................. Indicator of whether the swap transaction is based on a custom basket. 

Category: Events 

37 ............. Action type .................................................. Type of action taken on the transaction or type of end-of-day reporting. 

Allowable values for action type are subject to removals and additions as set forth in 

the technical specification and might include, but not be limited to, new, modify, correct, error, terminate, revive, transfer out, valuation, and collateral/margin update. 

38 ............. Event type ................................................... Explanation or reason for the action being taken on the transaction. 

Allowable values for event type are subject to removals and additions as set forth in 

the technical specification and might include, but not be limited to, trade, novation/ 

step-in, post trade risk reduction exercise, early termination, clearing, exercise, allocation, clearing & allocation, credit event, corporate event and transfer. 

39 ............. Amendment indicator .................................. Indicator of whether the modification of the transaction reflects newly agreed upon 

term(s) from the previously negotiated terms. 

41 ............. Event timestamp ......................................... Date and time of occurrence of the event. 

Category: Notional amounts and quantities 

43 ............. Notional amount .......................................... For each leg of the transaction, where applicable: 

—For OTC derivative transactions negotiated in monetary amounts, amount 

specified in the contract. 

—For OTC derivative transactions negotiated in non-monetary amounts, refer to 

appendix in the swap data technical specification for converting notional 

amounts for non-monetary amounts. 

44 ............. Notional currency ........................................ For each leg of the transaction, where applicable: currency in which the notional 

amount is denominated. 

45 ............. Notional amount schedule—notional 

amount in effect on associated effective 

date.

For each leg of the transaction, where applicable: For OTC derivative transactions negotiated in monetary amounts with a notional amount schedule: 

• Notional amount which becomes effective on the associated unadjusted effective date. 

46 ............. Notional amount schedule—unadjusted effective date of the notional amount.For each leg of the transaction, where applicable: For OTC derivative transactions negotiated in monetary amounts with a notional amount schedule: 

• Unadjusted date on which the associated notional amount becomes effective. 

47 ............. Notional amount schedule—unadjusted 

end date of the notional amount.

For each leg of the transaction, where applicable: For OTC derivative transactions negotiated in monetary amounts with a notional amount schedule: 

• Unadjusted end date of the notional amount. 

48 ............. Call amount ................................................. For foreign exchange options, the monetary amount that the option gives the right to 

buy. 

49 ............. Call currency ............................................... For foreign exchange options, the currency in which the Call amount is denominated. 


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# Data element name Definition for data element 

50 ............. Put amount ................................................. For foreign exchange options, the monetary amount that the option gives the right to 

sell. 

51 ............. Put currency ................................................ For foreign exchange options, the currency in which the Put amount is denominated. 

52 ............. Notional quantity ......................................... For each leg of the swap transaction where applicable, for swap transactions negotiated in non-monetary amounts with fixed notional quantity for each schedule period. 

53 ............. Quantity frequency ...................................... For each leg of the swap transaction where applicable, the rate at which the quantity 

is quoted on the swap transaction. 

54 ............. Quantity frequency multiplier ...................... For each leg of the swap transaction where applicable, the number of time units for 

the Quantity frequency. 

55 ............. Quantity unit of measure ............................ For each leg of the transaction, where applicable: unit of measure in which the Total 

notional quantity and Notional quantity are expressed. 

56 ............. Total notional quantity ................................ For each leg of the transaction, where applicable: aggregate Notional quantity of the 

underlying asset for the term of the transaction. 

57 ............. Notional quantity schedule—unadjusted 

date on which the associated notional 

quantity becomes effective.

For each leg of the transaction, where applicable: for OTC derivative transactions negotiated in non-monetary amounts with a Notional quantity schedule. 

• Unadjusted date on which the associated notional quantity becomes effective. 

58 ............. Notional quantity schedule—unadjusted 

end date of the notional quantity.

For each leg of the transaction, where applicable: for OTC derivative transactions negotiated in non-monetary amounts with a Notional quantity schedule. 

• Unadjusted end date of the notional quantity. 

59 ............. Notional quantity schedule—notional quantity.For each leg of the transaction, where applicable: for OTC derivative transactions negotiated in non-monetary amounts with a Notional quantity schedule. 

• Notional quantity which becomes effective on the associated unadjusted effective date. 

Category: Packages 

69 ............. Package indicator ....................................... Indicator of whether the swap transaction is part of a package transaction. 

71 ............. Package transaction price .......................... Traded price of the entire package in which the reported derivative transaction is a 

component. 

72 ............. Package transaction price currency ........... Currency in which the Package transaction price is denominated. 

73 ............. Package transaction price notation ............ Manner in which the Package transaction price is expressed. 

74 ............. Package transaction spread ....................... Traded price of the entire package in which the reported derivative transaction is a 

component of a package transaction. 

Package transaction price when the price of the package is expressed as a spread, 

difference between two reference prices. 

75 ............. Package transaction spread currency ........ Currency in which the Package transaction spread is denominated. 

76 ............. Package transaction spread notation ......... Manner in which the Package transaction spread is expressed. 

Category: Payments 

77 ............. Day count convention ................................. For each leg of the transaction, where applicable: day count convention (often also 

referred to as day count fraction or day count basis or day count method) that determines how interest payments are calculated. It is used to compute the year fraction of the calculation period, and indicates the number of days in the calculation 

period divided by the number of days in the year. 

79 ............. Floating rate reset frequency period .......... For each floating leg of the swap transaction where applicable, time unit associated 

with the frequency of resets. 

80 ............. Floating rate reset frequency period multiplier.For each floating leg of the swap transaction where applicable, number of time units 

(as expressed by the Floating rate reset frequency period) that determines the frequency at which periodic payment dates for reset occur. 

81 ............. Other payment type .................................... Type of Other payment amount. 

82 ............. Other payment amount ............................... Payment amounts with corresponding payment types to accommodate requirements 

of transaction descriptions from different asset classes. 

83 ............. Other payment currency ............................. Currency in which Other payment amount is denominated. 

87 ............. Payment frequency period .......................... For each leg of the transaction, where applicable: time unit associated with the frequency of payments. 

88 ............. Payment frequency period multiplier .......... For each leg of the transaction, where applicable: number of time units (as expressed 

by the Payment frequency period) that determines the frequency at which periodic 

payment dates occur. 

Category: Prices 

89 ............. Exchange rate ............................................. Exchange rate between the two different currencies specified in the OTC derivative 

transaction agreed by the counterparties at the inception of the transaction, expressed as the rate of exchange from converting the unit currency into the quoted 

currency. 

90 ............. Exchange rate basis ................................... Currency pair and order in which the exchange rate is denominated, expressed as 

unit currency/quoted currency. 

91 ............. Fixed rate .................................................... For each leg of the transaction, where applicable: for OTC derivative transactions with 

periodic payments, per annum rate of the fixed leg(s). 

92 ............. Post-priced swap indicator ......................... Indicator of whether the swap transaction satisfies the definition of ‘‘post-priced swap’’ 

in § 43.2(a). 

93 ............. Price ............................................................ Price specified in the OTC derivative transaction. It does not include fees, taxes or 

commissions. 

94 ............. Price currency ............................................. Currency in which the price is denominated. 

95 ............. Price notation .............................................. Manner in which the price is expressed. 

96 ............. Price unit of measure ................................. Unit of measure in which the price is expressed. 


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# Data element name Definition for data element 

97 ............. Price schedule—unadjusted effective date 

of the price.

For OTC derivative transactions with prices varying throughout the life of the transaction: 

• Unadjusted effective date of the price. 

98 ............. Price schedule—unadjusted end date of 

the price.

For OTC derivative transactions with prices varying throughout the life of the transaction: 

• Unadjusted end date of the price. 

99 ............. Price schedule—price ................................. For OTC derivative transactions with prices varying throughout the life of the transaction: 

• Price in effect between the unadjusted effective date and unadjusted end date 

inclusive. 

100 ........... Spread ........................................................ For each leg of the transaction, where applicable: 

For OTC derivative transactions with periodic payments: 

• Spread on the individual floating leg(s) index reference price, in the case where 

there is a spread on a floating leg(s); or 

• Difference between the reference prices of the two floating leg indexes. 

101 ........... Spread currency ......................................... For each leg of the transaction, where applicable: currency in which the spread is denominated. 

102 ........... Spread notation .......................................... For each leg of the transaction, where applicable: manner in which the spread is expressed. 

103 ........... Strike price .................................................. For options other than foreign exchange options, swaptions and similar products, 

price at which the owner of an option can buy or sell the underlying asset of the option. 

For foreign exchange options, exchange rate at which the option can be exercised, 

expressed as the rate of exchange from converting the unit currency into the 

quoted currency. 

For volatility and variance swaps and similar products, the volatility strike price is reported in this data element. 

104 ........... Strike price currency/currency pair ............. For equity options, commodity options, and similar products, currency in which the 

strike price is denominated. 

For foreign exchange options: Currency pair and order in which the strike price is expressed. 

105 ........... Strike price notation .................................... Manner in which the strike price is expressed. 

106 ........... Strike price schedule—Unadjusted effective date of the strike price.For options, swaptions and similar products with strike prices varying throughout the 

life of the transaction: 

• Unadjusted effective date of the strike price. 

107 ........... Strike price schedule—Unadjusted end 

date of the strike price.

For options, swaptions and similar products with strike prices varying throughout the 

life of the transaction: 

• Unadjusted end date of the strike price. 

108 ........... Strike price schedule—strike price ............. For options, swaptions and similar products with strike prices varying throughout the 

life of the transaction: 

• Strike price in effect between the unadjusted effective date and unadjusted end 

date inclusive. 

109 ........... Option premium amount ............................. For options and swaptions of all asset classes, monetary amount paid by the option 

buyer. 

110 ........... Option premium currency ........................... For options and swaptions of all asset classes, currency in which the option premium 

amount is denominated. 

112 ........... First exercise date ...................................... First unadjusted date during the exercise period in which an option can be exercised. 

113 ........... Option exercise end date ........................... For American or Bermudan exercise type, the last date for exercise. 

114 ........... Option exercise frequency period ............... The frequency of exercise periods. 

115 ........... Option exercise frequency period multiplier The number of time units for the exercise frequency period. 

Category: Product 

121 ........... Index factor ................................................. The index version factor or percent, expressed as a decimal value, that multiplied by 

the Notional amount yields the notional amount covered by the seller of protection 

for credit default swap. 

122 ........... Embedded option type ................................ Type of option or optional provision embedded in a contract. 

123 ........... Unique product identifier (UPI) ................... A unique set of characters that represents a particular OTC derivative. 

130 ........... Crypto asset underlying indicator ............... Indicator of whether the underlying of the derivative is crypto asset. 

131 ........... Physical commodity contract indicator ....... For each leg of the swap transaction where applicable, an indication of whether or not 

the trade being submitted: 

(1) references one of the contracts described in appendix B to this part; or 

(2) is economically related to one of the contracts described in appendix B to this 

part. 

133 ........... Maturity date of the underlier ..................... For each leg of the swap transaction where applicable, in case of swaptions, maturity 

date of the underlying swap. 

Category: Settlement 

135 ........... Settlement currency .................................... Currency for the cash settlement of the transaction when applicable. 

136 ........... Settlement location ..................................... Place of settlement of the transaction as stipulated in the contract. 

Category: Transaction related 

138 ........... Non-standardized term indicator ................ Indicator of whether the swap transaction has one or more additional term(s) or provision(s), other than those disseminated to the public pursuant to part 43, that materially affect(s) the price of the swap transaction. 


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# Data element name Definition for data element 

139 ........... Block trade election indicator ..................... Indicator of whether an election has been made to report the swap transaction as a 

block transaction by the reporting counterparty or as calculated by either the swap 

data repository acting on behalf of the reporting counterparty or by using a third 

party. 

140 ........... Large notional off-facility swap election indicator.Indicator of whether an election has been made to report the swap transaction as a 

large notional off-facility swap by the reporting counterparty or as calculated by either the swap data repository acting on behalf of the reporting counterparty or by 

using a third party. 

141 ........... Effective date .............................................. Unadjusted date at which obligations under the OTC derivative transaction come into 

effect, as included in the confirmation. 

142 ........... Expiration date ............................................ Unadjusted date at which obligations under the OTC derivative transaction stop being 

effective, as included in the confirmation. 

143 ........... Execution timestamp .................................. Date and time a transaction was originally executed, resulting in the generation of a 

new UTI. This data element remains unchanged throughout the life of the UTI. 

145 ........... Platform identifier ........................................ Identifier of the trading facility on which the transaction was executed. 

146 ........... SEF or DCM indicator ................................ An indication of whether the swap transaction was executed on or pursuant to the 

rules of a swap execution facility or designated contract market. 

148 ........... Prime brokerage transaction indicator ........ Indicator of whether the swap transaction satisfies the definition of ‘‘mirror swap’’ or 

‘‘trigger swap’’ in § 43.2(a). 

■ 4. Revise appendix E to part 43 the 

introductory text to read as follows: 

Appendix E to Part 43—Other 

Commodity Geographic Identification 

for Public Dissemination Pursuant to 

§ 43.4(c)(4)(iii) 

To the extent reporting counterparties and 

swap data repositories are required to report 

or disseminate underlying assets in the other 

commodity asset class in a way that limits 

the geographic detail of the underlying assets 

pursuant to § 43.4(c)(4)(iii) or (c)(5)(ii), as 

applicable, information shall be provided or 

disseminated pursuant to tables E1 and E2 in 

this appendix. If the underlying asset of a 

publicly reportable swap transaction 

described in § 43.4(c)(4)(iii) has a delivery or 

pricing point that is located in the United 

States, such information shall be publicly 

disseminated pursuant to the regions 

described in table E1 in this appendix. If the 

underlying asset of a publicly reportable 

swap transaction described in § 43.4(c)(4)(iii) 

has a delivery or pricing point that is not 

located in the United States, such 

information shall be publicly disseminated 

pursuant to the countries or sub-regions, or 

if no country or sub-region, by the other 

commodity region, described in table E2 in 

this appendix. 

* * * * * 

PART 45—SWAP DATA 

RECORDKEEPING AND REPORTING 

REQUIREMENTS 

■ 5. The authority citation for part 45 

continues to read as follows: 

Authority: 7 U.S.C. 6r, 7, 7a–1,7b–3, 12a, 

and 24a, as amended by Title VII of the Wall 

Street Reform and Consumer Protection Act 

of 2010, Pub. L. 111–203, 124 Stat. 1376 

(2010), unless otherwise noted. 

■ 6. Amend § 45.7 by: 

■ a. Revising the section heading; 

■ b. Revising paragraph (b)(2); 

■ c. Adding paragraph (b)(3); and 

■ d. Revising paragraph (c)(2). 

The revisions and addition read as 

follows: 

§ 45.7 Unique product identifier and 

product classification system. 

* * * * * 

(b) * * * 

(2) When the Commission determines 

that such a unique product identifier 

and product classification system is 

available, the Commission shall 

designate the unique product identifier 

and product classification system to be 

used in recordkeeping and swap data 

reporting pursuant to this part, by 

means of a Commission order that is 

published in the Federal Register and 

on the website of the Commission, as 

soon as practicable after such 

determination is made. The order shall 

include notice of this designation, the 

contact information of the issuer of such 

unique product identifiers, and 

information concerning the procedure 

and requirements for obtaining unique 

product identifiers and using the 

product classification system. The 

Commission may subject such 

designation order to conditions that 

ensure the unique product identifier 

and product classification system 

continue to meet the requirements set 

out in paragraph (a) of this section. The 

Commission may also set, in such 

designation order, a date on which such 

designation shall be effective. 

(3) If the Commission determines that 

a unique product identifier and product 

classification system, subject to a 

designation order pursuant to paragraph 

(b) of this section, does not satisfy the 

requirements set forth in this section, 

the Commission may limit, suspend, or 

withdraw the designation order 

consistent with the Act after appropriate 

notice and opportunity to respond. 

(c) * * * 

(2) In the absence of a designated 

unique product identifier and product 

classification system, each registered 

entity and swap counterparty shall use 

the internal product identifier or 

product description used by the swap 

data repository to which a swap is 

reported in all recordkeeping and swap 

data reporting pursuant to this part. 

■ 7. Revise appendix 1 to part 45 to read 

as follows: 

Appendix 1 to Part 45—Swap Data 

Elements 

Appendix 1 to Part 45—Swap Data Elements 

Allowable values for data elements are set 

forth in the technical specification published 

pursuant to § 45.15(b)(1) providing the form 

and manner for reporting swap data 

elements. 

Data element name Definition for data element 

Category: Clearing 

1 ............... Cleared ....................................................... Indicator of whether the transaction has been cleared, or is intended to be cleared, by 

a central counterparty. 

2 ............... Central counterparty ................................... Identifier of the central counterparty (CCP) that cleared the transaction. 

3 ............... Clearing account origin ............................... Indicator of whether the clearing member acted as principal for a house trade or an 

agent for a customer trade. 


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Data element name Definition for data element 

4 ............... Clearing member ........................................ Identifier of the clearing member through which a derivative transaction was cleared 

at a central counterparty. 

5 ............... Clearing member identifier source ............. Source used to identify the Clearing member. 

6 ............... Clearing swap USIs .................................... The unique swap identifiers (USI) of each clearing swap that replaces the original 

swap that was submitted for clearing to the derivatives clearing organization, other 

than the USI for the swap currently being reported (as ‘‘USI’’ data element below). 

7 ............... Clearing swap UTIs .................................... The unique transaction identifiers (UTI) of each clearing swap that replaces the original swap that was submitted for clearing to the derivatives clearing organization, 

other than the UTI for the swap currently being reported (as ‘‘UTI’’ data element 

below). 

8 ............... Original swap USI ....................................... The unique swap identifier (USI) of the original swap submitted for clearing to the derivatives clearing organization that is replaced by clearing swaps. 

9 ............... Original swap UTI ....................................... The unique transaction identifier (UTI) of the original swap submitted for clearing to 

the derivatives clearing organization that is replaced by clearing swaps. 

10 ............. Original swap SDR identifier ...................... Identifier of the swap data repository (SDR) to which the original swap was reported. 

11 ............. Clearing receipt timestamp ......................... The date and time, expressed in UTC, the original swap was received by the derivatives clearing organization (DCO) for clearing and recorded by the DCO’s system. 

12 ............. Clearing exceptions and exemptions— 

Counterparty 1.

Identifies the type of clearing exception(s) or exemption(s) that the Counterparty 1 

has elected. 

13 ............. Clearing exceptions and exemptions— 

Counterparty 2.

Identifies the type of the clearing exception(s) or exemption(s) that the Counterparty 2 

has elected. 

14 ............. Mandatory clearing indicator ...................... An indicator of whether the swap transaction is subject to mandatory clearing under 

the Commission’s regulations. 

Category: Counterparty 

15 ............. Counterparty 1 (reporting counterparty) ..... Identifier of the counterparty to an OTC derivative transaction who is fulfilling its reporting obligation via the report in question. 

In jurisdictions where both parties must report the transaction, the identifier of 

Counterparty 1 always identifies the reporting counterparty. 

16 ............. Counterparty 1 identifier source ................. Source used to identify the Counterparty 1. 

17 ............. Counterparty 2 ............................................ Identifier of the second counterparty to an OTC derivative transaction. 

18 ............. Counterparty 2 identifier source ................. Source used to identify the Counterparty 2. 

19 ............. Counterparty 1 financial entity indicator ..... Indicator of whether Counterparty 1 is a financial entity as defined in CEA section 

2(h)(7)(C). 

20 ............. Counterparty 2 financial entity indicator ..... Indicator of whether Counterparty 2 is a financial entity as defined in CEA section 

2(h)(7)(C). 

21 ............. Buyer identifier ............................................ Identifier of the counterparty that is the buyer, as determined at the time of the transaction. 

22 ............. Seller identifier ............................................ Identifier of the counterparty that is the seller, as determined at the time of the transaction. 

23 ............. Payer identifier ............................................ Identifier of the counterparty of the payer leg as determined at the time of the transaction. 

24 ............. Receiver identifier ....................................... Identifier of the counterparty of the receiver leg as determined at the time of the transaction. 

25 ............. Submitter identifier ...................................... Identifier of the entity submitting the data to the swap data repository (SDR). 

26 ............. Counterparty 1 Federal entity indicator ...... Indicator of whether Counterparty 1 is: 

(1) One of the following entities: 

(a) An entity established pursuant to Federal law, including, but not limited to, the 

following: 

i. An ‘‘agency’’ as defined in 5 U.S.C. 551(1), a Federal instrumentality, or a Federal authority; 

ii. A government corporation (examples: as such term is defined in 5 U.S.C. 103(1) 

or in 31 U.S.C. 9101); 

iii. A government-sponsored enterprise (example: as such term is defined in 2 

U.S.C. 622(8)); 

iv. A federally funded research and development center on the master list referenced in 48 CFR 35.017–6; and 

v. An executive department listed in 5 U.S.C. 101; or 

(b) An entity chartered pursuant to Federal law after formation (example: an organization listed in title 36 of the U.S. Code); or 

(2) An entity that was established by, or at the direction of, one or more of the entities 

listed in clause (1), or has an ultimate parent listed in its LEI reference data that is 

an entity listed in clause (1) or in the first part of this clause (2). 

Notwithstanding the foregoing, the Counterparty 1 Federal entity indicator data element does not include federally chartered depository institutions. 

27 ............. Counterparty 2 Federal entity indicator ...... Indicator of whether Counterparty 2 is: 


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Data element name Definition for data element 

(1) One of the following entities: 

(a) An entity established pursuant to Federal law, including, but not limited to, the 

following: 

i. An ‘‘agency’’ as defined in 5 U.S.C. 551(1), a Federal instrumentality, or a Federal authority; 

ii. A government corporation (examples: as such term is defined in 5 U.S.C. 103(1) 

or in 31 U.S.C. 9101); 

iii. A government-sponsored enterprise (example: as such term is defined in 2 

U.S.C. 622(8)); 

iv. A federally funded research and development center on the master list referenced in 48 CFR 35.017–6; and 

v. An executive department listed in 5 U.S.C. 101; or 

(b) An entity chartered pursuant to Federal law after formation (example: an organization listed in title 36 of the U.S. Code); or 

(2) An entity that was established by, or at the direction of, one or more of the entities 

listed in clause (1), or has an ultimate parent listed in its LEI reference data that is 

an entity listed in clause (1) or in the first part of this clause (2). 

Notwithstanding the foregoing, the Counterparty 2 Federal entity indicator data element does not include federally chartered depository institutions. 

28 ............. Counterparty 1 designation ........................ Indication of the reporting counterparty’s designation. 

29 ............. Counterparty 2 designation ........................ Indication of the second counterparty’s designation. 

30 ............. Counterparty 2 special entity ...................... An indication of whether Counterparty 2 is a special entity as defined in § 23.401(c) of 

this chapter. 

Category: Custom baskets 

31 ............. Custom basket indicator ............................. Indicator of whether the swap transaction is based on a custom basket. 

32 ............. Custom basket code ................................... If the OTC derivative transaction is based on a custom basket, unique code assigned 

by the structurer of the custom basket to link its constituents. 

33 ............. Basket constituent identifier ........................ An identifier that represents a constituent of an underlying custom basket, in line with 

the Underlier ID within the ISO 4914 UPI reference data elements, as maintained 

by the UPI Service Provider or in line with an identifier that would be reported as an 

Underlier ID (Other) where the UPI Underlier ID is ‘OTHER’. 

34 ............. Basket constituent identifier source ............ The origin, or publisher, of the associated Basket constituent identifier, in line with the 

Underlier ID source within the ISO 4914 UPI reference data elements as maintained by the UPI Service Provider or in line with the allowable value that would be 

reported as an Underlier ID (Other) source where the UPI Underlier ID is ‘OTHER’. 

35 ............. Basket constituent unit of measure ............ Unit of measure in which the number of units of a particular custom basket constituent is expressed. 

36 ............. Basket constituent number of units ............ The number of units of a particular constituent in a custom basket. 

Category: Events 

37 ............. Action type .................................................. Type of action taken on the transaction or type of end-of-day reporting. 

Allowable values for action type are subject to removals and additions as set forth in 

the technical specification and might include, but not be limited to, new, modify, correct, error, terminate, revive, transfer out, valuation, and collateral/margin update. 

38 ............. Event type ................................................... Explanation or reason for the action being taken on the transaction. 

Allowable values for event type are subject to removals and additions as set forth in 

the technical specification and might include, but not be limited to, trade, novation/ 

step-in, post trade risk reduction exercise, early termination, clearing, exercise, allocation, clearing & allocation, credit event, corporate event and transfer. 

39 ............. Amendment indicator .................................. Indicator of whether the modification of the transaction reflects newly agreed upon 

term(s) from the previously negotiated terms. 

40 ............. Event identifier ............................................ Unique identifier to link transactions entering into and resulting from an event, which 

may be, but is not limited to, compression or other post trade risk reduction exercises, credit event, etc. The unique identifier may be assigned by the reporting 

counterparty or a service provider or CCP providing the service. 

41 ............. Event timestamp ......................................... Date and time of occurrence of the event. 

Category: Notional amounts and quantities 

42 ............. USD equivalent regulatory notional amount For the entire swap transaction (not leg by leg), provide the USD equivalent notional 

amount that represents the entire overall transaction for tracking notional volume. 

43 ............. Notional amount .......................................... For each leg of the transaction, where applicable: 

—For OTC derivative transactions negotiated in monetary amounts, amount 

specified in the contract. 

—For OTC derivative transactions negotiated in non-monetary amounts, refer to 

appendix in the swap data technical specification for converting notional 

amounts for non-monetary amounts. 

44 ............. Notional currency ........................................ For each leg of the transaction, where applicable: currency in which the notional 

amount is denominated. 

45 ............. Notional amount schedule—notional 

amount in effect on associated effective 

date.

For each leg of the transaction, where applicable: For OTC derivative transactions negotiated in monetary amounts with a notional amount schedule: 

• Notional amount which becomes effective on the associated unadjusted effective date. 

46 ............. Notional amount schedule—unadjusted effective date of the notional amount.For each leg of the transaction, where applicable: For OTC derivative transactions negotiated in monetary amounts with a notional amount schedule: 

• Unadjusted date on which the associated notional amount becomes effective. 


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Data element name Definition for data element 

47 ............. Notional amount schedule—unadjusted 

end date of the notional amount.

For each leg of the transaction, where applicable: For OTC derivative transactions negotiated in monetary amounts with a notional amount schedule: 

• Unadjusted end date of the notional amount. 

48 ............. Call amount ................................................. For foreign exchange options, the monetary amount that the option gives the right to 

buy. 

49 ............. Call currency ............................................... For foreign exchange options, the currency in which the Call amount is denominated. 

50 ............. Put amount ................................................. For foreign exchange options, the monetary amount that the option gives the right to 

sell. 

51 ............. Put currency ................................................ For foreign exchange options, the currency in which the Put amount is denominated. 

52 ............. Notional quantity ......................................... For each leg of the swap transaction where applicable, for swap transactions negotiated in non-monetary amounts with fixed notional quantity for each schedule period. 

53 ............. Quantity frequency ...................................... For each leg of the swap transaction where applicable, the rate at which the quantity 

is quoted on the swap transaction. 

54 ............. Quantity frequency multiplier ...................... For each leg of the swap transaction where applicable, the number of time units for 

the Quantity frequency. 

55 ............. Quantity unit of measure ............................ For each leg of the transaction, where applicable: unit of measure in which the Total 

notional quantity and Notional quantity are expressed. 

56 ............. Total notional quantity ................................ For each leg of the transaction, where applicable: aggregate Notional quantity of the 

underlying asset for the term of the transaction. 

57 ............. Notional quantity schedule—unadjusted 

date on which the associated notional 

quantity becomes effective.

For each leg of the transaction, where applicable: for OTC derivative transactions negotiated in non-monetary amounts with a Notional quantity schedule 

• Unadjusted date on which the associated notional quantity becomes effective. 

58 ............. Notional quantity schedule—unadjusted 

end date of the notional quantity.

For each leg of the transaction, where applicable: for OTC derivative transactions negotiated in non-monetary amounts with a Notional quantity schedule. 

• Unadjusted end date of the notional quantity. 

59 ............. Notional quantity schedule—notional quantity.For each leg of the transaction, where applicable: for OTC derivative transactions negotiated in non-monetary amounts with a Notional quantity schedule. 

• Notional quantity which becomes effective on the associated unadjusted effective date. 

60 ............. Notional quantity schedule—days of week For each leg of the swap transaction where applicable, OTC derivative transactions 

negotiated in non-monetary amounts with Notional quantity schedule: 

• Days of the week applicable for the delivery of power. 

61 ............. Notional quantity schedule—unadjusted effective date of days of week.For each leg of the swap transaction where applicable, OTC derivative transactions 

negotiated in non-monetary amounts with Notional quantity schedule: 

• Unadjusted date on which the associated days of week becomes effective for 

the delivery of power. 

62 ............. Notional quantity schedule—unadjusted 

end date of days of week.

For each leg of the swap transaction where applicable, OTC derivative transactions 

negotiated in non-monetary amounts with Notional quantity schedule: 

• Unadjusted end date of the days of week for the delivery of power. 

63 ............. Notional quantity schedule—hours from 

thru.

For each leg of the swap transaction where applicable, OTC derivative transactions 

negotiated in non-monetary amounts with Notional quantity schedule: 

• Hours from through based in UTC applicable for the delivery of power. 

64 ............. Notional quantity schedule—unadjusted effective date of hours from thru.For each leg of the swap transaction where applicable, OTC derivative transactions 

negotiated in non-monetary amounts with Notional quantity schedule: 

• Unadjusted date on which the associated hours from thru becomes effective for 

the delivery of power. 

65 ............. Notional quantity schedule—unadjusted 

end date of hours from thru.

For each leg of the swap transaction where applicable, OTC derivative transactions 

negotiated in non-monetary amounts with Notional quantity schedule: 

• Unadjusted end date of the hours from thru for the delivery of power. 

66 ............. Notional quantity schedule—load profile 

type.

For each leg of the swap transaction where applicable, OTC derivative transactions 

negotiated in non-monetary amounts with Notional quantity schedule: 

• Load profile type applicable for the delivery of power. 

67 ............. Notional quantity schedule—unadjusted effective date of load profile type.For each leg of the swap transaction where applicable, OTC derivative transactions 

negotiated in non-monetary amounts with Notional quantity schedule: 

• Unadjusted date on which the associated load profile type becomes effective 

for the delivery of power. 

68 ............. Notional quantity schedule—unadjusted 

end date of load profile type.

For each leg of the swap transaction where applicable, OTC derivative transactions 

negotiated in non-monetary amounts with Notional quantity schedule: 

• Unadjusted end date of the load profile type for the delivery of power. 

Category: Packages 

69 ............. Package indicator ....................................... Indicator of whether the swap transaction is part of a package transaction. 

70 ............. Package identifier ....................................... Identifier (determined by the reporting counterparty) in order to connect: 

• Two or more transactions that are reported separately by the reporting 

counterparty, but that are negotiated together as the product of a single economic agreement. 

• Two or more reports pertaining to the same transaction whenever jurisdictional 

reporting requirement does not allow the transaction to be reported with a single report to TRs. 

A package may include reportable and non-reportable transactions. 

71 ............. Package transaction price .......................... Traded price of the entire package in which the reported derivative transaction is a 

component. 

72 ............. Package transaction price currency ........... Currency in which the Package transaction price is denominated. 

73 ............. Package transaction price notation ............ Manner in which the Package transaction price is expressed. 


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Data element name Definition for data element 

74 ............. Package transaction spread ....................... Traded price of the entire package in which the reported derivative transaction is a 

component of a package transaction. 

Package transaction price when the price of the package is expressed as a spread, 

difference between two reference prices. 

75 ............. Package transaction spread currency ........ Currency in which the Package transaction spread is denominated. 

76 ............. Package transaction spread notation ......... Manner in which the Package transaction spread is expressed. 

Category: Payments 

77 ............. Day count convention ................................. For each leg of the transaction, where applicable: day count convention (often also 

referred to as day count fraction or day count basis or day count method) that determines how interest payments are calculated. It is used to compute the year fraction of the calculation period, and indicates the number of days in the calculation 

period divided by the number of days in the year. 

78 ............. Fixing date .................................................. Describes the specific date when a non-deliverable forward as well as various types 

of FX OTC options such as cash-settled options that will ‘‘fix’’ against a particular 

exchange rate, which will be used to compute the ultimate cash settlement. 

79 ............. Floating rate reset frequency period .......... For each floating leg of the swap transaction where applicable, time unit associated 

with the frequency of resets. 

80 ............. Floating rate reset frequency period multiplier.For each floating leg of the swap transaction where applicable, number of time units 

(as expressed by the Floating rate reset frequency period) that determines the frequency at which periodic payment dates for reset occur. 

81 ............. Other payment type .................................... Type of Other payment amount. 

82 ............. Other payment amount ............................... Payment amounts with corresponding payment types to accommodate requirements 

of transaction descriptions from different asset classes. 

83 ............. Other payment currency ............................. Currency in which Other payment amount is denominated. 

84 ............. Other payment date .................................... Unadjusted date on which the Other payment amount is paid.

85 ............. Other payment payer .................................. Identifier of the payer of Other payment amount. 

86 ............. Other payment receiver .............................. Identifier of the receiver of Other payment amount. 

87 ............. Payment frequency period .......................... For each leg of the transaction, where applicable: time unit associated with the frequency of payments. 

88 ............. Payment frequency period multiplier .......... For each leg of the transaction, where applicable: number of time units (as expressed 

by the Payment frequency period) that determines the frequency at which periodic 

payment dates occur. 

Category: Prices 

89 ............. Exchange rate ............................................. Exchange rate between the two different currencies specified in the OTC derivative 

transaction agreed by the counterparties at the inception of the transaction, expressed as the rate of exchange from converting the unit currency into the quoted 

currency. 

90 ............. Exchange rate basis ................................... Currency pair and order in which the exchange rate is denominated, expressed as 

unit currency/quoted currency. 

91 ............. Fixed rate .................................................... For each leg of the transaction, where applicable: for OTC derivative transactions with 

periodic payments, per annum rate of the fixed leg(s). 

92 ............. Post-priced swap indicator ......................... Indicator of whether the swap transaction satisfies the definition of ‘‘post-priced swap’’ 

in § 43.2(a) of this chapter. 

93 ............. Price ............................................................ Price specified in the OTC derivative transaction. It does not include fees, taxes, or 

commissions. 

94 ............. Price currency ............................................. Currency in which the price is denominated. 

95 ............. Price notation .............................................. Manner in which the price is expressed. 

96 ............. Price unit of measure ................................. Unit of measure in which the price is expressed. 

97 ............. Price schedule—unadjusted effective date 

of the price.

For OTC derivative transactions with prices varying throughout the life of the transaction: 

• Unadjusted effective date of the price. 

98 ............. Price schedule—unadjusted end date of 

the price.

For OTC derivative transactions with prices varying throughout the life of the transaction: 

• Unadjusted end date of the price. 

99 ............. Price schedule—price ................................. For OTC derivative transactions with prices varying throughout the life of the transaction: 

• Price in effect between the unadjusted effective date and unadjusted end date 

inclusive. 

100 ........... Spread ........................................................ For each leg of the transaction, where applicable: 

For OTC derivative transactions with periodic payments: 

• Spread on the individual floating leg(s) index reference price, in the case where 

there is a spread on a floating leg(s); or 

• Difference between the reference prices of the two floating leg indexes. 

101 ........... Spread currency ......................................... For each leg of the transaction, where applicable: currency in which the spread is denominated. 

102 ........... Spread notation .......................................... For each leg of the transaction, where applicable: manner in which the spread is expressed. 


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Data element name Definition for data element 

103 ........... Strike price .................................................. For options other than foreign exchange options, swaptions and similar products, 

price at which the owner of an option can buy or sell the underlying asset of the option. 

For foreign exchange options, exchange rate at which the option can be exercised, 

expressed as the rate of exchange from converting the unit currency into the 

quoted currency. 

For volatility and variance swaps and similar products, the volatility strike price is reported in this data element. 

104 ........... Strike price currency/currency pair ............. For equity options, commodity options, and similar products, currency in which the 

strike price is denominated. 

For foreign exchange options: Currency pair and order in which the strike price is expressed. 

105 ........... Strike price notation .................................... Manner in which the strike price is expressed. 

106 ........... Strike price schedule—Unadjusted effective date of the strike price.For options, swaptions and similar products with strike prices varying throughout the 

life of the transaction: 

• Unadjusted effective date of the strike price. 

107 ........... Strike price schedule—Unadjusted end 

date of the strike price.

For options, swaptions and similar products with strike prices varying throughout the 

life of the transaction: 

• Unadjusted end date of the strike price. 

108 ........... Strike price schedule—strike price ............. For options, swaptions and similar products with strike prices varying throughout the 

life of the transaction: 

• Strike price in effect between the unadjusted effective date and unadjusted end 

date inclusive. 

109 ........... Option premium amount ............................. For options and swaptions of all asset classes, monetary amount paid by the option 

buyer. 

110 ........... Option premium currency ........................... For options and swaptions of all asset classes, currency in which the option premium 

amount is denominated. 

111 ........... Option premium payment date ................... Unadjusted date on which the option premium is paid. 

112 ........... First exercise date ...................................... First unadjusted date during the exercise period in which an option can be exercised. 

113 ........... Option exercise end date ........................... For American or Bermudan exercise type, the last date for exercise. 

114 ........... Option exercise frequency period ............... The frequency of exercise periods. 

115 ........... Option exercise frequency period multiplier The number of time units for the exercise frequency period. 

116 ........... Swap pricing method .................................. For each leg of the swap transaction where applicable, the method used to price the 

floating leg. 

117 ........... Pricing date schedule of the swap ............. For each leg of the swap transaction where applicable, the adjusted date(s) on which 

the floating leg is priced. 

118 ........... Start and end time of the settlement window for the floating leg(s).For each leg of the swap transaction where applicable, the time settlement window on 

which the floating leg is priced. 

Category: Product 

119 ........... CDS index attachment point ....................... Defined lower point at which the level of losses in the underlying portfolio reduces the 

notional of a tranche. 

120 ........... CDS index detachment point ...................... Defined point beyond which losses in the underlying portfolio no longer reduce the 

notional of a tranche. 

121 ........... Index factor ................................................. The index version factor or percent, expressed as a decimal value, that multiplied by 

the Notional amount yields the notional amount covered by the seller of protection 

for credit default swap. 

122 ........... Embedded option type ................................ Type of option or optional provision embedded in a contract. 

123 ........... Unique product identifier (UPI) ................... A unique set of characters that represents a particular OTC derivative. 

124 ........... Physical delivery location ........................... For each leg of the swap transaction where applicable, the specific delivery location 

associated with the underlying asset for swaps in the other commodity asset class. 

125 ........... Pricing index location .................................. For each leg of the swap transaction where applicable, the specific pricing index location associated with the underlying asset for swaps in the other commodity asset 

class. 

126 ........... Underlier ID (Other) .................................... The asset(s), index (indices) or benchmark underlying a contract or, in the case of a 

foreign exchange derivative, identification of index. 

127 ........... Underlier ID (Other) source ........................ The origin, or publisher, of the associated Underlier ID (Other). 

128 ........... Underlying asset price source .................... For an underlying asset or benchmark not traded on a platform, the source of the 

price used to determine the value or level of the asset or benchmark. 

129 ........... Underlying asset trading platform identifier For a platform traded underlying asset, the platform on which the asset is traded. 

130 ........... Crypto asset underlying indicator ............... Indicator of whether the underlying of the derivative is crypto asset. 

131 ........... Physical commodity contract indicator ....... For each leg of the swap transaction where applicable, an indication of whether or not 

the trade being submitted: 

(1) references one of the contracts described in appendix B to part 43; or 

(2) is economically related to one of the contracts described in appendix B to part 43. 

132 ........... Product grade ............................................. For each leg of the swap transaction where applicable, the grade of the commodity to 

be delivered. 

133 ........... Maturity date of the underlier ..................... For each leg of the swap transaction where applicable, in case of swaptions, maturity 

date of the underlying swap. 

Category: Settlement 

134 ........... Final contractual settlement date ............... Unadjusted date as per the contract, by which all transfer of cash or assets should 

take place and the counterparties should no longer have any outstanding obligations to each other under that contract. 

135 ........... Settlement currency .................................... Currency for the cash settlement of the transaction when applicable. 

136 ........... Settlement location ..................................... Place of settlement of the transaction as stipulated in the contract. 


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Data element name Definition for data element 

Category: Transaction related 

137 ........... Allocation indicator ...................................... Indicator of whether the swap transaction is intended to be allocated, will not be allocated, or is a post allocation transaction. 

138 ........... Non-standardized term indicator ................ Indicator of whether the swap transaction has one or more additional term(s) or provision(s), other than those disseminated to the public pursuant to part 43, that materially affect(s) the price of the swap transaction. 

139 ........... Block trade election indicator ..................... Indicator of whether an election has been made to report the swap transaction as a 

block transaction by the reporting counterparty or as calculated by either the swap 

data repository acting on behalf of the reporting counterparty or by using a third 

party. 

140 ........... Large notional off-facility swap election indicator.Indicator of whether an election has been made to report the swap transaction as a 

large notional off-facility swap by the reporting counterparty or as calculated by either the swap data repository acting on behalf of the reporting counterparty or by 

using a third party. 

141 ........... Effective date .............................................. Unadjusted date at which obligations under the OTC derivative transaction come into 

effect, as included in the confirmation. 

142 ........... Expiration date ............................................ Unadjusted date at which obligations under the OTC derivative transaction stop being 

effective, as included in the confirmation. 

143 ........... Execution timestamp .................................. Date and time a transaction was originally executed, resulting in the generation of a 

new UTI. This data element remains unchanged throughout the life of the UTI. 

144 ........... Reporting timestamp ................................... Date and time of the submission of the report as reported to the trade repository. 

145 ........... Platform identifier ........................................ Identifier of the trading facility on which the transaction was executed. 

146 ........... SEF or DCM indicator ................................ An indication of whether the swap transaction was executed on or pursuant to the 

rules of a swap execution facility or designated contract market. 

147 ........... SEF or DCM anonymous execution indicator.An indicator of whether the swap transaction was executed anonymously on a SEF or 

a DCM. 

148 ........... Prime brokerage transaction indicator ........ Indicator of whether the swap transaction satisfies the definition of ‘‘mirror swap’’ or 

‘‘trigger swap’’ in § 43.2(a) of this chapter. 

149 ........... Prior USI (for one-to-one and one-to-many 

relations between transactions).

Unique swap identifier (USI) assigned to the predecessor transaction that has given 

rise to the reported transaction due to a lifecycle event, in a one-to-one relation between transactions or in a one-to-many relation between transactions. 

150 ........... Prior UTI (for one-to-one and one-to-many 

relations between transactions).

UTI assigned to the predecessor transaction that has given rise to the reported transaction due to a lifecycle event, in a one-to-one relation between transactions or in a 

one-to-many relation between transactions. 

151 ........... Unique swap identifier (USI) ....................... The USI is a unique identifier assigned to all swap transactions which identifies the 

transaction (the swap and its counterparties) uniquely throughout its duration. It 

consists of a namespace and a transaction identifier. 

152 ........... Unique transaction identifier (UTI) .............. A unique identifier assigned to all swap transactions which identifies the swap uniquely throughout its lifecycle and used for all recordkeeping and all swap data reporting 

pursuant to § 45.5. 

153 ........... Jurisdiction .................................................. The jurisdiction(s) that is requiring the reporting of the swap transaction. 

Category: Transfer 

154 ........... New SDR identifier ..................................... Identifier of the new swap data repository where the swap transaction is transferred 

to. 

Category: Valuation 

155 ........... Next floating reference reset date .............. The nearest date in the future that the floating reference resets on. 

156 ........... Last floating reference value ...................... The most recent sampling of the value of the floating reference to determine 

cashflow. 

157 ........... Last floating reference reset date ............... The date of the most recent sampling of the floating reference to determine cashflow. 

158 ........... Delta ............................................................ The ratio of the change in the price of an OTC derivative transaction to the change in 

price of the underlier. 

159 ........... Valuation amount ........................................ Current value of the outstanding contract without applying any valuation adjustments. 

160 ........... Valuation currency ...................................... Currency in which the valuation amount is denominated. 

161 ........... Valuation method ........................................ Source and method used for the valuation of the transaction by the reporting 

counterparty. 

162 ........... Valuation timestamp ................................... Date and time of the last valuation marked to market, provided by the central 

counterparty (CCP) or calculated using the current or last available market price of 

the inputs. 

Category: Collateral and margins 

163 ........... Affiliated counterparty for margin and capital indicator.Indicator of whether the current counterparty is deemed an affiliate for U.S. margin 

and capital rules (as per § 23.159 of this chapter). 

164 ........... Collateralization category ........................... Indicator of whether a collateral agreement (or collateral agreements) between the 

counterparties exists. 

165 ........... Initial margin collateral portfolio code ......... If collateral is reported on a portfolio basis, a unique code assigned by the reporting 

counterparty to the portfolio that tracks the aggregate initial margin of a set of open 

swap transactions. 

166 ........... Portfolio containing non-reportable component indicator.If collateral is reported on a portfolio basis, indicator of whether the collateral portfolio 

includes swap transactions exempt from reporting. 

167 ........... Initial margin posted by the reporting 

counterparty (post-haircut).

Monetary value of initial margin that has been posted by the reporting counterparty. 

This refers to the total current value of the initial margin after application of the haircut 

(if applicable), rather than to its daily change. 

168 ........... Initial margin posted by the reporting 

counterparty (pre-haircut).

Monetary value of initial margin that has been posted by the reporting counterparty. 

This refers to the total current value of the initial margin, rather than to its daily 

change. 


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1Bank for International Settlements, BIS 

Quarterly Review, June 2018 at https://www.bis.org/ 

publ/qtrpdf/r_qt1806b.pdf. 

2See Financial Crisis Inquiry Commission, Final 

Report of the National Commission on the Causes 

of the Financial and Economic Crisis in the United 

States, at xxiv–xxv, Feb. 25, 2011, https://

www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPOFCIC.pdf (concluding that OTC derivatives 

contributed ‘‘significantly’’ to the crisis by fueling 

mortgage securitization that provided protection 

against default, allowing the creation of synthetic 

collateralized debt obligations, and adding 

uncertainty when the housing bubble popped due 

to the derivatives comprising an unseen and 

unregulated market). 

3 Government Accountability Office, Financial 

Regulatory Reform: Financial Crisis Losses and 

Potential Impacts of the Dodd-Frank Act (2013), 

https://fraser.stlouisfed.org/title/gao-reportstestimonies-6136/financial-regulatory-reform622249. 

4H.R. 4173 — 111th Congress: Dodd-Frank Wall 

Street Reform and Consumer Protection Act section 

723 (swaps). 

5See 17 CFR parts 43, 45; Final Rule, Real-Time 

Public Reporting of Swap Transaction Data, 77 FR 

1182 (Jan. 9, 2012); Final Rule, Swap Data 

Recordkeeping and Reporting Requirements, 77 FR 

2136 (Jan. 13, 2012). 

Data element name Definition for data element 

169 ........... Currency of initial margin posted ................ Currency in which the initial margin posted is denominated. 

170 ........... Initial margin collected by the reporting 

counterparty (post-haircut).

Monetary value of initial margin that has been collected by the reporting counterparty. 

This refers to the total current value of the initial margin after application of the haircut 

(if applicable), rather than to its daily change. 

171 ........... Initial margin collected by the reporting 

counterparty (pre-haircut).

Monetary value of initial margin that has been collected by the reporting counterparty. 

This refers to the total current value of the initial margin, rather than to its daily 

change. 

172 ........... Currency of initial margin collected ............ Currency in which the initial margin collected is denominated. 

173 ........... Variation margin collateral portfolio code ... If collateral is reported on a portfolio basis, a unique code assigned by the reporting 

counterparty to the portfolio that tracks the aggregate variation margin related to a 

set of open swap transactions. 

174 ........... Variation margin posted by the reporting 

counterparty (pre-haircut).

Monetary value of the variation margin posted by the reporting counterparty. 

This data element refers to the total current value of the variation margin, cumulated 

since the first reporting of variation margins posted for the portfolio/transaction. 

175 ........... Currency of variation margin posted .......... Currency in which the variation margin posted is denominated. 

176 ........... Variation margin collected by the reporting 

counterparty (pre-haircut).

Monetary value of the variation margin collected by the reporting counterparty. 

This refers to the total current value of the variation margin, cumulated since the first 

reporting of collected variation margins for the portfolio/transaction. 

177 ........... Currency of variation margin collected ....... Currency in which the variation margin collected is denominated. 

Issued in Washington, DC, on December 

19, 2023, by the Commission. 

Robert Sidman, 

Deputy Secretary of the Commission. 

Note: The following appendices will not 

appear in the Code of Federal Regulations. 

Appendices to Real-Time Public Reporting 

Requirements and Swap Data 

Recordkeeping and Reporting 

Requirements—Voting Summary and 

Chairman’s and Commissioners’ Statements 

Appendix 1—Voting Summary 

On this matter, Chairman Behnam and 

Commissioners Johnson and Goldsmith 

Romero voted in the affirmative. 

Commissioners Mersinger and Pham voted to 

concur. No Commissioner voted in the 

negative. 

Appendix 2—Statement of Support of 

Chairman Rostin Behnam 

I support the proposed rule to amend 

certain requirements in the Commission’s 

regulations regarding real-time public 

reporting and swap data reporting and 

recordkeeping. Today’s action continues my 

commitment to improve the CFTC’s dataset 

and ensure that the agency is a leader in data 

management and examination. This effort 

will bolster the CFTC’s ability to monitor 

micro and macro risk and identify illegal 

conduct. In addition, today’s proposal will 

promote international harmonization and 

market resilience, and ensure that the CFTC 

continues to receive accurate, complete, and 

high-quality data on swap transactions. 

The proposed amendments to Parts 43 and 

45 would allow a unique product identifier 

and product classification system (UPI) to be 

implemented for the Other Commodity asset 

class, in accordance with CFTC regulations. 

The Commission previously issued an order 

designating a UPI to be used in swap 

recordkeeping and data reporting for the 

Interest Rate, Credit, Foreign Exchange, and 

Equity asset classes, so today’s proposal, if 

finalized, will allow the UPI to be extended 

to the Other Commodity asset class. The 

proposed amendments also would modify 

appendix A to Part 43 and appendix 1 to Part 

45 to add certain data elements that will 

further international harmonization and 

increase data quality, accuracy, and 

standardization. 

I look forward to hearing the public’s 

comments on the proposed amendments to 

the regulations and the relevant appendices 

in Part 43 and 45 of the Commission’s 

regulations. I thank staff in the Division of 

Market Oversight, Office of the General 

Counsel, and the Office of the Chief 

Economist for all of their work on the 

proposal. 

Appendix 3—Statement of 

Commissioner Kristin N. Johnson 

At its peak at the end of 2007, the notional 

amount outstanding in the credit default 

swaps market is estimated to have reached a 

staggering $61.2 trillion.1 In 2008, the near 

collapse of largely bespoke over-the-counter 

(OTC) swaps market, most notably the credit 

default swap market, was a precipitating 

cause of the global financial crisis,2 which 

the U.S. Government Accountability Office 

estimates resulted in roughly $10 trillion in 

losses, including large declines in 

employment and household wealth, reduced 

tax revenues from lower economic activity, 

and lost output.3 An exemption from 

regulation for OTC swaps trading in bilateral 

markets obscured massively excessive risktaking and undermined the integrity of global 

markets. The lack of reporting requirements 

for swap transactions left regulators with 

limited visibility into the OTC swaps market. 

In the wake of this economic devastation, 

the G20 leaders met in Pittsburgh in 2009 

and agreed to introduce order, transparency, 

and supervision in the bespoke, bilateral 

swaps market to ensure that regulators would 

never again be blind to emerging risks in this 

market. President Obama signed the DoddFrank Wall Street Reform and Consumer 

Protection Act (Dodd-Frank) into law on July 

21, 2010. In recognition of the importance of 

having visibility into the swaps market, 

among many other things Dodd-Frank 

mandated centralized clearing and exchangetrading of many OTC derivatives, as well as 

requiring reporting of all swaps to swap data 

repositories (SDRs), including those not 

subject to or exempt from the clearing 

requirement. 

As Dodd-Frank recognized, it is imperative 

that regulators understand the risk in the 

market in order to effectively regulate it, and 

empowered the CFTC to regulate swaps.4

Taking up this mantle, the Commission 

adopted real-time public reporting and swap 

data reporting regulations in 2012, which are 

located in Parts 43 and 45 of the 

Commission’s regulations.5 Under these 

regulations, swap counterparties, swap 

execution facilities, and designated contract 

markets report publicly reportable swap 

transactions to SDRs. 

The Commission’s Division of Market 

Oversight (DMO), Division of Data (DOD), 

and Office of the Chief Economist (OCE) are 

responsible for reviewing the information 

received from the SDRs and monitoring it for 

systemic risk, with the goal in part to prevent 

another collapse from unseen exposure to 


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90078 Federal Register / Vol. 88, No. 248 / Thursday, December 28, 2023 / Proposed Rules 

6See 2020 SDRR Final Rule, 85 FR at 75503, 

75504. 

1 During the 2008 Financial Crisis, the lack of 

aggregated and accessible swap markets data and 

information precipitated the collapse of Lehman 

Brothers, AIG, and others. 

2See Remarks by Under Secretary for Domestic 

Finance Nellie Liang at the Brookings Institution, 

Dec. 14, 2023, available at, https://home.treasury.

gov/news/press-releases/jy1992. 

3See Statement of Commissioner Christy 

Goldsmith Romero in Support of Enforcement Case 

Against JP Morgan Chase for Violating Reporting & 

Supervision Rules Designated to Identify Systemic 

Risk, Sept. 29, 2023, available at, https://

www.cftc.gov/PressRoom/SpeechesTestimony/ 

romerostatement092923d, and Statement of 

Commissioner Goldsmith Romero Regarding 

Enforcement Action Against JP Morgan Chase Bank, 

N.A., et al., for Swap Data Reporting Failures, July 

5, 2022, available at, https://www.cftc.gov/ 

PressRoom/SpeechesTestimony/romerostatement

070522. 

4See Concurring Statement of CFTC 

Commissioner Christy Goldsmith Romero on CFTC 

v. Goldman Sachs Over and Over Again, Sept. 29, 

2023, available at, https://www.cftc.gov/PressRoom/ 

SpeechesTestimony/romerostatement092923c. 

5See Statement of Commissioner Goldsmith 

Romero in Support of Enforcement Case Against 

Bank of America and Merrill Lynch for Violating 

Reporting & Supervision Rules Designed to Identify 

Systemic Risk, Sept. 29, 2023, available at, https:// 

www.cftc.gov/PressRoom/SpeechesTestimony/ 

romerostatement092923b. 

6See Statement of Commissioner Christy 

Goldsmith Romero Regarding $6 Million 

Enforcement Action Against BNP Paribas for Swap 

Data Reporting and Disclosure Failures and Failure 

to Supervise, July 5, 2022, available at, https://

www.cftc.gov/PressRoom/SpeechesTestimony/ 

romerostatement070522b. 

7The CFTC has coordinated with the Financial 

Stability Board (FSB), the Committee on Payments 

and Market Infrastructure and the International 

Organization of Securities Commissions (CPMI– 

IOSCO), and the Regulatory Oversight Committee 

(ROC). 

8See Commission Order Designating the Unique 

Product Identifier and Product Classification 

System To Be Used in Recordkeeping and Swap 

Data Reporting, available at, https://www.cftc.gov/ 

sites/default/files/2023/02/2023-03661a.pdf. 

9See FSOC’s 2023 Annual Report (Dec. 14, 2023), 

available at, https://home.treasury.gov/system/files/ 

261/FSOC2023AnnualReport.pdf. 

particular market segments. Due to the nature 

of derivative contracts, risk can become 

multiplied several times over, untethered 

from the exposure to the underlying asset 

itself. Parts 43 and 45 achieve the necessary 

visibility for the Commission to effectuate its 

mandate under Dodd-Frank to monitor the 

swaps market through this reporting regime. 

In 2020, the Commission amended parts 43 

and 45 to, among other things, streamline the 

requirements for reporting swaps, require 

SDRs to validate swap reports, permit the 

transfer of swap data between SDRs and 

generally harmonize the swaps data being 

reported with international guidance.6

The new proposed rule furthers the 

Commission’s ongoing duty to effectively 

monitor the swaps market by promoting 

international harmonization, implementing 

unique product identifiers (UPIs) and 

allowing for geographic masking. The 

revisions specifically: (1) allow for 

geographic masking after designation of UPIs 

for swaps falling within the other commodity 

asset class, a key revision to avoid reports to 

SDRs of UPIs that contain detailed 

geographic information in contravention of 

Regulation 43.4(c)(4)(iii) and Appendix E to 

Part 43; (2) add reportable data fields to 

Appendix A to Part 43 and Appendix 1 to 

Part 45 from the current 2023 CDE Technical 

Guidance; and (3) implement nonsubstantive revisions to the descriptions of 

the existing reportable data elements in the 

forgoing appendices to harmonize with 

changes made at the international level. I am 

pleased to support this rule that allows us to 

continue to fulfill our ongoing commitment 

to protecting U.S. markets through regulatory 

oversight. 

I commend the staff of the Division of 

Market Oversight, the Division of Data, and 

the Office of the Chief Economist for bringing 

to the Commission a thorough and reasoned 

proposal for further refining swap data 

reporting obligations. In particular, I would 

like to thank Isabella Bergstein, Owen Kopon, 

Alicia Viguri, and Chase Lindsey of DMO; 

Kate Michel and Robert Stowsky of DOD; and 

John Roberts and Lee Baker of OCE. 

Appendix 4—Statement of 

Commissioner Goldsmith Romero 

The CFTC proposes to strengthen swap 

dealer reporting requirements for 

commodity-based swaps—reporting that the 

CFTC uses for surveillance, oversight, and to 

avoid systemic risk. Swaps markets 

contributed to the 2008 financial crisis, and 

were previously opaque, leaving regulators 

blind to emerging risks.1 Dodd Frank Act 

reforms required swap dealers to report 

transaction-level data to swap data 

repositories and the CFTC. 

The proposed rule would require more 

granular data that will promote the 

Commission’s ability to oversee and regulate 

swap markets. Last week, in remarks that 

referenced the CFTC’s access to transactionlevel data on swaps trades reported into 

registered trade repositories, Treasury 

Undersecretary of Domestic Finance Nellie 

Liang discussed the importance of data for 

financial stability saying, ‘‘A key lesson from 

the global financial crisis is that opacity 

about critical markets and institutions 

resulting from lack of high-quality data can 

contribute to financial instability . . . Simply 

put, in a dynamic, interconnected economy 

such as ours, regulators cannot effectively 

safeguard financial stability or respond to 

crises if they do not have good data. . . .’’ 2

Accurate, timely, and high-quality data on 

swaps is fundamental to transparency, 

accountability, and the avoidance of systemic 

risk. The Dodd-Frank Act recognized that 

transparency is critical to fair and orderly 

markets, the resilience of swap dealers and 

other market participants, and the stability of 

the U.S. financial system. 

After a decade since Dodd-Frank Act swap 

data reporting rules have been in effect, the 

CFTC is strengthening swap data reporting 

from both an enforcement and regulatory 

standpoint. The Commission has brought 

several recent enforcement actions for 

violating swap data reporting laws, including 

against JP Morgan,3 Goldman Sachs,4 Bank of 

America and Merrill Lynch,5 and BNP 

Paribas.6 Their failure to follow the law hurt 

the Commission’s ability to carry out its 

Dodd-Frank Act mandate to ensure 

transparency in swap markets and to identify 

and reduce risks that could become systemic. 

The CFTC must continuously guard against 

post-crisis complacency towards Dodd-Frank 

rules—rules that promote transparency, 

accountability, and financial stability. Swap 

dealers must do the same and are reminded 

that they need to comply with swap reporting 

laws or face an enforcement action. 

On the regulatory side, the CFTC has been 

involved in international coordination efforts 

to obtain more granular detail on swap 

reporting.7 As a result of that international 

coordination, on February 16, 2023, the 

Commission designated unique product 

identifiers for swap data reporting for credit, 

equity, foreign exchange, and interest rate 

swaps.8

The updates in this proposed rule would 

require unique product identifiers for 

commodity-based swaps, enabling the 

Commission to receive additional accurate 

and high-quality swap data. These updates 

reflect CFTC engagement with swap dealers, 

swap data repositories, and industry groups 

about the technical specifications and 

implementation of unique product 

identifiers. 

For commodity-based swaps, the CFTC 

proposes to require high-quality data that 

would expose risk at a granular level. For 

example, one proposed new reporting field 

would include custom baskets that can be 

more bespoke in terms of the product and 

exposure risks. Another new proposed 

reporting field would be the ‘‘Crypto asset 

underlying indicator’’ for commodity swaps. 

This data would give the CFTC a level of 

insight that it does not currently have to 

safeguard against risks. The Financial 

Stability Oversight Council’s 2023 Annual 

Report issued last week raised risks related 

to crypto-assets including ‘‘the potential for 

fraud, illicit finance, sanctions evasion, 

operational failures, liquidity and maturity 

mismatches, and risks to investors and 

consumers, as well as contagion within the 

crypto-asset market.’’ 9

With these proposed updates, the 

Commission is furthering its Dodd-Frank 

mandate that CFTC’s regulations promote 

transparency and financial stability. I thank 

the staff for their engagement and work. I 

encourage commenters to let the CFTC know 

if there are additional data elements or 

updates to the CFTC’s technical instructions 

to ensure that the Commission will receive 

accurate and high-quality data that will 

enable the CFTC to increase transparency 

and financial stability. 

Appendix 5—Concurring Statement of 

Commissioner Caroline D. Pham 

I concur on the Notice of Proposed 

Rulemaking on Real-Time Public Reporting 

Requirements and Swap Data Recordkeeping 

and Reporting Requirements (Proposed 

Amendments to Parts 43 and 45 or NPRM) 

because I have concerns that the Commission 

is straying from the commitment we made to 

harmonizing data fields across Financial 

Stability Board (FSB) member jurisdictions. 


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1See Commissioner Pham Announces Agenda for 

the Upcoming Global Markets Advisory Committee 

Meeting on November 6 (Nov., 6, 2023) 

(recommendations are at the link for ‘‘Technical 

Issues Subcommittee Recommendations’’), https://

www.cftc.gov/PressRoom/Events/opaevent

gmac110623. 

2 G–20 Leaders’ Statement, The Pittsburg Summit, 

September 24–25, 2009. 

3Financial Stability Board, Feasibility Study on 

Approaches to Aggregate OTC Derivatives Data 

(Sept. 19, 2014) at 1, https://www.fsb.org/wpcontent/uploads/r_140919.pdf. 

4CEA section 2(a)(13)(B) directs the Commission 

to make swap transaction and pricing data available 

to the public in such form and at such times as the 

Commission determines appropriate to enhance 

price discovery. Section 2(a)(13)(G) mandates that 

all swaps, whether cleared or uncleared, be 

reported to SDRs. Section 4r further requires that 

uncleared swaps must be reported to SDRs, and sets 

forth the reporting obligation for doing so as 

between swap counterparties. Section 21(b) directs 

the Commission to prescribe standards for swap 

data recordkeeping and reporting. 

5Financial Stability Board, Feasibility Study on 

Approaches to Aggregate OTC Derivatives Data 

(Sept. 19, 2014) at 3. 

6Swap Data Recordkeeping and Reporting 

Requirements, 77 FR 2136 (Jan. 13, 2012). 

7For instance, DSIO’s 2016 swap dealer de 

minimis report explained that the SDR data lacked 

key information necessary to conduct its analysis, 

including reliable notional data for non-financial 

commodity swaps, foreign exchange derivatives, 

and equity swaps. DSIO explained that 

‘‘[a]ccordingly, staff developed several assumptions 

and methodologies to approximate potential dealing 

activity across all five asset classes.’’ Swap Dealer 

de minimis Exception Final Staff Report: A Report 

by Staff of the Commodity Futures Trading 

Commission Pursuant to Regulation 1.3(ggg) (Aug. 

15, 2016) at 4–5, https://www.cftc.gov/sites/default/ 

files/idc/groups/public/@swaps/documents/file/ 

dfreport_sddeminis081516.pdf. 

8For instance, in 2018, the Commission 

sanctioned NatWest Markets, a provisionally 

registered swap dealer, for under-reporting, overreporting, and misreporting tens of thousands of 

transactions to an SDR and failing to report 

hundreds of thousands of pre-enactment 

transactions to an SDR in a timely manner. In the 

Matter of: NatWest Markets Plc, formerly The Royal 

Bank of Scotland plc, Respondent, Order Instituting 

Proceedings Pursuant to sections 6(c) and 6(d) of 

the Commodity Exchange Act, Making Findings and 

Imposing Remedial Sanctions (Sept. 14, 2018). 

9See CFTC Releases Annual Enforcement Results 

(Oct. 20, 2022) (highlighting two swap data 

reporting cases in 2022). 

10 In 2017, the Wall Street Journal reported on a 

CFTC report that criticized the CFTC’s swap data 

quality and use. The Wall Street Journal reported 

that ‘‘[t]he inspector general’s warning cited an 

internal 2016 CFTC report on swaps data showing 

that significant amounts of information were 

‘essentially unusable’ due to the poor quality of the 

data.’’ 

11Swap Data Recordkeeping and Reporting 

Requirements, 85 FR 75503, 75504–05 (Nov. 25, 

2020) (describing the efforts and the Commission’s 

roles). 

12The most-recent version of the CDE Technical 

Guidance was released in October 2023. CPMI– 

IOSCO, Harmonisation of Critical OTC Derivatives 

Data Elements (other than UTI and UPI), Revised 

CDE Technical Guidance—Version 3, (Oct. 2023), 

available at https://www.leiroc.org/publications/gls/ 

roc_20230929.pdf. 

13See Commission Letter 17–33, Division of 

Market Oversight Announces Review of Swap 

Reporting Rules in parts 43, 45, and 49 of 

Commission Regulations (July 10, 2017), available 

at https://www.cftc.gov/idc/groups/public/@

lrlettergeneral/documents/letter/17-33.pdf. RealTime Public Reporting Requirements, 85 FR 75422 

(Nov. 25, 2020); Swap Data Recordkeeping and 

Reporting Requirements, 85 FR 75503 (Nov. 25, 

2020). 

14See Commission Letter 17–33, Division of 

Market Oversight Announces Review of Swap 

Continued 

I would like to thank Owen Kopon, Alicia 

Viguri, Isabella Bergstein, and Chase Lindsey 

for their work on the NPRM. I appreciate 

their help working with me to make revisions 

to address some of my concerns, and I 

enjoyed the productive collaboration. 

Swap data reporting is a unique area for me 

because I was at the Commission after the 

financial crisis when the Dodd-Frank Act 

first mandated it, and then became familiar 

with implementation issues in my roles after 

the I left the Commission. 

I believe the harmonization issue needs to 

be resolved for me to support a final rule. 

These issues were covered at the November 

6, 2023 Global Markets Advisory Committee 

(GMAC) meeting, with the GMAC adopting 

recommendations from the Technical Issues 

Subcommittee on how to address them and 

move forward.1 Therefore, my statement 

today will begin with my view on how swap 

data reporting came to this juncture and why 

it is critical that we get it right, and end with 

what I would need to see to support a final 

rule, drawing on the GMAC’s 

recommendations. 

Background 

In 2009, the G–20 leaders agreed to 

improve the resilience of the over-thecounter (OTC) derivatives market by, among 

other things, agreeing that all OTC 

derivatives transactions should be reported to 

trade repositories (TRs).2 Aggregation of data 

reported to TRs can help authorities obtain 

a comprehensive view of the OTC derivatives 

market, including levels of activity in the 

market and overall size of counterparty credit 

exposures.3

In 2010, Congress passed the Dodd-Frank 

Act to implement the G–20 reforms.4 In 2012, 

the Commission adopted the Part 43 and Part 

45 regulations, requiring SDRs to publicly 

disseminate swap transaction and pricing 

data, and swap counterparties to report trade 

level swap data to SDRs. 

While trade reporting implementation 

progressed in the early years, the lack of 

harmonization of data formats and data 

quality issues remained challenging.5 Prior to 

the Dodd-Frank Act, swap market 

participants did not adhere to a standard 

methodology for electronically representing 

swap terms. As a result, the Commission 

provided flexibility in Parts 43 and 45 for 

SDR reporting to balance its need for data 

with the uncertainty surrounding standards. 

The initial swap data elements described the 

information that should be reported to SDRs 

in terms of legal requirements, instead of 

standard definitions, formats, and allowable 

values.6

With no standard approach for reporting, 

CFTC staff made assumptions to account for 

unstandardized data that was difficult to 

aggregate.7 Commission staff was also faced 

with incomplete or missing fields in the SDR 

data. Market participants reported swaps to 

SDRs using different methods with varying 

degrees of success. For instance, many 

counterparties left fields blank for more 

complex swap terms, or entered random 

values to mark fields as filled. 

At the same time, the Commission started 

bringing SDR reporting enforcement cases 

against swap dealers for failing to report, 

misreporting, or over-reporting swap data to 

SDRs.8 The number of SDR reporting 

enforcement cases has only grown over 

time.9 These cases send a strong message 

about the importance of accurate trade 

reporting so the Commission can monitor 

risk, but large-scale instances of 

noncompliance also call into question the 

quality of the data the Commission is using. 

It has also been frustrating for market 

participants that the Commission has failed 

to communicate use-cases for the significant 

amounts of reported data that would justify 

the high cost of reporting. Part 45 was 

adopted with the understanding that 

regulatory reporting would fulfill the 

Commission’s ‘‘regulatory mandates, 

including systemic risk mitigation, market 

monitoring, and market abuse prevention.’’ 

However, the Commission’s messaging 

around SDR data has only gone from how to 

use the data to efforts to improve poor data 

quality.10 The Commission still has not 

messaged a coherent strategy for using swap 

data to monitor risk, conduct surveillance, or 

ensure compliance with its regulations. 

As the Commission adopted and 

implemented trade reporting requirements, 

CFTC staff led or participated in a number of 

international efforts to coordinate the global 

implementation of trade reporting.11 When, 

at the request of the FSB, CPMI and IOSCO 

established a joint working group to mandate 

to develop guidance regarding the definition, 

format and usage of UTI, UPI and other 

critical OTC derivatives data elements 

(CDEs), the CFTC co-chaired the effort with 

the European Central Bank. The joint 

working group published multiple rounds of 

consultations on the technical aspects of UTI, 

UPI, and CDEs. Commenters to these 

consultations included many CFTC 

registrants and trade associations. 

The CDE Technical Guidance came out of 

these workstreams, and provided regulatory 

authorities with uniform definitions, formats, 

and allowable values that can be used to 

represent many of the key terms of swaps.12

Not only would this harmonize SDR data 

across FSB member jurisdictions, allowing 

market participants to report swap data to 

several jurisdictions in the same format, 

resulting in potential cost-savings, but it 

would also support the analysis of global 

systemic risk in swaps markets. 

In 2020, the Commission published final 

rules amending various swap data reporting 

regulations to adopt the UTI Technical 

Guidance and CDE Technical Guidance, and 

align regulations with those of the SEC and 

ESMA.13 A primary objective of the 2020 rule 

amendments was to reduce the number of 

fields currently reported to the CFTC, and 

focus on the minimum number of fields that 

allow the CFTC to perform its oversight 

functions, rather than capturing every data 

point on a swap.14 Indeed, the final 2020 


khammond on DSKJM1Z7X2PROD with PROPOSALS2
90080 Federal Register / Vol. 88, No. 248 / Thursday, December 28, 2023 / Proposed Rules 

Reporting Rules in parts 43, 45, and 49 of 

Commission Regulations, at 8. 15Appendix 2—Statement of Chairman Heath P. 

Tarbert, Swap Data Recordkeeping and Reporting 

Requirements, 85 FR 75503 at 75596. 

16The GMAC recommendation includes: (1) not 

adopting any CFTC-specific additional fields in the 

final rule; (2) not adopting the proposed 

commodities data elements, as there currently is no 

UPI compliance date for commodities, so adding 

data fields in the interim will only necessitate later 

changes; and (3) eliminating the requirement to 

report UPI attributes. 

rules streamlined hundreds of different data 

fields required by the 2012 Part 43 and Part 

45 rules into ‘‘128 that truly advance the 

CFTC’s regulatory goals.’’ 15

However, the Proposed Amendments to 

Parts 43 and 45 threaten to undo the progress 

made by expanding the data fields from 128 

to closer to 200 by adding new data elements, 

many of which are specific to the CFTC and 

drive the Commission further away from 

international harmonization. 

The GMAC’s Recommendation 

I am pleased with many aspects of the 

Proposed Amendments to Parts 43 and 45. 

The proposal, for instance, to make the UPI 

workable for the other commodity asset class 

is a creative solution to an operational 

challenge. I commend staff for proposing an 

idea, and encourage comments on whether it 

is practical and feasible. 

However, I would only be able to support 

a final rule that incorporates the feedback 

from the GMAC’s recommendations to the 

Commission for improving trade reporting, 

especially if supported by commenters.16

Adding CFTC-specific data fields creates 

further obstacles and uncertainty for 

meaningful global aggregation and analysis of 

trade repository data, and unnecessarily 

increases compliance costs. As the GMAC 

heard, swap dealers have only just recovered 

from the significant effort to overhaul their 

reporting requirements and now are faced 

with the potential need to implement dozens 

of additional data fields. The CFTC already 

requires 47 data fields which are jurisdiction 

specific. If the NPRM were adopted as is, 

almost 40% of CFTC’s data fields would be 

jurisdiction-specific, moving the CFTC 

further away from the opportunity to 

meaningfully aggregate data across-borders. 

The NPRM contradicts the efforts of global 

regulators to harmonize their requirements 

for global aggregation by establishing CDE 

and DMO’s stated intention to streamline 

swap data reporting to achieve high quality 

data. I agree that every additional CFTCspecific field increases the complexity of the 

requirements and risks a degradation of the 

quality of the reported data. 

I again thank the GMAC and the Technical 

Issues Subcommittee for their comprehensive 

recommendation, and look forward to the 

comments on the Proposed Amendments to 

Part 43 and 45. 

[FR Doc. 2023–28350 Filed 12–27–23; 8:45 am] 

BILLING CODE 6351–01–P 


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