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REPORTING COUNTERPARTY

END-USER CLEARING EXCEPTION SWAP-BY-SWAP DATA 

INSTRUCTIONS

Rule

REPORTING ENTITY 

END-USER CLEARING EXCEPTION/EXEMPTION 

BULK SPREADSHEET INSTRUCTIONS 

Section 2(h)(7)(A) of the CEA and CFTC Regulation	 §Regulations 50.50 and 50.51, as well applicable 

CFTC Letters, provide for an	exceptiona number of exceptions and exemptions from required clearing for 

swaps entered into by certain End‐Users (non-financial end users, financial cooperatives, treasury affiliates, 

bank holding companies and savings and loan holding companies, and community development financial 

institutions (collectively, the “End-User Exception”). 

The full requirements are listedReporting Entity, as defined in CFTC Regulation §50.50(a) through

§50.50(d) and can be found at:

http://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2012‐17291

Pursuant	to	CFTC	Regulation	§50.50(b),49.2 (“Reporting Entity”), may satisfy its reporting obligations 

may	 be	 satisfied	 on a swap-by-swap basis if the counterparty that is claiming the End-User Exception 

(“Electing Counterparty”) has not submitted an Annual End-User Clearing Exception/Exemption Form	as	

specified	in	CFTC	 Regulation	§50.50(b)(2).. If the Reporting CounterpartyEntity elects to satisfy its 

reporting obligations on a swap-by-swap basis, the Reporting CounterpartyEntity is responsible for 

delivering the required data to the	 DTCC Data Repository (U.S.) LLC (“DDR”) via the attached	Bulk 

Reporting CounterpartyEntity End-User Clearing Exception Swap-by-Swap Spreadsheet (“Bulk Swap-bySwap Spreadsheet”) and the	 Reporting CounterpartyEntity End-User Attestation Letter (“Attestation 

Letter”). 

The data provided in the Bulk Swap-by-Swap Spreadsheet will be linkedmatched, in a weekly report, to each 

swap for which the exception in	 CFTC	 Regulation	 §50.50	 is elected that involves the Reporting 

Counterparty	 and	 the	 counterparty that elects relief from required clearing (“Entity Electing 

Counterparty”) specified in the Bulk Swap-by-Swap Spreadsheet. The Reporting CounterpartyEntity may 

provide the required data in lieu of the Electing Counterparty submitting an annual form as specified in CFTC 

Regulation	§Regulations 50.50(b)(2).), 50.51(c), and applicable CFTC Letters. The Bulk Swap-by-Swap 

Spreadsheet attached	hereto	will	need	tomust be submitted for anyeach Electing Counterparty with whom 

the Reporting CounterpartyEntity engages in a swap activity and	the	Electing	Counterparty	elects	 the	

End‐User	Exception	(regardless of whether a different Reporting CounterpartyEntity has submitted a 

form for that Electing Counterparty). 
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Consistent	 with	 CFTC	 regulations,	 the	 Reporting	 Counterparty	 certifies	By executing the Bulk 

Swap-by-Swap Spreadsheet and the related Attestation Letter , the Reporting Entity certifies that it has

formed a reasonable basis to believe that the Electing Counterparty satisfies the requirements of CFTC 

Regulation §50.5050.50, 50.51, or applicable CFTC Letters.

The following elections and representations must be reported by the Reporting CounterpartyEntity on aeach

swap‐	 by‐swap	basis	(See	Step	2	below): they submit where the End-User Exception has been elected:

1. Notice of election of the End-User Exception; 

2. The identity of the counterparty or counterparties(s) making the election.; and

3. The type of clearing exception or exemption being claimed. 

The Bulk Swap-by-Swap Spreadsheet must be updated as soon as practicable in the event that the Reporting 

CounterpartyEntity reasonably believes that any of the information contained on the Bulk Swap- by-Swap 

Spreadsheet has changed. If no changes have occurred, the Reporting CounterpartyEntity must submit a

new Bulk Swap‐by‐Swap Spreadsheetan updated Attestation Letter on at least an annual basis. 

In the event that both counterparties to a swap have elected to utilize the End‐User Exception for an

individual swap, an End‐User Clearing Exception Form, a Swap‐by‐Swap Form or a Bulk Swap‐by‐ 

Swap Spreadsheet, as applicable, must be on file with the DDR.

STEP 1: Reporting CounterpartyEntity Spreadsheet – Reporting

CounterpartyEntity Process

Prior to reporting a swap for which a counterparty has decided to elect and reportclaiming the End-User 

Exception onfor a swap‐by‐swap basis, each Reporting CounterpartyEntity should complete and return a Bulk 

Swap-by-Swap Spreadsheet and Attestation Letter: 

1. The Reporting CounterpartyEntity contact goes to 

https://www.dtcc.com/products/derivserv/suite/us_swap_data_repository.php the DDR Website 

and clicks on the “DDR Reporting CounterpartyEntity Bulk Swap‐by‐Swap SpreadsheetSolution” 

link and downloads the Reporting Entity End-User Attestation Letter, the Bulk Swap-by-Swap 

Spreadsheet and the Instructions(Please note that the Reporting Counterparty Attestation Letter and

Bulk Swap‐by‐Swap Spreadsheet are at the end of the instructions). . 

1. The Reporting Counterparty contact can either print the PDF of the Attestation Letter or

download it. The Reporting Counterparty will need to download the excel spreadsheet.

1.2. The Reporting CounterpartyEntity contact completes the Reporting Counterparty Attestation Letter 

on the firm’s letterhead. 

2.3.The Reporting CounterpartyEntity completes the Bulk Swap-by-Swap Spreadsheet. 

3.4.The Reporting CounterpartyEntity contact returns the completed Bulk Swap-by-Swap Spreadsheet 

and an executed copy of the Attestation Letter to the operations e-mail inbox at 

GTREndUserExemption@dtcc.com GTREndUSerExemption@dtcc.com as a soft copy file. 
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Since the Reporting Counterparty is providing information relating to each Electing Counterparty, it is

required that the Reporting Counterparty has formed a reasonable basis to believe that the content of

the Bulk Swap‐by‐Swap Spreadsheet is accurate and that the information provided is accurate for each

swap entered into between the Reporting Counterparty and each Electing Counterparty.

Until all required information is provided, the Bulk Swap-by-Swap Spreadsheet and Attestation Letter will 

not be considered complete. The information requested is as follows:

The information requested is as follows: 

ATTESTATION LETTER 

1. Full Legal Name of the Reporting CounterpartyEntity;

2. CICI/LEI of the Reporting CounterpartyEntity; 

3. Contact Name - the name of the person responsible for filing the Bulk Swap-by-Swap Spreadsheet 

and Attestation Letter. This information is needed so that DDR can contact the RCPperson if there is 

an issue with the documents, if information is not provided, or if there are questions around the 

information that is provided; 

4. Contact Phone; and 

5. Contact E-mail. 

BULK SWAP-BY-SWAP SPREADSHEET 

A) RCPELECTING COUNTERPARTY INFORMATION

1. Reporting Entity Legal Name – Legal name of Reporting Counterparty.Entity. 

2. RCPReporting Entity DTCC ID – The Reporting Entity is required to provide a DTCC ID. 

3. Reporting Entity LEI/CICI - LEI or CICI of Reporting Entity. 

B) REPORTING ENTITY INFORMATION

1. Electing Counterparty. 

2.4.End User Legal Name - Legal name of End-UserElecting Counterparty. 

5. End UserElecting Counterparty DTCC ID - The DTCC ID for the Electing Counterparty, if 

available. 

3.6.Electing Counterparty LEI/CICI – LEI/CICI of End-UserElecting Counterparty. 

C) REQUIRED REGULATORY INFORMATION

Electing Counterparty Financial Entity Status 
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Pursuant to CFTC Regulation 50.50(b), the Electing Counterparty must disclose whether it is a Financial 

Entity and, if so, what type of Financial Entity. In particular, the form includes the following types of 

Financial Entities: an insured small bank, savings association, farm credit system institution or credit 

union; a captive finance company; an exempt cooperative; an eligible treasury affiliate; a bank 

holding company or savings and loan holding company; and a community development financial 

institution.

7. Not a Financial Entity – The Reporting Entity has a reasonable basis to believe that the Electing 

Counterparty is not Financial Entity, as defined in Section 2(h)(7)(C)(i) of the Commodity Exchange 

Act. State “YES” or “NO”, or leave blank for No. 

8. Insured Small Bank, Savings Association, Farm Credit System Institution or Credit Union – The 

Reporting Entity has a reasonable basis to believe that the Electing Counterparty is exempted under 

CFTC Regulation 50.50(d). State “YES” or “NO”, or leave blank for No. 

9. Captive Finance Company - The Reporting Entity has a reasonable basis to believe that the Electing 

Counterparty is excepted under Section 2(h)(7)(C)(iii) of the Commodity Exchange Act. State “YES” 

or “NO”, or leave blank for No. 

10. Eligible Treasury Affiliate - The Reporting Entity has a reasonable basis to believe that the Electing 

Counterparty is excepted under Section 2(h)(7)(D) of the Commodity Exchange Act. State “YES” or 

“NO”, or leave blank for No. 

11. Cooperative - The Reporting Entity has a reasonable basis to believe that the Electing Counterparty 

is exempted under CFTC Regulation 50.51(a). State “YES” or “NO”, or leave blank for No. 

12. Eligible Treasury Affiliate - The Reporting Entity has a reasonable basis to believe that the Electing 

Counterparty meets the conditions of CFTC Letter No. 14-144. State “YES” or “NO”, or leave blank 

for No. 

13. Bank Holding Company or Savings and Loan Holding Company - The Reporting Entity has a 

reasonable basis to believe that the Electing Counterparty meets the conditions of CFTC Letter No. 16-

01. State “YES” or “NO”, or leave blank for No. 

14. Community Development Financial Institution - The Reporting Entity has a reasonable basis to 

believe that the Electing Counterparty meets the conditions of CFTC Letter No. 16-02. State “YES” 

or “NO”, or leave blank for No. 

Hedge or Mitigate Commercial Risk of the Electing Counterparty 

This section is required to be checked when the selected Financial Entity Status is any other than Exempt 

Cooperatives or Eligible Treasury Affiliate.

2. Hedge or Mitigate Commercial Risk of the Electing Counterparty - Consistent with the 

requirements of Section 2(h)(7)(A)(ii) of the Commodity Exchange Act and CFTC 

Regulation

4.15. §50.50(c), the Reporting CounterpartyEntity has a reasonable basis to believe that the 

Electing Counterparty will only elect the End-User Exception for swaps that hedge or mitigate 

commercial risk. State “YES” or “NO”, or leave blank for No. 

3. Is End-User a Financial Entity ‐ A Financial Entity, as defined in Section 2(h)(7)(C)(i) of the

Commodity Exchange Act. State “YES” or “NO”, or leave blank for No.

Is End User

Eligible Treasury Affiliate Relief 
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Consistent with CFTC requirements, this section is required to be checked to indicate whether the Reporting 

Entity has a reasonable basis to believe that the Electing Counterparty meets the conditions contained in 

CFTC Letter No. 14-144.

5.16. Eligible Treasury Affiliate Relief - The Reporting Entity has a Captive Finance 

Company– Captive Finance Company excepted under Section 2(h)(7)(C)(iii) of the Commodity 

Exchange Act.reasonable basis to believe that the Electing Counterparty meets the conditions 

contained in CFTC Letter 14-144. State “YES” or “NO”, or leave blank for No.

4. Is End User Electing the Affiliate-Agent Exception - Affiliate-Agent Entity excepted under 

Section 2(h)(7)(D) of the Commodity Exchange Act. State “YES” or “NO” or leave blank for 

No. 

Does the End User Qualify

Exempt Cooperative 

Consistent with the requirements of CFTC Regulation 50.51, this section is required to be checked to 

indicate whether the Reporting Entity has a reasonable basis to believe that the Electing Counterparty 

will only elect the cooperative exemption for:

o swaps entered into with a member of the exempt cooperative in connection with originating a 

loan or loans for that member, which satisfies the requirements of CFTC Regulation 

1.3(ggg)(5)(i)-(iii); or 

o swaps that hedge or mitigate commercial risk related to loans to or swaps with members (as 

such swaps are described above). 

5. Exempt Cooperative - The Reporting Entity has a reasonable basis to believe that the 

Electing Counterparty will only elect the cooperative exemption for the Small Bank Exception 

- Insured Small Bank, Savings Association, Farm Credit System Institution or Credit Union 

exempted under CFTC Regulation 

6.17. §50.50(d).reasons outlined above. State “YES” or “NO”, or leave blank for No.

A. 

Financial Obligations 

Pursuant to CFTC Regulation 50.50(b), this section is required to be checked to indicate how the Electing 

Counterparty generally meets its financial obligations associated with entering into non-cleared swaps. 

At least one of the choices must be checked, but more than one choice may be checked. Additionally, the 

Electing Counterparty has the option of providing information regarding the “other” methods of meeting 

financial obligations.

7.18. Written Credit Support Agreement - The Reporting CounterpartyEntity has a reasonable 

basis to believe that the Electing Counterparty generally meets its financial obligations associated with 

entering into non-cleared swaps through the following means. State “YES” or “NO”, or leave blank 

for No.

6. B. Pledged or Segregated Assets - The Reporting Counterparty has a reasonable basis to

believe that the Electing Counterparty generally meets its financial obligations associated with

entering into non‐cleared swaps through the following means.  State “YES” or “NO”, or leave

blank for No.
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8.19. C. Written Third-Party Guarantee ‐ The Reporting CounterpartyEntity has a reasonable 

basis to believe that the Electing Counterparty generally meets its financial obligations associated with 

entering into non-cleared swaps through the following means. State “YES” or “NO”, or leave blank 

for No.

20. D. Written Third-Party Guarantee - The Reporting Entity has a reasonable basis to believe that the 

Electing Counterparty generally meets its financial obligations associated with entering into noncleared swaps through the following means. State “YES” or “NO”, or leave blank for No.

9.21. Available Financial Resources - The Reporting CounterpartyEntity has a reasonable basis 

to believe that the Electing Counterparty generally meets its financial obligations associated with 

entering into non-cleared swaps through the following means. State “YES” or “NO”, or leave blank 

for No.

10.22. E. Means other than those described in Subsections A through D - The Reporting 

CounterpartyEntity has a reasonable basis to believe that the Electing Counterparty generally meets 

its financial obligations associated with entering into non-cleared swaps through the following means. 

Such other means shouldmust be listed outspecified.

Electing Counterparty is an Issuer of Securities 

Consistent with CFTC requirements, this section is required to be checked to indicate whether the 

Electing Counterparty is an issuer of securities, yes or no. If the Electing Counterparty is an issuer of 

securities, then this section should also indicate whether the Electing Counterparty’s appropriate 

committee of the board of directors (or equivalent body) has reviewed and approved the decision to enter 

into swaps that are not cleared.

11.23. Is End UserElecting Counterparty an SEC Issuer/Filer - Is the Electing Counterparty an 

issuer of securities registered under section 12 of, or is required to file reports under Section 15(d) of, 

the Securities Exchange Act of 1934? State “YES” or “NO”, or leave blank for No.

12.24. SEC Central Index Key Number - If the Electing Counterparty is an issuer of securities 

registered under Section 12 of, or is required to file reports under Section 15(d) of, the Securities 

Exchange Act of 1934, provide the SEC Central Index Number.

13.25. Did the End User Electing Counterparty Receive Board Approval for the Election - The 

Reporting CounterpartyEntity has formed a reasonable basis to believe that the appropriate committee 

of the board of directors (or equivalent body) for the Electing Counterparty has reviewed and approved 

the decision to enter into swaps that are exempt from the clearing requirement of Section 2(h)(1), and 

Section 2(h)(8) of the Commodity Exchange Act. State “YES” or “NO”, or leave blank for No.

7. Treasury Affiliate – The Electing Counterparty meets the definition of a Treasury Affiliate

contained in CFTC Staff No‐Action Letter 13‐22. State “YES” or “NO”, or leave blank for No

8. General Conditions for Treasury Affiliates – The Reporting Counterparty has a reasonable 

basis to believe that the Electing Counterparty meets the General Conditions contained in CFTC 

Staff No-Action Letter 13-22. 

9. Exempt Cooperative –The Electing Counterparty is an Exempt Cooperative as defined in CFTC

Regulation 50.51(a). State “YES” or “NO”, or leave blank for No

10. Election by Exempt Cooperative ‐ Reporting Counterparty has a reasonable basis to believe

that the Electing Counterparty will only elect the cooperative exemption for:

• swaps entered into with a member of the exempt cooperative in connection with

originating a loan or loans for that member, which satisfies the requirements of CFTC
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Regulation §1.3(ggg)(5)(i)‐(iii); or

• swaps that hedge or mitigate commercial risk related to loans to or swaps with members.

STEP 2: Bulk Solution – DDR Process 

Once the Reporting CounterpartyEntity has returned the Bulk Swap-by-Swap Spreadsheet, DDR will perform 

the following processes: 

1. DDR will check to see ifwhether the Electing Counterparty has filed an Annual End-User Clearing 

Exception/Exemption Form. If they haveit has, DDR will contactnotify the Reporting Counterparty

and let them knowEntity that the Annual End-User Clearing Exception/Exemption Form will govern 

and that the Electing Counterparty’s information on the Bulk Swap-by-Swap Spreadsheet will be not 

be utilized by DDR. The RCPReporting Entity will be required to send in an updateda revised Bulk 

Swap-by-Swap Spreadsheet. removing the entity for .which an Annual End-User Clearing 

Exception/Exemption Form is already on file with DDR. 
DTCC Public (White) (White)

2. Each submitted Bulk Swap-by-Swap Spreadsheet and Attestation Letter will be reviewed for 

completeness. If any required field or question is left blank, DDR will communicate to the contact 

person that the form is incomplete and will need to be completed fully. before processing. 

1. Once the Bulk Swap‐by‐Swap Spreadsheet and Attestation Letter are complete, DDR will

review the information provided and will discuss any questions with the contact person.

3. DDR will maintain a tracking spreadsheet showing the Reporting Entity name, the Electing 

Counterparty name, the End‐  User name, the CICILEI for each and the date on which the 

verifiedcompleted Bulk Swap-by-Swap Spreadsheet and Attestation Letter were filed. 

4. DDR will create a report showing all counterparties: 1) each Reporting Entity and Electing 

Counterparty that are parties to swaps that have elected the End-User Clearing Exception to validate

that an, and 2) each Annual End-User Clearing Exception/Exemption Form, Reporting Entity EndUser Clearing Exception Swap-by-Swap Reporting Data form, or a Bulk Swap-by-Swap 

Spreadsheet that has been provided. The report will be made available to the CFTC on a weekly 

basis. 

2. Although submitting an updated Attestation Letter on at least an annual basis is the

obligation of the Reporting Party, DDR will track the date the Attestation Letter is

completed and notify the Reporting Counterparty when the next Attestation Letter needs

to be filed. The Bulk Swap‐by‐  Swap Spreadsheet needs to be updated and submitted as

required

STEP 2:3: Swap by Swap Elections

CFTC Regulation §43.4(b) requires that the counterparties indicate on real time messages that the 

clearingEnd-User Exception has been elected. There is no requirement to identify the party claiming 

exception or the type of exemption being claimed, on real time messages. A True/False flag is provided for 

counterparties on the real time message for counterparties to indicate that the clearing exception is elected 

and the flag can exist on either party block. 

<!-- This indicates Clearing Exception has been invoked --> 

<endUserException>true</endUserException> 

Applicable message types RealTime

RTPET* 

RT-PET-Confirm*

*If a true/false flag is used on combination messages, firms would need to update the position with the name of the

party claiming clearing exception to be compliant with the CFTC rules. The recommendation is that this flag 

should only be set to “True” on Real Time messages.
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DTCC Public (White) (White)

CFTC Regulation §50.5045.3 requires indication the Reporting Entity to the swap to report the election of 

the electionEnd-User Exception, the type of clearing exception and identification of the Electing 

Counterparty, which refers to the counterparty(s) making the election on a swap‐by‐. The Reporting Entity 

to the swap basis. This is donecan indicate the Electing Counterparty by including a related party reference 

with the role of ‘ClearingExceptionParty’,“ClearingExceptionParty”, or “Cooperative” as well as one of the 

standard identifiers for the party claiming the exception or exemption. 

DDR will accept the message from its clients and derive the “Clearing Exception Type” field based on the 

on the role provided for the related party as follows. 

a. The “Clearing Exception Type” field will be populated with a value of “End-User” when: 

//partyTradeInformation/relatedParty[role="ClearingExceptionParty"] 

OR 

//tradeHeader/partyTradeInformation/endUserException/text() - has a value of ‘true’ 

Please note that the Part 43 real time message with the enduserexception flag set to true only indicates that 

the exemption is being elected, without identifying the counterparty making the election. In order to satisfy 

the Part 45 requirement that the reporting entity must identify the counterparty that is electing the end user 

exemption, the reporting entity must also send in a PET message identifying the counterparty electing the 

end user exception. 

b. The “Clearing Exception Type” field will be populated with a value of “Cooperative” when: 

//partyTradeInformation/relatedParty[role=”Cooperative”] 

FpML

The related party reference below should be populated on the related party block of the non-claiming 

party, and reference the party claiming the exceptionElecting Counterparty as the related party. 

FpML

The role should be specified as “ClearingExceptionParty” if the clearing exception type is “EndUser”; or “Cooperative” if the clearing exception type is “Cooperative””. 

Example 1: 

Counterparty A claiming an End-User exception: 

For example, if the non-Reporting PartyEntity is claiming the clearing exceptionElecting 

Counterparty, then the party reference should be included on the Reporting Party’sEntity’s related 

party block with reference to the non-Reporting PartyEntity. 

<!-- This indicates Clearing Exception has been invoked for BankACounterparty A-->
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DTCC Public (White) (White)

<relatedParty> 

<partyReference href="BankACounterpartyA"/> 

<role>ClearingExceptionParty</<role>ClearingExceptionParty</role>

<!—This role indicates the value of “End-user” should be auto-populated by DDR into the clearing 

exception type field-->

</relatedParty> 

<!-- Prefix and Value for BankCounterparty A -->

<party id="BankACounterpartyA"> 

<partyId partyIdScheme="http://www.dtcc.com/coding‐scheme/party‐

idhttp://www.dtcc.com/coding-scheme/party-id">00001111</partyId> 

Example 2: 

CounterParty A claiming a Cooperative exemption: 

<!-- This indicates Clearing Exception has been invoked for Counterparty A-->

<relatedParty> 

<partyReference href="CounterpartyA"/> 

<role>Cooperative</role> 

<!—This role indicates the value of “Cooperative” should be auto-populated by DDR into the 

clearing exception type field-->

</relatedParty> 

<!-- Prefix and Value for Counterparty A -->

<party id="CounterpartyA"> 

<partyId partyIdScheme="http://www.dtcc.com/coding-scheme/party-id">00001111</partyId> 

Applicable message types RT* 

PET 

RT-PET* 

Confirm 

PET-Confirm 

RT-PET-Confirm* 

Snapshot 

*If the RT message or any of the RT combination messages are sent in with the indication of the party claiming 

exception as opposed to the true/false flag described above, the GTRDDR will still disseminate a true/false indicator 

publicallypublicly. 
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DTCC Public (White) (White)

.CSV 

Clearing Exception or Exemption Party Prefix (Conditional) Prefix of the party claiming EndUser Exception

Clearing Exception or Exemption Party Value “true” or “false” or Party ID Value of the party 

claiming End-User Exception. The Clearing 

Exception Party Prefix will be applicable only 

when Party ID value is provided. 

Clearing Exception or Exemption Type “End-User” or 

“Cooperative” 

While the Clearing Exception Type field is auto-populated by DDR for FpML submissions based on the 

role provided in the FpML message, participants should submit the clearing exception or exemption type 

field with one of the appropriate values selected when submitting using CSV. 

In case of both CSV and FPML – if the submission is done on behalf of one party – the End‐User Clearing 

Exception party information will be applied only on that side of the position. 

If the submission is done on behalf of both parties – the Clearing Exception party information will be 

applied on both sides of the position.