Commodity Futures Trading Commission 

 Office of Public Affairs 

 Three Lafayette Centre 

 1155 21st Street, NW 

 Washington, DC 20581 

 www.cftc.gov

Q & A – Real-Time Public Reporting Proposed Rulemaking 

What is the goal of the proposed rulemaking? 

The notice of proposed rulemaking proposes to implement a real-time public reporting regime for swaps and to specify the 

criteria for what constitutes a block trade and a large notional swap and the appropriate time delay for public dissemination of 

block trade and large notional swap transaction and pricing data. The proposed rules are designed to make swap transaction 

and pricing data available to the public in real-time, promote transparency and enhance price discovery while protecting the 

anonymity of market participants. 

The Dodd-Frank Act requires that swap transaction and pricing data be reported “as soon as 

technologically practicable.” What does that mean under the proposed rules? 

“As soon as technologically practicable” means as soon as possible, taking into consideration the prevalence, implementation 

and use of technology by comparable market participants. 

What swaps are covered by the proposed rules? 

The proposed rules cover all swaps (i.e., interest rate, currency, equity, credit and other commodity) under the CFTC’s 

jurisdiction, cleared and uncleared, regardless of the method of execution (e.g., executed on a swap execution facility, 

designated contract market or bilaterally negotiated) 

Which parties to a swap must report real-time swap transaction and pricing data to registered 

entities under the proposed rules? 

Parties to a swap are responsible for reporting swap transaction information to the appropriate registered entity in a timely 

manner, as prescribed below. 

For those swaps executed on a swap execution facility or designated contract market, the parties satisfy their real-time 

reporting obligation by executing the swap on such trading facility or platform. 

For those swaps that are not executed on a swap execution facility or designated contract market, the parties to the swap 

would report to a registered entity as follows: 

• If one party is a swap dealer and the other is a major swap participant, the swap dealer should report to the registered 

entity. 

• If one party is a swap dealer or major swap participant and the other party is not a swap dealer or major swap 

participant, the swap dealer or major swap participant should report to the registered entity. 

• In all other situations, the parties shall decide which party to the swap will report to the registered entity. 

Who will report real-time swap transaction and pricing data to the public under the proposed 

rules? 

A real-time disseminator would be responsible for publicly disseminating swap transaction and pricing data in real-time. A 

real-time disseminator could be a registered swap data repository or a third party service provider that accepts swap transaction 

and pricing data from multiple data sources and publicly disseminates such data in real-time pursuant to the proposed rules. 

Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080 
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Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080 

When must real-time swap transaction and pricing data be reported to a real-time disseminator 

under the proposed rules? 

Swap transaction data, including price and volume, must be real-time public reported as soon as technologically practicable 

after the time at which the swap transaction has been executed. 

Under the proposed rules, parties to a swap executed on a swap execution facility or designated contract market fulfill their 

requirements to report to a registered entity by executing such swap transactions on a swap execution facility or designated 

contract market. Swap execution facilities and designated contract markets must report such swap transaction and pricing data 

to a real-time disseminator as soon as technologically practicable following execution of the swap transaction. A real-time 

disseminator includes a registered swap data repository that accepts and publicly disseminates swap transaction data and a 

third-party service provider through which the swap execution facility or designated contract market can publicly disseminate 

the swap transaction and pricing data in real-time. Swap execution facilities and designated contracts markets may provide 

swap transaction and pricing data to their market participants concurrent with or following the transmittal of such data to a 

real-time data disseminator. 

For swaps executed off-facility in which at least one party is a swap dealer or major swap participant, the party that is 

responsible for reporting must report the real-time swap transaction and pricing data to a registered swap data repository that

accepts and publicly disseminates swap transaction and pricing data in real-time. Such data must be reported by the reporting 

party as soon as technologically practicable following execution of the swap transaction. Swap dealers may provide swap 

transaction and pricing data to their customers concurrent with or following the transmittal of such data to a real-time data 

disseminator. 

For swaps executed off-facility in which neither party is a swap dealer or major swap participant, the party that is responsible 

for reporting must report the real-time swap transaction and pricing data to a registered swap data repository that accepts and

publicly disseminates swap transaction and pricing data in real-time. Such data must be reported by the reporting party as 

soon as technologically practicable following execution of the swap transaction. 

When does execution of a swap occur under the proposed rules? 

Execution of a swap is an agreement by the parties (whether orally, in writing, electronically or otherwise) to the terms of a 

swap that legally binds the parties to such swap terms under applicable law. Execution occurs immediately following or 

simultaneous with the affirmation of the swap. Affirmation is the process by which parties to a swap verify (orally, in writing, 

electronically or otherwise) that they agree on the primary economic terms of a swap (but not necessarily all terms of the 

swap). Affirmation may constitute “execution” of the swap or may provide evidence of execution of the swap, but does not 

constitute confirmation (or confirmation by affirmation) of the swap. 

When must swap transaction and pricing data be publicly disseminated by a real-time 

disseminator under the proposed rules? 

A real-time disseminator must disseminate real-time swap transaction and pricing data as soon as technologically practicable 

upon receipt of such data from a reporting party or a swap market unless such swap is subject to a time delay under the 

proposed rules. 

What data needs to be real-time reported to the public under the proposed rules? 

The proposed rules provide that the information in a list of specific data fields must be publicly disseminated so that the 

public can understand the product, price and volume. 

What is a block trade under the proposed rules? 

A block trade is a swap of large notional or principal value that 

1) is made available for trading on a swap execution facility or designated contract market; 
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Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080 

2) occurs off the swap execution facility’s or designated contract market’s trading system or platform pursuant to the 

swap execution facility or designated contract market rules; 

3) is consistent with the appropriate minimum block size requirements in the proposed rules; and 

4) is reported in accordance with the swap execution facility’s or designated contract market’s rules and procedures and 

subject to the appropriate time delay in the proposed rules. 

What is the difference between a block trade and a large notional swap under the proposed 

regulations? 

Block trades and large notional swaps are similar in that they are both swaps of large notional or principal value. However, 

unlike a block trade, a large notional swap is a swap that is not available for trading or execution on a swap execution facility or 

designated contract market. A large notional swap must be consistent with the appropriate minimum size requirements in the 

proposed rules. Additionally, a large notional swap must be reported in accordance with the appropriate time delay in the 

proposed rules. 

What is the “appropriate minimum block size” under the proposed rules? 

The “appropriate minimum block size” is the minimum notional or principal size of a category of swaps within an asset class 

that qualifies particular swaps to fall within the category of swap as a block trade or large notional swap. The appropriate 

minimum block size is calculated by a registered swap data repository or is prescribed by the Commission. 

How is the appropriate minimum size of a block trade or large notional swap determined under 

the proposed rules? 

Under the proposed rules, the appropriate minimum block size for a category of swaps within an asset class would be 

determined by a registered swap data repository. A registered swap data repository would make this determination for a 

category of swaps by selecting the greater of the resulting numbers from the following two tests: 

• Distribution Test – Using data over the prior calendar year, a registered swap data repository would create an 

empirical distribution of the notional or principal transaction amounts within a category of swaps and would set a 

number that is greater than 95% of the notional or principal transaction amounts. 

• Multiple Test – Using data over the prior calendar year, a registered swap data repository would calculate the mean, 

median and mode for a category of swaps and would then multiply the greatest of the mean, median or mode by five. 

How long of a time delay would there be before a block trade or large notional swap transaction 

is publicly disseminated under the proposed rules? 

Standardized block trades and large notional swaps will have a fifteen minute time delay from the time of execution until the 

time of public dissemination. The Commission is requesting comment regarding appropriate time delays for customized large 

notional swaps.