Swap Data Repository
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A “swap data repository” (SDR) is an entity created by the Dodd-Frank Act in 2010 in order to provide a central facility for swap data reporting and recordkeeping.[1] Swap data repositories are required to comply with data standards set by the CFTC, including real-time public reporting of swap transaction data to a "disseminator" such as a derivatives clearing organization or a swap execution facility.[2]
At its August 4, 2011 open meeting, the CFTC approved its final rules regarding SDRs. For more information, see the Swap Data Regulation MarketsReformWiki page on swap data repositories.
List of SDRs in the U.S.[edit]
In the U.S., the following firms have been provisionally registered as SDRs:[3]
- ICE Trade Vault, (Intercontinental Exchange, Inc.) Approved June 27, 2012
- DTCC Data Repository (Depository Trust & Clearing Corp.) Approved September 19, 2012
- CME Swap Data Repository (CME Group) Approved November 20, 2012
- BSDR LLC (Bloomberg) Approved January 17, 2014
- INFX SDR (Integral Development Corp.) Application withdrawn
European Swaps Regulation[edit]
In Europe, SDRs are known as "trade repositories," or "TRs." According to the European Central Bank, TRs are designed to be "authoritative registries of key information regarding open over-the-counter (OTC) derivatives trades", to "provide an effective tool for mitigating the inherent opacity of OTC derivatives markets." [4]
The European Market Infrastructure Regulation (EMIR), entered into force March 15, 2013, included several standards related to trade repositories, including:
- Minimum details of the data to be reported to trade repositories
- Application for registration as a trade repository
- Data to be published and made available by trade repositories and operational standards for aggregating, comparing and accessing the data.
For more information, visit the EMIR page in MarketsReformWiki.
List of European Trade Repositories[edit]
The following firms have been approved by ESMA as trade repositories as of May 2015.[5] Mandatory reporting begins February 12, 2014.
- DTCC Derivatives Repository - Global Trade Repository (GTR)
- CME Group - CME European Trade Repository
- Intercontinental Exchange - ICE Trade Vault
- REGIS-TR - joint venture between Iberclear and Deutsche Boerse's Clearstream subsidiary.
- UnaVista - owned by the London Stock Exchange Group
- KDPW Trade Repository - owned by The Central Securities Depository of Poland
References[edit]
- ↑ A New Era for Swaps Regulation. Fulbright & Jaworski - Financial Reform Task Force.
- ↑ Fact Sheet: Proposed Rule on Real Time Public Reporting of Swap Transaction and Pricing Data. CFTC.
- ↑ Swap Data Repository Organizations. CFTC.
- ↑ Consultation on CESR of Trade Repositories in the European Union. European Central Bank.
- ↑ List of registered trade repositories. ESMA.