CFTC takes steps to clean up ‘garbage’ swaps data

Market participants frustrated at attempts to further standardise swaps in data reporting proposals

Chris Giancarlo, CFTC

The US Commodity Futures Trading Commission (CFTC) is taking steps to clean up terabytes of uninterpretable data being reported to the agency under swap reporting rules – but commodities market participants complain that the agency's attempts to standardise certain contracts for reporting purposes are unfeasible.

Under the Dodd-Frank Act, firms are required to report over-the-counter trades to Swap Data Repositories (SDRs), entities that hold large amounts of trading data in order to provide reg