CFTC approves start-up SDR ahead of US reporting overhaul
KOR Financial expects 30–50% cost savings as participants prepare to adopt US rule rehash
The US swaps regulator has approved the first new swaps data repository (SDR) in eight years, as users prepare for the biggest upheaval in reporting standards since Dodd Frank rules were imposed in 2012.
Start-up repository KOR Financial was approved by the Commodity Futures Trading Commission (CFTC) on March 30 for regulatory reporting of swaps. The repository is live for testing and the official launch is planned for June, six months before the industry is forced to adopt a wholesale rewrite
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