Banks balk at SEC backloading rule

Reporting requirements for expired security-based swaps “not justified”, dealers say

broken hour glass
“There is no standardised way of storing data from historical trades” – G-Sib source

Swap dealers are lobbying the US Securities and Exchange Commission (SEC) to drop tough requirements to report expired over-the-counter trades, some of which are as much as a decade old.

Firms are struggling to meet an April 14, 2022 compliance deadline to report expired and historical live trades, requirements that a source at one global systemically important bank (G-Sib) describes as “not justified by a cost-benefit analysis”.

“There is no standardised way of storing data from historical

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