Alert December 04, 2012

CFTC Staff Withdraws Elements of Cleared Swaps Reporting FAQ

The CFTC staff withdrew parts of its previously-released “Frequently Asked Questions on the Reporting of Cleared Swaps.”  According to the CFTC press release, the withdrawn questions (“Which party has the authority to select the particular SDR for purposes of cleared swap reporting?”, “May a DCM, SEF or DCO that is also registered as an SDR or legally affiliated with an SDR require counterparties to use their ‘captive’ SDR for reporting swap transactions?”, and “Where must the resulting swaps created through the clearing process be reported?”) and corresponding answers are currently under consideration as part of the CFTC’s review of a proposed Chicago Mercantile Exchange rule.