CFTC Approves CME Swap Data Reporting Rule

On March 6, the Commodity Futures Trading Commission approved the Chicago Mercantile Exchange Inc.’s (CME) request to adopt CME Rule 1001. CME Rule 1001 addresses the CME’s obligation, in its capacity as a derivatives clearing organization (DCO) and under Part 45 of CFTC regulations, to report cleared swap creation and continuation data to a selected swap data repository (SDR). In particular, CME Rule 1001 requires that the CME’s DCO report its cleared swap data to the CME’s SDR. During the public comment period of the CME’s proposed rule, reporting parties and DCOs both claimed the right to choose the SDR and pointed to Part 45 as the source of that authority. Despite commenters’ concerns that CME Rule 1001 was inconsistent with Part 45, the CFTC issued a 21-page statement in which it set forth its reasons for approving CME Rule 1001.

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