Thursday, September 9, 2010

CFTC, SEC to Host Public Roundtable to Discuss Swap Data, Swap Data Repositories and Real Time Reporting

Staff from the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) will hold a public roundtable on September 14, 2010, to discuss issues related to swap data repository (SDR) registration, functions and responsibilities, the mechanics of data reporting, models for real time public reporting and the effect of transparency on liquidity of block trades and large transaction sizes.

The roundtable will assist both agencies in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The roundtable will be held in the Lobby Level Hearing Room at the CFTC’s Headquarters, Three Lafayette Centre, 1155 21st Street, NW, Washington DC. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public also may listen by telephone and should be prepared to provide their first name, last name and affiliation.

U.S./Canada Toll-Free: (866) 312-4390 begin_of_the_skype_highlighting (866) 312-4390 end_of_the_skype_highlighting

International Toll: (404) 537-3379 begin_of_the_skype_highlighting (404) 537-3379 end_of_the_skype_highlighting

Conference ID: 98801653

A transcript of the public roundtable discussion will be published on the CFTC’s website. Members of the public wishing to submit their views on the topics addressed at the roundtable may e-mail their submissions to the e-mail addresses provided on the CFTC’s website on the Swap Data Repositories Registration Standards and Core Principle Rulemaking page, Interpretation & Guidance page, Data Recordkeeping & Reporting Requirements page or Real Time Reporting page, or through the comment form or e-mail address for roundtable comments provided on the SEC website.

All submissions provided to either the CFTC or the SEC in any electronic form or on paper will be published on the website of the respective agencies, without review and without removal of personally identifying information.

Agenda for the Joint CFTC-SEC Public Roundtable Discussion

8:45 a.m.

Opening Statements by CFTC and SEC Staff

9:00 a.m.

Panel One – SDR Registration, Functions and Responsibilities

Duties of SDRs in addition to those required by the Dodd-Frank

The most efficient and effective way for SDRs to execute their statutory duties

How to implement the confirmation function under Dodd-Frank—to what extent and under what circumstances will SDRs be expected to do trade confirmations

10:45 a.m.

Break

11:00 a.m.

Panel Two – Mechanics of Data Reporting

Type of data reported by SDRs, derivatives clearing organizations (DCOs), designated contract markets (DCMs), swap execution facilities (SEFs), swap dealers and major swap participants (MSPs)

Parties responsible for reporting of swap and security-based swap data

Means by which mandatory reporting may be made Reporting of swap and security-based swap transactions executed or cleared on an electronic platform

The time by which swap and security-based swap transactions must be reported

Handling of data corrections

Reporting of life cycle events

Reporting of past transactions

12:45 p.m.

Lunch Break

1:45 p.m.

Panel Three – Models for Real-Time Transparency and Public Reporting

Benefits of real time reporting of swaps and security-based swaps transactions

Entities responsible for reporting

Data elements

Ensuring anonymity of market participants

The meaning of “real-time”

Appropriate media for real-time reporting of swap and security-based swap transaction data

Feasibility/desirability of a consolidated tape or ticker for swaps and security-based swaps

3:30 p.m.

Break

3:45 p.m.

Panel Four – Effect of Transparency on Liquidity: Block Trade Exception

Defining block trades and large transaction sizes for swaps and security based swaps

Determining an appropriate delay for reporting block trades and large transactions

Effects of transparency on post-trade liquidity

Responsibility for determining minimum block sizes and large transaction sizes for reporting purposes

5:30 p.m.

Roundtable concludes

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