How long are swap dealers required to retain a record of a confirmation?
five years
At a minimum, all swap market participants must retain these records for five years following the expiration of the swap or amended swap if the terms of the swap agreement were amended.
How long are swap dealers required to retain written communications?
Commission regulation 1.31 is being amended to provide that records of oral communications must be kept for one year. As proposed, the rule was much broader in scope requiring, in addition, that all members of a DCM or SEF record their oral communications that lead to the execution of a cash commodity transaction.
What is CFTC regulatory reporting?
What is CFTC Reporting? Firms trading OTC derivatives in the US must report details to a registered Swap Data Repository (SDR). The reporting obligations include: Part 45 transaction and valuation reporting to allow regulators to monitor for systemic risk.
Is a dealer in swaps a swap dealer?
A swap dealer (SD) is an entity that holds itself out as a dealer in swaps; makes a market in swaps; regularly enters into swaps with counterparties as an ordinary course of business for its own account; or engages in any activity causing the entity to be commonly known in the trade as a dealer or market maker in swaps …
What are trading records?
Trading Records means the accounts, purchase and sale records, lists of orders and other books and records of the Vendor (other than the Statutory Books) used in the carrying on of the Business; Save.
What is a swap data repository?
Swap data repositories (“SDRs”) are new entities created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) in order to provide a central facility for swap data reporting and recordkeeping.
What is a large trader report?
Large trader reporting is intended to help the SEC identify individuals engaged in significant market activity and analyze the impact of their trading activity on the market. Also, they must report transactions by large traders that equal or exceed the activity level or aggregate transactions in NMS securities.
Does a swap dealer make markets in futures?
A swap dealer is an individual or entity that serves as a swaps broker, makes markets in swaps, or enters into swaps contracts with counterparties.
Are swap dealers ECP?
Commission Regulations §§ 1.3(m)(1)-(4) provide that the ECP definition now includes swap dealers, security-based swap dealers, major swap participants and major security-based swap participants, as those terms are defined in the Page 6 Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080 CEA …
Where are the records required to be kept by swap dealers?
All records required to be kept by a swap dealer or major swap participant by the Act and by Commission regulations shall be kept at the principal place of business of the swap dealer or major swap participant or such other principal office as shall be designated by the swap dealer or major swap participant.
What are the recordkeeping requirements for broker-dealers?
These rules are largely modeled on the recordkeeping requirements for broker-dealers set forth in Rules 17a-3 and 17a-4. Broker-dealer SBSDs and MSBSPs will be subject to Rules 17a-3 and 17a-4, while stand-alone SBSDs, bank SBSDs and MSBSPs will be subject to Rules 18a-5 and 18a-6.
What are the recordkeeping requirements for an SBSD or msbsp?
An SBSD or MSBSP that is also registered with the CFTC as a swap dealer or major swap participant may comply with the recordkeeping requirements of the Commodity Exchange Act and the rules thereunder in lieu of complying with certain requirements of Rule 18a-5. At a high level, the new rules impose the following recordkeeping requirements:
Are there any additional information about data recordkeeping & reporting requirements?
Additional information regarding Data Recordkeeping & Reporting Requirements is provided below, including factsheets for each rule, and details of meetings held between CFTC staff and outside parties. Division of Swap Dealer and Intermediary Oversight Responds to Frequently Asked Questions (FAQs) Regarding Commission Forms CPO-PQR and CTA-PR