SIFMA Statement On CFTC Swaps Reporting Rules

SIFMA today released the following statement from Tom Price, managing director at SIFMA, in response to the Commodity Futures Trading Commission’s (CFTC) notice of final rulemaking on Swap Data Recordkeeping and Reporting Requirements, specifically regarding legal entity identifier (LEI) requirements:

“SIFMA applauds the CFTC’s adoption of a legal entity identifier (LEI) solution for use in the U.S. derivatives markets. This is an important first step as we move towards a phased-in, global LEI solution. A uniform, globally consistent LEI solution will provide regulators with a powerful tool to better monitor systemic risk and enable individual firms to more effectively measure counterparty exposure. We will continue to review this rule in greater detail in the days ahead. Looking forward, SIFMA appreciates the work being done by the Financial Stability Board (FSB) to develop a global LEI solution, and we remain committed to working with regulators and stakeholders globally to be a productive participant in this process.”

For more information, please visit: http://www.sifma.org/issues/operations-and-technology/legal-entity-identifier/overview/.