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March 7, 2013

CFTC Approves CME 1001 – Will DTCC Sue?

DTCC (Larry Thompson) may go after the CFTC or CME if he feels there is a case, with CME automatically delivering cleared OTCs into their own SDR. But, on rule 1001 they put this:

5) At the request of Party A or Party B, as applicable, under Rule 1001 CME Clearing would report a copy of relevant data that it reports to CME's SDR to another SDR chosen by Party A or Party B, for the resulting swap and related position of Party A or Party B, as applicable.

Which conveniently side-steps the lock-in. Would the other SDR also charge to receive the trade from CME? (in addition to CME charging to report the data into it's own SDR) Will CME build electronic links to other SDRs ? Full details of the rule, and CME's response to DTCC criticism in the link below for rule 1001. Rule 1001: http://www.cftc.gov/stellent/groups/public/@rulesandproducts/documents/ifdocs/rul120612cme001.pdf CFTC Approves Request from the Chicago Mercantile Exchange Inc. to Adopt New Chapter 10 (“Regulatory Reporting of Swap Data”) and New Rule 1001 (“Regulatory Reporting of Swap Data”) of CME’s Rulebook.


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