The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

CFTC Plans 8 June Roundtable to Discuss Instrument Identification Standards

In keeping with its push to keep data standardisation high on the industry agenda and the establishment of a new regulator subcommittee on the subject earlier this month, the Commodity Futures Trading Commission (CFTC) has indicated that it will be conducting a public roundtable on 8 June to discuss the technical aspects of the introduction of new unique product identifiers (UPIs). This is all part of the rollout of new procedures and infrastructures for the issuance and maintenance of these new instrument IDs, which are being introduced as part of Dodd Frank’s swaps data recordkeeping requirements.

The roundtable, which will be held at the regulator’s Washington HQ from 1pm until 5pm, will focus on the swaps markets and the products and entities under the CFTC’s jurisdiction. The regulator is therefore hoping the roundtable will assist it in the implementation of the Dodd Frank Wall Street Reform and Consumer Protection Act.

The UPI proposed by the CFTC in the swap data recordkeeping and reporting rulemaking (Part 45) would categorise swaps according to the underlying products referenced in them. While the UPI would be assigned to a particular level of the taxonomy of the asset class or sub-asset class in question, the CFTC and other regulators believe its existence would enable them to aggregate transactions at various taxonomy levels based on the type of product underlying the swap.

The roundtable will therefore encompass discussion about the existing systems of swap product classification and identification currently available. It will also include talk about coordination among various industry product classification and identification workstreams for the purpose of achieving a universal method to describe and classify swap products, as well as the implementation of a universal system of swap product classification and identification for the purpose of meeting various CFTC requirements.

The current work that has been kicked off by the Office of Financial Research (OFR) will likely feature heavily, given that the regulators are keen to foster a joined up approach to the market under the auspices of Dodd Frank. Any identification standard gaps in the swaps market will need to be filled and fast, if action to introduce swaps data repositories and increase transparency of the market overall is to be achieved.

As for logistics: the roundtable will be held in the Conference Centre 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 may also listen by telephone and should be prepared to provide their first name, last name and affiliation.

Related content

WEBINAR

Recorded Webinar: Leveraging data lineage to deliver tangible business benefits

Data lineage is central to data quality, accuracy and access. It is also essential to understanding your data and data flows, systems from simple applications to multiple business intelligence solutions, and how people in your organisation are using data. Implemented across the enterprise, data lineage can provide significant business benefits, including new business opportunities, better...

BLOG

UK Government Sets Development of Green Taxonomy in Motion

The UK government announced today a Green Technical Advisory Group (GTAG), which will oversee delivery of a green taxonomy that will set the bar for investments that can be defined as environmentally sustainable and tackle greenwashing. The post-Brexit UK taxonomy is likely to be similar, but not identical, to the EU taxonomy set out in...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that brings together an exceptional guest speaker line up of RegTech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment.

GUIDE

ESG Handbook 2021

A-Team Group’s ESG Handbook 2021 is a ‘must read’ for all capital markets participants, data vendors and solutions providers involved in Environmental, Social and Governance (ESG) investing and product development. It includes extensive coverage of all elements of ESG, from an initial definition and why ESG is important, to existing and emerging regulations, data challenges...