New SEC Swap Reporting Rules: An Easy Start, Bigger Impact Still to Come
Niche swap dealers will need to create systems for newest SEC rule
At first glance, the US Securities and Exchange Commission's (SEC) new pair of rules governing security-based swaps, known as Regulation SBSR bears a striking resemblance to anyone familiar with the futures and option markets.
The two rules, adopted in mid-January, require security-based data repositories (SDRs) to register with the SEC and implement reporting and public dissemination requirements for security-based swap transaction data, and are seemingly taken right from the Commodity Futures
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