Phil Lookadoo in Megawatt Daily: CFTC's Massad Eyes Steps on Swaps Data


US Commodity Futures Exchange Commission Chairman Timothy Massad expects by the end of the month to release a study that sets the stage for commission action on the threshold for exempting small swap dealers from stiffer regulation.

Massad discussed the timing at a keynote speech at the Futures Industry Association’s Futures and Options Expo in Chicago Wednesday, where he also hinted at new requirements the commission is eyeing to help ensure the swaps data it collects is complete and standardized...

Massad also said there are gaps in consistency of the data collected, for instance citing a lack of standardization in how many fields are reported, or the way a given benchmark is reported...

Phil Lookadoo, a partner at Haynes and Boone who chairs the International Energy Credit Association’s Dodd Frank working group, said steps to reduce the amount of extraneous information reported, such as the relief from trade option reporting, move in the right direction. On the other hand, he said the statement on enforcement “sounds kind of ominous.” There are many ways to make a mistake, he said, adding that companies that do fewer reports may have a greater likelihood of errors.

Excerpted from Megawatt Daily. To read the full article, click here (subscription required).

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