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SEC reveals security-based swap rules

Monday 22 November 2010 - by Will Henley

The US Securities and Exchange Commission has proposed new rules on security-based swap repositories and reporting.

The changes, brought in under the Dodd-Frank Wall Street Reform and Consumer Protection Act, detail information to be reported and require repositories to retain full records to be accessed by regulators.

Mary Schapiro, SEC chairman, (pictured) said that the "opaque nature of the swaps market", in which transaction data is widely unavailable or unrecorded, meant that high standards for repositories were necessary.

She said: "These rules would provide for post-trade transparency in the security-based swap markets, and are designed to provide all market participants access to transaction information at the same time."

"These repositories have a crucial role to play in the development of a healthy and robust security-based swap market."


The proposed rules were published on 19 November and interested parties have 45 days to submit their comments.


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