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      How do I report Clearing swaps?

      What is a Clearing Swap?

      A swap created pursuant to the rules of a derivatives clearing organization that has a derivatives clearing organization as a counterparty, including any swap that replaces an original swap that was extinguished upon acceptance of such original swap by the derivatives clearing organization for clearing.

      What are the clearing swap reporting requirements under CFTC Reporting?

      To ensure that all Swap Transaction and Pricing Data and Swap Data for a given clearing swap, including clearing swaps that replace a particular original swap or that are created upon execution of the same transaction and that do not replace an original swap, is reported to a single Swap Data Repository:

        1. The DCO that is a counterparty to such clearing swap shall report all Swap Transaction and Pricing Data and required swap creation data for that clearing swap to a single Swap Data Repository. ASATP after acceptance of an original swap for clearing, or execution of a clearing swap that does not replace an original swap, the DCO shall transmit to the counterparty to each clearing swap the identity of the Swap Data Repository to which such data is reported.
        2. Thereafter, all Swap Transaction and Pricing Data, required swap creation data and required swap continuation data for that clearing swap shall be reported by the DCO to the same Swap Data Repository to which Swap Data has been reported, unless the Reporting Counterparty changes the Swap Data Repository to which such data is reported.
        3. For clearing swaps that replace a particular original swap, and for equal and opposite clearing swaps that are created upon execution of the same transaction and that do not replace an original swap, the DCO shall report all Swap Transaction and Pricing Data, required swap creation data, and required swap continuation data for such clearing swaps to a single Swap Data Repository.

      References: CFTC Rule(s) 45.10(c)

      If a clearing swap, is a Publicly Reportable Swap Transaction, the DCO that is a party to such swap shall be the Reporting Counterparty and shall fulfill all Reporting Counterparty obligations for such swap ASATP after execution. 

      References: CFTC Rule(s) §43.3(a)(5).

      What are the clearing swap reporting requirements under Canada Reporting?

      All Transaction and Pricing Data and Transaction Data for a given transaction shall be reported to a single Trade Repository, which shall be the Trade Repository to which the first report of such data is made, unless the Reporting Counterparty changes the Trade Repository. 

      For a bilateral transaction that is assumed by a clearing agency (novation), the designated trade repository to which all derivatives data for the assumed transactions must be reported is the designated trade repository holding the derivatives data reported in respect of the original bilateral transaction.

      A recognized or exempt clearing agency must report derivatives data to the designated trade repository specified by a local counterparty and may not report derivatives data to another trade repository without the consent of the local counterparty where:

      1. the reporting counterparty to a transaction is the recognized or exempt clearing agency, and

      2. the local counterparty to the transaction that is not a recognized or exempt clearing agency has specified a designated trade repository to which derivatives data in respect of that transaction is to be reported.

      To ensure that all Transaction and Pricing Data and Transaction Data for a given clearing transaction, including clearing transactions that replace a particular original transaction or that are created upon execution of the same transaction and that do not replace an original transaction, is reported to a single Trade Repository: 

      1. The DCO that is a counterparty to such clearing transaction shall report all Transaction and Pricing Data and required transaction creation data for that clearing transaction to a single Trade Repository. ASATP after acceptance of an original transaction for clearing, or execution of a clearing transaction that does not replace an original transaction, the DCO shall transmit to the counterparty to each clearing transaction the identity of the Trade Repository to which such data is reported. 

      2. Thereafter, all Transaction and Pricing Data, required transaction creation data and required transaction continuation data for that clearing transaction shall be reported by the DCO to the same Trade Repository to which Transaction Data has been reported, unless the Reporting Counterparty changes the Trade Repository to which such data is reported. 

      3. For clearing transactions that replace a particular original transaction, and for equal and opposite clearing transactions that are created upon execution of the same transaction and that do not replace an original transaction, the DCO shall report all Transaction and Pricing Data, required transaction creation data, and required transaction continuation data for such clearing transactions to a single Trade Repository.