Swaps executed on or pursuant to the rules of a SEF or DCM
For each swap executed on or pursuant to the rules of a SEF or DCM, the SEF or DCM shall report required swap creation data electronically to a Swap Data Repository not later than the end of the next Business Day following the execution date.
To ensure that all Swap Transaction and Pricing Data, and Swap Data for a swap executed on or pursuant to the rules of a SEF or DCM is reported to a single Swap Data Repository:
a. The SEF or DCM shall report all Swap Transaction and Pricing Data and required swap creation data for a swap to a single Swap Data Repository. ASATP after execution of the swap, the SEF or DCM shall transmit to both counterparties to the swap, and to the DCO, if any, that will clear the swap, the identity of the Swap Data Repository to which such data is reported.
b. Thereafter, all Swap Transaction and Pricing Data, required swap creation data, and required swap continuation data for the swap shall be reported to that same Swap Data Repository, unless the Reporting Counterparty changes the designated Swap Data Repository.
KOR SDR shall provide the Commission and the SEF, DCM, or their Delegated Reporter with a daily report of all swaps reported that day that did not meet the prescribed timeline. It is the duty of the SEF or DCM, or their Delegated Reporter to review these reports and identify any systematic issues in reporting that need to be resolved and make necessary updates as soon as practicable.
Late reporting is based on the SDR calculated Original Submission Timestamp vs. the Execution Timestamp. The Original Submission Timestamp is calculated based on when the swap is first received by the SDR and has passed all SDR validations. Business Days means the twenty-four-hour day, on all days except Saturdays, Sundays, and legal holidays, in the location of the reporting party or registered entity reporting data for the swap. For swap execution facilities or DCMs, the US Federal Holiday calendar and Eastern time zone is used.
References: CFTC Rule(s) §45.10(a) and 43.2(a).
Late Transaction Report: Creation Data
References: CFTC Rule(s) §45.10(a), 45.10(a)(1), and 45.10(a)(2).