And some swaps reporting.
“The Securities and Exchange Commission announced new rules “that will require security-based swap data repositories (SDRs) to register with the SEC and prescribe reporting and public dissemination requirements for security-based swap transaction data.” The public reporting deadline is “within 24 hours,” which is somewhat controversial:
“Dennis Kelleher, chief executive officer of Better Markets, which advocates for more stringent financial regulation, said “a 24-hour trade reporting delay is a 19th-century, horse-and-buggy standard for 21st century markets that move faster than the speed of light.”
“I’ve said this before, but if financial innovation actually leads to faster-than-light travel, then we should embrace it. All of the arguments about the high-frequency trading “arms race” being socially wasteful will look ridiculous if it leads to two-hour flights to Mars. Anyway yeah 24 hours is obviously too slow for real-time price transparency, though I guess if you’re paying attention it will let you know retrospectively whether you were ripped off yesterday.”
Read the full Bloomberg View article by Matt Levine here.