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June 14, 2016

A Step Forward in Creating Transparent, Fair Marketplace

FOR IMMEDIATE RELEASE
Tuesday, June 14, 2016
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on the release today of the Commodity Futures Trading Commission’s (CFTC) final rule amending reporting and recordkeeping requirements for cleared swaps:

“The 2008 financial crisis was incubated and spread through opaque and unregulated derivatives markets.  The Dodd Frank financial reform law required the CFTC to protect the American people by making sure that didn’t happen again and today’s action by the CFTC in finalizing this rule is another important step in that process.  Data reporting and recordkeeping may not be exciting topics to most, but they are critical to constructing transparent, well-regulated and stable derivatives markets.  Chairman Massad, Commissioners Bowen and Giancarlo as well as the very hardworking staff of the CFTC are to be applauded for their ongoing efforts and work in these essential areas.

“In particular, swap data repositories (SDRs) are essential in creating and maintaining a transparent and fair marketplace by collectively warehousing data encompassing the entire universe of cleared and uncleared swaps.  Under the rule finalized today, SDRs will aid in providing clarity regarding issues such as rehypothecation and segregation of margin assets, swap valuation methodologies, and documentation of swap qualifications for the end-user clearing exception. However, the sheer size of the task of retroactively documenting these complex markets continues to present new and unforeseen technical challenges and reporting issues that will require ongoing regulatory attention by the CFTC to ensure the new universe of swaps data is complete, accurate, and usable.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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