SDRs want to put onus on counterparties to check swap data
CME, Ice and DTCC oppose duty to reach out to non-reporting party for data verification
As with tango, it takes two to compile US swap data: a swap data repository on the one hand and one of the counterparties to the trade on the other. But who should lead when it comes to checking the accuracy of the data? SDRs are clear it should not be them.
Current rules, under review by the Commodity Futures Trading Commission (CFTC), require only one counterparty – often a swap dealer – to submit the details of a swap transaction to an SDR, and the SDR must then in most cases confirm those
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