What is swap data repository?
Swap data repositories (“SDRs”) are new entities created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) in order to provide a central facility for swap data reporting and recordkeeping.
What is SDR repository?
The Secure Document Repository (SDR) is a Web application that provides secure access to documents from any computer that has a connection to the Internet. If you are using a Windows PC, you do not need to install any software to use the SDR. Just contact your SDR Administrator to set up an account.
What is swap data?
Swap Data means (a) the specific data elements and information set forth in Parts 45 and 46 of the CFTC Rules that are required to be reported by a Reporting Entity to an SDR such as BSDR, including, without limitation, PET Data and Continuation Data, and (b) the business transactions, trade data, or market positions …
Is a swap data repository is required to be registered with NFA?
For non-registrants trading swaps, CFTC rules would require either an FCM, swap dealer, SEF or swap data repository to obtain from NFA an identifying number for each customer whose trades it will process.
What are swap dealers?
A swap dealer (SD) is an entity that holds itself out as a dealer in swaps; makes a market in swaps; regularly enters into swaps with counterparties as an ordinary course of business for its own account; or engages in any activity causing the entity to be commonly known in the trade as a dealer or market maker in swaps …
Are swap execution facilities NFA members?
The Dodd-Frank Wall Street Reform Act created a new type of trading venue for standardized swaps—swap execution facilities (SEF)—each of which has self-regulatory responsibilities to monitor trading on its platform. The CFTC’s SEF rules allowed these entities to contract with NFA for regulatory services.
Why are swaps used?
Swaps are often used because a domestic firm can usually receive better rates than a foreign firm. A currency swap is considered a foreign exchange transaction and, as such, they are not legally required to be shown on a company’s balance sheet.