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CFTC Wants to Enhance Identification of Futures and Swap Market Participants

Joe Mont | June 28, 2012

The Commodity Futures Trading Commission is moving forward with proposed rules and related forms intended to improve the identification of participants in the futures and swaps markets it regulates.

The rules, approved for publication in the Federal Register, would enhance and automate the CFTC's existing position and transaction reporting programs by requiring the electronic submission of expanded trader identification and market participant data. This would strengthen existing trade practice and market surveillance programs for futures and options on futures, and facilitate surveillance programs for swaps.

The stated goals: to better deter and prevent market manipulation; to detect and prevent abusive or disruptive trading practices; and to better perform risk-based monitoring and surveillance between related accounts.  Being able to identify participants in the derivatives markets is tied to the CFTC's  ability understand relationships between trading accounts, special accounts, reportable positions, and market activity.

The proposed rules offer a revised approach to a previous initiative to collect an Ownership and Control Report (OCR) for trading accounts active on designated contract markets or swap execution facilities. The CFTC  will separately publish a notice in the Federal Register withdrawing that previous OCR proposal.

Public comments will be due within 60 days of publication in the Federal Register. Comments, which will be made public, may be submitted electronically through the CFTC's Comments Online Process.