PTG Responds to SEC/CFTC Request for Comment on Swap and Security-Based Swap Data Reporting
Sep 11, 2026
In a letter filed today with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), PTG urges the Commissions to preserve and strengthen transparency in the U.S. swaps markets as they review swap and security-based swap data reporting requirements. PTG argues that broad and timely public access to transaction and pricing information enhances market efficiency, competition, liquidity, and price discovery while reducing information asymmetries among market participants. The letter emphasizes that the transparency gains achieved through the CFTC’s real-time reporting framework have benefited market participants and should remain a cornerstone of derivatives market regulation.
PTG specifically supports maintaining the current block-trade thresholds for interest rate swaps (IRS) and credit default swaps (CDS), arguing that they appropriately balance transparency with the need to accommodate genuinely large transactions. The letter warns that lowering these thresholds would increase the number of trades eligible for delayed public reporting, reducing the amount of information available to the market in real time and potentially harming liquidity and competition. PTG therefore encourages regulators to avoid changes that would unnecessarily weaken public transparency
The letter also expresses concern about growing delays between the receipt of swap transaction data by Swap Data Repositories (SDRs) and the public dissemination of that information, particularly for standard cleared IRS transactions reported through DTCC. PTG calls on the CFTC to closely monitor dissemination practices, investigate systemic delays, and ensure compliance with requirements that transaction data be published as soon as technologically practicable.
Overall, PTG recommends that both Commissions continue to build on existing transparency gains by preserving broad, timely, and meaningful public reporting of swap transactions.