The Commodity Futures Trading Commission has unanimously approved the final Dodd-Frank rule on swap data recordkeeping and reporting.
The commission also urged other financial regulators around the globe to adopt the same approach in order to develop an international standard on data reporting.
It has relaxed demands by allowing a 30-minute delay on a trade, although this will be reduced a year after implementation to 15 minutes.
In detail, the rule means swap data repositories will have to keep digital information about swaps immediately accessible during the life of the swap and for five years after its termination.
The CFTC had argued that real-time reporting rules would equalise access to pricing information to benefit both commercial firms and consumers.
The industry had raised concern that reporting block trades would have been made difficult but the commission will now redefine the size of large trades.
The...