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Foreign Exchange

CFTC wants digestible data from trade repositories

Trade repositories will need to aggregate data in a way the U.S. Commodity Futures Trading Commission finds useful and is not overwhelming, the CFTC told the Association for Financial Markets in Europe in a recent meeting.

AFME recently had its first in-depth meeting with the CFTC about trade repositories, Simon Griffin, FX business manager at the Royal Bank of Scotland, said on the sidelines of IDX 2011 in London today. AFME discussed what kinds of data the regulator would like to see, as well as how dealers should transmit the information, among other topics.

The trade association had told the regulator it could compress the range of trades to 90 unique product identifiers. The CFTC, however, responded that the figure was too high and that it would require more aggregation, Griffin said.

While regulators are coping with the prospect of a flood of new data, dealers should be concerned about the security of information in trade repositories and who can see it, said Nicholas Solinger, chief marketing officer at Traiana in New York, on a panel about the future of exchange-traded FX. It’s not clear which regulators will be able to view the confidential data held in the repository, he said. For example, if a dealer is not otherwise active in the U.S. or has a U.S. firm as a partner, its transactions could be seen by U.S. regulators, he suggested.

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