Part III Post-Trading Infrastructures, 23 Data Reporting in the United States: Challenges and Opportunities in US Swap Data Reporting »
Richard B. Berner, Robin Doyle, Kenneth LamarFrom: Financial Market Infrastructures: Law and Regulation
Edited By: Jens-Hinrich Binder, Paolo Saguato
This chapter describes the past and present regulatory reporting landscape for US swap data and financial market infrastructures (FMIs). It argues that standards are essential to ensure that both the data and the technology supporting the reporting process are fit for purpose and are dynamic enough that changing data needs are available quickly in times of stress. Moreover, US regulators must accelerate their work to harmonize US reporting requirements at home and work with those abroad to align them globally. The chapter builds on the lessons learned from current swap and FMI data reporting regimes to inform the rethinking of financial reporting generally and the process of financial regulation to make them more effective and efficient. To realize those goals, regulators and industry must learn to rely on data rather than reports and must collaborate to align their use of these data and standardize them to make them interoperable.