The CFTC has approved updates to its large trading reporting regulations for futures and options.
The updated regulations call for future commission merchants, clearing members, foreign brokers and reporting firms to report position information for the largest futures and options traders to the Commission.
The finalised rules substitute the data elements listed in the CFTC’s regulations with an appendix specifying applicable data elements.
In addition, the final rules will also mean the publication of a separate Part 17 Guidebook which details the form and manner for reporting.
The rules also remove what the CFTC describes as “outdated” 80-character data submission standard in the watchdog’s regulations. That standard will be replaced by a FIXML standard, as also detailed in the Part 17 Guidebook.
“These amendments will modernise the CFTC’s large trader position reporting and align it with other reporting structures set out in the CFTC’s regulations,” said Vince McGonagle, director of the division of market oversight.
The final rules are effective 60 days after publication in the Federal Register, with reporting firms required to comply with the final rules two years after publication.