Regulatory Reporting | CFTC Transaction Reporting

What is CFTC Transaction Reporting?

CFTC (Commodity Futures Trading Commission) transaction reporting refers to the requirement for financial firms to report their over-the-counter (OTC) derivatives transactions to the CFTC in the United States.

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Former regulator, Sophia Fulugunya, discusses the challenges firms face with CFTC Transaction Reporting requirements.

About CFTC Transaction Reporting

CFTC reporting is part of the regulatory framework under the Dodd-Frank Act, specifically Title VII, which was introduced on the back of the Global Financial Crisis to empower United States regulators to conduct effective market surveillance to support financial market stability and reduce systemic risk through increased transparency across the derivatives markets.

Firms engaging in over-the-counter derivatives trading within the United States are required to submit transaction details to a registered Swap Data Repository (SDR), such as DTCC, ICE Trade Vault and Chicago Mercantile Exchange (CME).

These reporting obligations consist of two main components:

- Real-time reporting under Part 43, aimed at providing market transparency by disclosing pricing information promptly.
- Transaction reporting under Part 45, enabling regulators to monitor the market for systemic risks.

Proposed Changes

There have been several revisions and updates to the original draft regulations since the implementation of the Dodd-Frank Act in 2012.

These revisions were often made to clarify requirements, address emerging issues, and improve the effectiveness of the regulatory framework. The CFTC Rewrite that came into effect in late 2022 is the latest revision to the ruleset. There were significant changes to the reporting rules that were seen as a re-calibration towards a more globally harmonised transaction reporting paradigm.

In December 2023, the CFTC released a proposal to add nineteen data elements to the reporting obligations that mostly affect the commodity asset class.

Rely On Qomply To Help

Qomply has a variety of solutions to help firms comply with their regulatory CFTC reporting obligations:

QomplyEngine generates CFTC transaction reports QomplyEngine - Generate Transaction Reports From Raw Data
Builds transaction reports from raw data points and save resources and hassle by offloading transaction report generation
Quality Assurance for Transaction Reports Diagnostic Auditor - Ensure Reports Are Accurate
Apply over 1,000 accuracy checks and scenarios across your Transaction Reporting in a click
Outsource your CFTC Report Operations Qomply Managed Services - Delegate Your Transaction Reporting Operations to Qomply
Qomply Managed Service alleviates the burden of technical expertise but also provides peace of mind that regulatory requirements are being met in a risk-free and cost-effective manner

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