On November 25, 2020, the Commodity Futures Trading Commission (CFTC) adopted the final rule “Swap Data Record Keeping and Reporting Requirements”. XBRL US submitted a comment letter in response to the proposed rule in May of this year in which we made two recommendations: 1) we agreed with the proposed expansion of the use of the LEI by requiring counterparties to be identified with their own LEI, and requiring them to obtain an LEI in the event that they do not already have one, and 2) we suggested requiring a single data standard for data submitted by swaps data repositories (SDR) and their counterparties.
In the final rule, the CFTC adopted the requirement regarding counterparty use of the LEI as proposed; and they mandated the use of a single data standard - ISO 20022 - for data submitted by SDRs and counterparties. ISO 20022 is a standard for the electronic exchange of information between financial institutions, which is rendered in XML.
