A long-awaited repository for data on security-based swaps has been approved, the Securities and Exchange Commission said Friday.
SEC approval allows DTCC Data Repository LLC to accept transaction reports on security-based swap transactions in the equity, credit and interest rate derivatives asset classes.
The approval came under Regulation SBSR, a mandate from the Dodd-Frank Wall Street Reform and Consumer Protection Act. The regulation covers reporting of security-based swap information to registered repositories and public dissemination of transaction, volume, and pricing information.
SEC Chairman Gary Gensler said in a news release that implementing the regulation "fulfills an important mandate" of the act.
"A centralized database of security-based swap transactions is an essential reform to better understanding these markets, for surveillance and for enforcement," Mr. Gensler added. "The data repository also will facilitate public reporting of security-based swap transactions, bringing much-needed transparency to these markets."
The first compliance date for the new regulation is Nov. 8.