SEC Chair celebrates transparency in security-based swap disclosures
“The public now has access to critical information about security-based swap transactions, including the key economic terms, price, and notional value,” said Gary Gensler, Chair of the US Securities and Exchange Commission (SEC) in a recent statement. This recognised new disclosure rules that came into effect on 14 February 2022. “This development strengthens post-trade transparency and efficiency in the security-based swaps market, which historically has operated in the dark.”
This milestone builds on work carried out last year. In November, security-based swap dealers and major security-based swap participants started registering with the Commission, and market participants started reporting post-trade transaction data to the SEC (and other regulators where appropriate). In December, the Commission proposed a rule to require public reporting of certain information relating to large security-based swap positions.
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