XBRL US backs common data standards in swaps reporting review
XBRL US has written to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in response to their joint request for comment on swap and security-based swap (SBS) data reporting.
The organisation supports the Commissions’ goal of rationalising and simplifying reporting while maximising the accuracy, completeness, timeliness and integrity of the data collected. It is asking for common data elements and structured data standards to be applied consistently across both agencies, on the grounds that shared standards improve interoperability, integrity and usability. It also backs use of the Legal Entity Identifier (LEI) for transparency and consistency.
The economic case is also outlined: software built once and used across many filers and agencies costs less per user than tools serving a narrow audience. The letter notes that consistent structured data is what makes AI-powered tools genuinely usable.
There is a track record behind the argument. XBRL has been mandated for US bank, securities and utilities filings for up to two decades, making it an obvious choice for continued data legibility.
Read the full response here.
