SEC Extends Swap Reporting Rules for Wall Street's Endless Paper Trail
Published Date: 12/31/2025
Notice
Summary
The SEC is asking for comments to extend the rules that require about 27,000 financial players to report security-based swap info to keep markets clear and fair. This means platforms, dealers, and agencies will keep sharing data, costing around $51 million and taking over 3 million hours yearly. If you’re involved, get ready to keep reporting on time and help shape the process!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 3 costs, 1 mixed.
Ongoing Reporting by 27,000 Market Players
The SEC is extending Regulation SBSR so about 27,000 entities must keep reporting security-based swap information to registered data repositories or the Commission. The Commission estimates this reporting creates about 3,173,444 hours of work and $51,162,200 in costs each year.
Platform Duty to Report Cleared Swaps
Under Rule 901(a)(1) of Regulation SBSR, a trading platform must report to a registered security-based swap data repository any security-based swap executed on the platform that will be submitted to clearing. Platforms that operate these trading venues must keep meeting these reporting steps under the extension.
Clearing Agencies Must Report Counterparty Swaps
Under Rule 901(a)(2)(i) of Regulation SBSR, a registered clearing agency must report to a registered SDR any security-based swap to which it is a counterparty. Clearing agencies must continue to submit these reports under the extended collection.
Public Dissemination Requirement for SDRs
Regulation SBSR requires registered security-based swap data repositories to publicly disseminate transaction, volume, and pricing information for security-based swaps. Registered SDRs must continue those public dissemination activities under the extended information collection.
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Key Dates
Department and Agencies
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