MFA Letter on CFTC Amended Real-Time Reporting Rules

MFA submitted a letter to the Commodity Futures Trading Commission (CFTC) on its notice of proposed rulemaking on “Real-Time Public Reporting Requirements”, which would amend the CFTC’s current Part 43 reporting rules.  In the letter, MFA expresses its strong support for robust pre- and post-trade transparency in the swaps market because it improves price discovery and increases market liquidity.  Therefore, MFA indicates that it has significant concerns with the proposed 48-hour delay for public dissemination of swap transaction and pricing data for block trades, which will harm post-trade transparency, pricing, and liquidity.   Our recommendation is that the CFTC reconsider the proposed 48-hour delay, and instead, retain the current 15-minute delay in CFTC rules.