The CFTC go live was successful and all our clients are live and reporting under the new Rewrite requirements. Even so, our teams continue to monitor and work with our clients to ensure continued peace of mind reporting.

The CFTC Rewrite was the biggest change to the reporting rules since they first went live in the 2012 and introduced several new requirements including:

• Changes to data fields (addition of new, deletion of some old, changes to valid values)
• Timing of Part 45 to T+1 and T+2
• Collateral and Margin data for uncleared swaps (For SDs and MSPs)
• Data verification
• Error Correction Notifications

December 4th in particular was a big milestone as clients completed their backloading processes, upgrading any open positions under the "old" specification to the "new" specifications in order to ensure that any modification and lifecycle events can be correctly reported on day one.

Over 90% of the upgraded trades were initially ack'd and by December 5th, all trades that were submitted for upgrade were ack'd by the SDR.

These large-scale industry changes are complex and require a significant investment of time and resources across the industry, but we are very proud that our clients rely on our expertise to help them navigate through these initiatives. By the end of the first week, we are seeing over submission Ack rates at 98% with improvements being made every day as any lingering kinks get ironed out post go live.

Congratulations and a big thank you to our team, our clients and our partners that helped deliver a successful Rewrite!

S&P Global provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.

This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.