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Abstract
Some buy-side firms have discovered that non-US banks -- particularly Scandinavian institutions -- are not reporting their clients' over-the-counter swap data to repositories as required by the Dodd-Frank Act. The banks have not registered as swap dealers with the Commodity Futures Trading Commission (CFTC), and argue they are not subject to the rules. That has left their clients in a bind, because buy-side firms expect their dealer counterparties to satisfy the reporting requirements. The CFTC's rules on swap data record-keeping and reporting took effect earlier this year, placing the burden on the counterparty with the easiest and cheapest access to the data -- that means a clearing house, where transactions are subject to clearing, and a swap execution facility for non-cleared trades.