The CFTC approved a final rule amending a requirement under Regulation 23.500(i) that swap dealers and major swap participants exchange the terms of swaps with their counterparties for portfolio reconciliation so that SDs and MSPs only need to exchange the "material terms" of swaps. The final rule also amends the definition of "material terms" in Regulation 23.500(g). The final rule will enable SDs, MSPs and their counterparties to focus on reconciling data fields that affect swap valuation and counterparty obligations, while maintaining the CFTC's ability to perform its oversight and regulatory role.
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