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Consolidated Swap Data Feed Launched

Interactive Data has
added Global Trade Repository Analytics’ (GTRA) normalised swap data from the
four principal Swap Data Repositories (SDR) to its Consolidated Feed product.

The firms say that accessing
and collating that data from the SDRs globally is “ time and resource-intensive
process in its own right, even before the more complex and costly challenge of
analysing and categorising the data begins”.

GTRA aggregates and
normalises commodities, energy, credit, FX and interest rate data from the Bloomberg,
Chicago Mercantile Exchange (CME), Depository Trust & Clearing Corporation
(DTCC) and Intercontinental Exchange (ICE) SDRs – and has created a feed of
that data which Interactive Data is exclusively redistributing via its
Consolidated Feed.

“Interactive Data
continues to invest in differentiated, critical content for its clients who are
operating in a challenging regulatory environment with its associated reporting
complexities,” says Shai Popat, vice president EMEA, trading solutions at
Interactive Data. “This exclusive deal with GTRA, which allows us to offer this
trade data to our Consolidated Feed clients, is important at a time when
regulation continues to impose operational burdens on them.”

Antonio Castagna,
senior consultant at Iason, the owner of GTRA’s intellectual property, adds, “The
GTRA product augments the data set available to financial markets by adding the
new dimension of aggregated OTC derivative trades across a range of asset
classes. The data can help market participants to monitor actual trading
activity, from instrument overview down to the contract level and help
facilitate identification of liquidity pockets, or holes, for a wide range of derivative
contracts. Moreover, the data can play a crucial role in the understanding of,
and compliance with, regulatory obligations.”

Dodd-Frank and EMIR
rules require that certain trades of credit, interest rates, commodities and
foreign exchange derivatives must be reported to an SDR within a certain
timeframe post-execution, and that the data must be made publicly available.
However, the proliferation of SDRs has led to concerns it is too difficult to
get and analyse the data from so many venues.

In response, it was recently
that the Commodity Futures Trading Commission in the US is
planning to implement a series of new rules concerning swaps trade reporting to
help solve the issues.  Twitter @lamboPnL

Colin Lambert

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