Real-Time Public Reporting and Block Trade

Forms and Documents

Document Name	Status
(0070) Justification for deletion of separate Block Trade IC.docx Justification for No Material/Nonsubstantive Change	2021-11-01
(2020) Supporting Statement for Part 43 Final Rule (3038-0070).docx Supporting Statement A	2020-11-25

IC Document Collections

IC ID	Document Title	Status
203388	Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades	Unchanged
195664	Real-Time Public Reporting	Unchanged

ICR Details

OMB Control No: 3038-0070	ICR Reference No: 202111-3038-001
Status: Received in OIRA	Previous ICR Reference No: 202011-3038-005
Agency/Subagency: CFTC	Agency Tracking No:
Title: Real-Time Public Reporting and Block Trade
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/01/2021

	Requested	Previously Approved
Expiration Date	02/28/2022	02/28/2022
Responses	12,721,088	12,721,088
Time Burden (Hours)	829,163	829,163
Cost Burden (Dollars)	337,363,114	337,363,114

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Abstract: We are requesting the deletion of the Block Trades IC. The Block Trades IC should be deleted because it was merged into the Real Time Reporting IC, and updated in the November 25, 2020 final rulemaking referenced herein. The supporting statement from that rulemaking specifically addressed § 43.6—the Block Trade provision, stating on page 9—§ 43.6 - The Commission is updating its estimate of the total burden hours and burden hour costs related to block trading that was included in the estimates for the real-time public reporting rule. The Commission’s current PRA estimates, which reflect that 2,250 reporting counterparties file an average 110 reports annually per respondent, with an estimated burden of 0.0167 hours per response, and an aggregate 5,250 burden hours, is being updated. Applying the revised hourly cost estimate of $72.23 and adjusting the number of respondents, the updated PRA burden estimates are 1,688 respondents filing an average 200 reports annually per respondent, with an estimated burden of 0.0167 hours per response, and an aggregate 5,638 burden hours. Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) added to the Commodity Exchange Act (CEA) new section 2(a)(13), which establishes standards and requirements related to real-time reporting and the public availability of swap transaction and pricing data. Section 2(a)(13) and part 43 of the Commission’s Regulations require reporting parties to publish real-time swap transactions and pricing data to the general public. Without the frequency of reporting set forth in part 43, the Commission would not be able to adequately assess the swap markets and, more importantly, would fail to achieve the frequency of reporting and promotion of increased price discovery in the swaps market which are mandated by the Dodd-Frank Act. The Commission’s regulations in part 43 require SEFs, DCMs, and reporting counterparties to report swap transaction and pricing data to SDRs and require SDRs to disseminate the swap transaction and pricing data to the public. The SDRs do not provide this data to the Commission directly. The Commission may, however, use the swap transaction and pricing data in connection with fulfilling any of its regulatory duties or for other purposes. This publicly-reported data is also available to all other regulators and to the public and they may use it for any purpose as they see fit. The swap transaction and pricing data is made public in order to increase the transparency of the swaps market for regulators and market participants.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
   US Code: 17 USC 2(a), 12a(5), and 24a Name of Law: CEA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AE60	Final or interim final rulemaking	85 FR 75422	11/25/2020

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades
Real-Time Public Reporting

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	12,721,088	12,721,088	0	0	0	0
Annual Time Burden (Hours)	829,163	829,163	0	0	0	0
Annual Cost Burden (Dollars)	337,363,114	337,363,114	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Commission is finalizing amendments to part 43 of the Commission’s regulations in order to improve the quality of swaps transaction and pricing data available to the public as well as to streamline regulatory requirements governing data reporting. The final rule discusses adjustments to burden hours calculations for Information Collection 3038-0070 to account for modified and new burdens associated with the proposed changes to the regulation. The Commission is also updating the overall burden hours, collection volumes, and costs related to Information Collection 3038-0070, based on updated information related to other collections within Information Collection 3038-0070 that are not being modified by this proposal.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 11/01/2021

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