PUBLIC REPORTING OF SWAP TRANSACTION DATA.

SEC. 727. PUBLIC REPORTING OF SWAP TRANSACTION DATA. Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is amended by adding at the end the following:“(13) Public availability of swap transaction data.—“(A) Definition of real-time public reporting.—In this paragraph, the term ‘real-time public reporting’ means to report data relating to a swap transaction, including price and volume, as soon as technologically practicable after the time at which the swap transaction has been executed.“(B) Purpose.—The purpose of this section is to authorize the Commission to make swap transaction and pricing data available to the public in such form and at such times as the Commission determines appropriate to enhance price discovery.“(C) General rule.—The Commission is authorized and required to provide by rule for the public availability of swap transaction and pricing data as follows:“(i) With respect to those swaps that are subject to the mandatory clearing requirement described in subsection (h)(1) (including those swaps that are excepted from the requirement pursuant to subsection (h)(7)), the Commission shall require real-time public reporting for such transactions.“(ii) With respect to those swaps that are not subject to the mandatory clearing requirement described in subsection (h)(1), but are cleared at a registered derivatives clearing organization, the Commission shall require real-time public reporting for such transactions.“(iii) With respect to swaps that are not cleared at a registered derivatives clearing organization and which are reported to a swap data repository or the Commission under subsection (h)(6), the Commission shall require real-time public reporting for such transactions, in a manner that does not disclose the business transactions and market positions of any person.“(iv) With respect to swaps that are determined to be required to be cleared under subsection (h)(2) but are not cleared, the Commission shall require real-time public reporting for such transactions.“(D) Registered entities and public reporting.—The Commission may require registered entities to publicly disseminate the swap transaction and pricing data required to be reported under this paragraph.“(E) Rulemaking required.—With respect to the rule providing for the public availability of transaction and pricing data for swaps described in clauses (i) and (ii) of subparagraph (C), the rule promulgated by the Commission shall contain provisions—“(i) to ensure such information does not identify the participants;124 STAT. 1697“(ii) to specify the criteria for determining what constitutes a large notional swap transaction (block trade) for particular markets and contracts;“(iii) to specify the appropriate time delay for reporting large notional swap transactions (block trades) to the public; and“(iv) that take into account whether the public disclosure will materially reduce market liquidity.“(F) Timeliness of reporting.—Parties to a swap (including agents of the parties to a swap) shall be responsible for reporting swap transaction information to the appropriate registered entity in a timely manner as may be prescribed by the Commission.“(G) Reporting of swaps to registered swap data repositories.—Each swap (whether cleared or uncleared) shall be reported to a registered swap data repository.“(14) Semiannual and annual public reporting of aggregate swap data.—“(A) In general.—In accordance with subparagraph (B), the Commission shall issue a written report on a semiannual and annual basis to make available to the public information relating to—“(i) the trading and clearing in the major swap categories; and“(ii) the market participants and developments in new products.“(B) Use; consultation.—In preparing a report under subparagraph (A), the Commission shall—“(i) use information from swap data repositories and derivatives clearing organizations; and“(ii) consult with the Office of the Comptroller of the Currency, the Bank for International Settlements, and such other regulatory bodies as may be necessary.“(C) Authority of the commission.—The Commission may, by rule, regulation, or order, delegate the public reporting responsibilities of the Commission under this paragraph in accordance with such terms and conditions as the Commission determines to be appropriate and in the public interest.”.