Under Part 49 of the CFTC’s regulations, SDRs provide a central facility for swap data reporting and recordkeeping.  With limited exceptions, all swaps—whether cleared or uncleared—are required to be reported to an SDR.  SDRs must register with the CFTC, and must comply with the Core Principles set forth in CEA Section 21(f) as well as additional CFTC regulations, such as real-time public reporting of swap transaction and price data, recordkeeping obligations, and requirements pertaining to antitrust, conflict of interest, and governance arrangements.

The CFTC’s Division of Market Oversight conducts periodic reviews of SDRs to ensure compliance with all core principles and regulatory requirements.