WASHINGTON The top U.S. derivatives regulator gave swap dealers more time to report their trades to a data warehouse, giving the industry a common date by which to start the disclosure.
The industry had complained that if some of them were forced to report at an earlier date, this could disclose sensitive commercial data.
The Commodity Futures Trading Commission (CFTC) said market parties had worked on the understanding that they would all be required to begin reporting on the same day, and that costly modifications were needed if that wasn't the case.
"The public dissemination of data reported by one, or even a few, early registrants may facilitate the identification of parties to the swaps for which data has been reported," the CFTC said in a letter published on its website on Tuesday.
The regulator, which has taken on an aggressive new profile under Chairman Gary Gensler after the 2010 Dodd-Frank overhaul of Wall Street gave it vast new powers, also granted swaps dealers more time to report historical data.
In a so-called "no-action" letter - a way to give market parties more time to comply with a rule without having to revoke it - the CFTC also said that swaps dealers needed to comply with the rules on April 10, 2013 at the latest.
The dealers need to register no later than two months after the end of the month in which they exceed a registration threshold, but do not need to start reporting before that deadline even if they have registered early.
The CFTC also granted swaps dealers an extra month to start reporting historical data after they register as swaps dealers, though no later than April 10, 2013.
(This story corrects to make clear delay is for reporting data, not for registering as a dealer)
(Reporting by Douwe Miedema;editing by Sofina Mirza-Reid)