NEX SEF to implement changes to its SDR reporting messages consistent with CFTC rules
NEX SEF is working on implementing the necessary changes to its SDR reporting messages consistent with the CFTC Technical Specifications for December 5, 2022, the Compliance Date.
As part of this undertaking, NEX SEF is closely working with DTCC, its SDR, on ensuring all required CFTC fields and values are accurately reflected in its Public Price Dissemination (“PPD”) messages to meet DTCC’s validation requirements in time for the Compliance Date.
Consistent with CFTC Technical Specifications and DTCC’s validation requirements, NEX SEF will transition on the Compliance Date from reporting a Unique Swap Identifier (USI) to reporting a UTI for newly executed transactions adhering to ISO Standardized guidelines (ISO 23897).
The upcoming changes to the UTI should be low impact to the existing CPT APIs, however CME Group encourages participant testing to validate the ingestion by their back-office systems to ensure accurate UTI adoption for continued and lifecycle data reporting to DTCC. New Release (NR) testing availability in will be announced as soon as possible in future EBS Market on CME Globex Notices.