DTCC Connection

Sep 01, 2012 • DTCC Connection

Timelines for CICI Compliance

According to the Commodity Futures Trading Commission (CFTC), registered swap dealers and major swap market participants under CFTC jurisdiction must begin using the new CFTC Interim Compliant Identifiers (CICIs) to identify themselves and their counterparties on the effective date for the CFTC final swap reporting and recordkeeping rule, which will be October 12, 2012, for over-the-counter (OTC) derivatives transactions in credit default swaps and interest rate swaps.


Ninety days after that, on January 12, 2013, other OTC derivatives classes, such as commodities and foreign exchange, will be required to report trades using CICIs. And 90 days after that, in April 2013, all OTC derivatives trades will have to be reported, even those between two buyside participants.


While the reporting requirements affect only firms subject to CFTC jurisdiction, the CFTC Rule requires those firms to report transactions with CICIs to swap data repositories with counterparties all over the world. This means a large number of firms globally are expected to need CICIs. Currently, the portal includes CICIs for legal entities from approximately 80 countries.


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