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On May 2 2016 the US Commodity Futures Trading Commission (CFTC) approved a final rule to amend a requirement in CFTC Regulation 23.500(i) that swap dealers and major swap participants exchange the terms of swaps with their counterparties for portfolio reconciliation.
The final rule benefits swap dealers, major swap participants and their counterparties by allowing them to focus on reconciling data fields that affect swap valuation and counterparty obligations, without impairing the CFTC's ability to oversee and regulate the swaps markets.