real-time public reporting
(1) In general (A) Definition of real-time public reporting In this paragraph, the term “real-time public reporting” means to report data relating to a security-based swap transaction, including price and volume, as soon as technologically practicable after the time at which the security-based swap transaction has been executed. (B) Purpose The purpose of this subsection is to authorize the Commission to make security-based swap transaction and pricing data available to the public in such form and at such times as the Commission determines appropriate to enhance price discovery. (C) General rule The Commission is authorized to provide by rule for the public availability of security-based swap transaction, volume, and pricing data as follows: (i) With respect to those security-based swaps that are subject to the mandatory clearing requirement described in section 78c–3(a)(1) of this title (including those security-based swaps that are excepted from the requirement pursuant to section 78c–3(g) of this title ), the Commission shall require real-time public reporting for such transactions. (ii) With respect to those security-based swaps that are not subject to the mandatory clearing requirement described in section 78c–3(a)(1) of this title , but are cleared at a registered clearing agency, the Commission shall require real-time public reporting for such transactions. (iii) With respect to security-based swaps that are not cleared at a registered clearing agency and which are reported to a security-based swap data repository or the Commission under section 78c–3(a)(6) of this title , the Commission shall require real-time public reporting for such transactions, in a manner that does not disclose the business transactions and market positions of any person. (iv) With respect to security-based swaps that are determined to be required to be cleared under section 78c–3(b) of this title but are not cleared, the Commission shall require real-time public reporting for such transactions. (D) Registered entities and public reporting The Commission may require registered entities to publicly disseminate the security-based swap transaction and pricing data required to be reported under this paragraph. (E) Rulemaking required With respect to the rule providing for the public availability of transaction and pricing data for security-based swaps described in clauses (i) and (ii) of subparagraph (C), the rule promulgated by the Commission shall contain provisions— (i) to ensure such information does not identify the participants; (ii) to specify the criteria for determining what constitutes a large notional security-based swap transaction (block trade) for particular markets and contracts; (iii) to specify the appropriate time delay for reporting large notional security-based swap transactions (block trades) to the public; and (iv) that take into account whether the public disclosure will materially reduce market liquidity. (F) Timeliness of reporting Parties to a security-based swap (including agents of the parties to a security-based swap) shall be responsible for reporting security-based swap transaction information to the appropriate registered entity in a timely manner as may be prescribed by the Commission. (G) Reporting of swaps to registered security-based swap data repositories Each security-based swap (whether cleared or uncleared) shall be reported to a registered security-based swap data repository. (H) Registration of clearing agencies A clearing agency may register as a security-based swap data repository.