CFTC establishes joint data standards to enhance regulatory data interoperability

The US Commodity Futures Trading Commission (CFTC) announced the development of a joint data standard under the Financial Data Transparency Act of 2022 to regulate data submitted by some financial regulatory agencies. Eight institutions, including the Federal Reserve, SEC, etc., have established or plan to establish similar standards. CFTC Chairman Selig stated that inconsistent standards increase costs for businesses but do not improve data utilization efficiency, and the new rules aim to reduce burden and improve data quality. The standard also covers the principle specifications for data transmission and classification formats.