[US CFTC Establishes Unified Data Standards to Promote Financial Regulatory Data Interoperability] Odaily Planet Daily News – The U.S. Commodity Futures Trading Commission (CFTC) announced that it has finalized unified data standards under the Financial Data Transparency Act of 2022, establishing technical specifications for data submitted to certain financial regulatory agencies. In addition to the CFTC, eight other agencies, including the Federal Reserve, SEC, Consumer Financial Protection Bureau, Treasury Department, FDIC, Federal Housing Finance Agency, National Credit Union Administration, and Office of the Comptroller of the Currency, have either established or plan to establish similar standards. These standards aim to enhance financial regulatory data interoperability among agencies by standardizing identifiers for entities, geographic locations, dates, specific products, and currencies. CFTC Chairman Selig stated: “As market participants operate within an increasingly interconnected financial ecosystem, they face regulatory requirements from multiple federal agencies, which often demand reporting of similar or identical data using different standards. Inconsistent standards increase business costs without improving regulators’ ability to utilize the data effectively. This final rule is an important step toward reducing unnecessary burdens.” Additionally, the standards include principles for unified data transmission, schema, and classification formats, enabling financial institutions to submit high-quality, machine-readable data to regulatory agencies.