On November 28, 2012, the Commodity Futures Trading Commission (CFTC) issued final rules that require certain interest rate swaps and credit default index swaps to be cleared. This is the first mandatory clearing determination by the CFTC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The final rules will become effective upon publication in the Federal Register, and compliance with the rules will be phased in beginning on March 11, 2013 and continuing through the third quarter of 2013.
The rules require market participants to submit a swap that is required to be cleared to a derivatives clearing organization as soon as technologically practicable and no later than the end of the day of execution. The following types of swaps will be subject to the clearing requirement...
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