CFTC Revises Clearing Compliance Schedule for iTraxx CDS Indices

The Division of Clearing and Risk of the Commodity Futures Trading Commission has deferred for approximately six weeks the deadline for mandatory clearing of iTraxx Credit Default Swap (iTraxx CDS) indices. Swap dealers, security-based swap dealers, major swap participants, major security-based swap participants and active funds (Category 1 Entities) must comply with the clearing requirements for such iTraxx swaps by April 26, 2013. Commodity pools, private funds (other than active funds) and certain other persons primarily engaged in banking or financial activities (Category 2 Entities) must comply by July 25, 2013. All other entities (Category 3 Entities) must comply by October 23, 2013. The previously established schedule for all other swaps subject to the clearing requirement (CDX CDS indices and all four classes of interest rate swaps) remains unchanged: Category 1 Entities–March 11, 2013; Category 2 Entities–June 10, 2013; and Category 3 Entities–September 9, 2013.

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