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Commodities Futures Trading Commission › Mandatory Clearing Requirements

The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from... more +
The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from fraud, abuse, and systemic risk associated with derivatives subject to the Commodities Exchange Act. In 2010, as a result of the Frank-Dodd Wall Street Reform and Consumer Protection, the Commission’s role was expanded to include drafting rules for regulating the swaps marketplace. less -
Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Amends Swap Data Reporting Rules, Creates Registration Framework for Non-US Clearing Organizations

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On September 17, 2020, the Commodity Futures Trading Commission (CFTC) unanimously approved final rules amending the agency’s swap data reporting and derivatives clearing organization (DCO) registration requirements. The...more

A&O Shearman

CFTC Considers Revamp of SEF Regulatory Framework

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Toward the end of 2018, the Commodity Futures Trading Commission (CFTC) proposed significant revisions to the framework governing swap trading through swap execution facilities (SEFs) and designated contract markets (DCMs)....more

Skadden, Arps, Slate, Meagher & Flom LLP

"House Bill to Shake Up CFTC Rulemakings"

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Less than two weeks into the new congressional session, the U.S. House of Representatives passed by a vote of 239 to 182 the Commodity End-User Relief Act1 (the Bill or House Bill), marking the first step by the new...more

A&O Shearman

US Commodity Futures Trading Commission Expands Interest Rate Swap Clearing Requirement

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The CFTC expanded the existing clearing requirement to interest rate swaps through an amendment to regulation 50.4(a), requiring that market participants submit a covered swap for clearing by a derivatives clearing...more

Eversheds Sutherland (US) LLP

CFTC Proposes to Expand Mandatory Clearing to Include Additional Classes of Interest Rate Swaps

Eversheds Sutherland (US) LLP on

On June 9, the Commodity Futures Trading Commission (CFTC) released a notice of proposed rulemaking regarding an expansion of CFTC Regulation 50.4(a). If adopted, additional classes of interest rate swaps will become subject...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Proposes to Apply Clearing Requirement to Additional Interest Rate Swaps

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On June 9, 2016, the Commodity Futures Trading Commission (CFTC) proposed to require additional interest rate swaps to be centrally cleared. Since December 2012, the CFTC has required four classes of interest rate swaps...more

Morrison & Foerster LLP

CFTC Staff Issues No-Action Relief from Mandatory Swaps Clearing for Small Bank Holding Companies, Small Savings and Loan Holding...

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On January 8, 2016, the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“CFTC”) issued no-action letters providing relief from the mandatory clearing requirement for swaps under Section...more

Cadwalader, Wickersham & Taft LLP

CFTC Extends No-Action Relief for Swaps Executed as Part of Certain Package Transactions

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On October 14, 2015, the Division of Market Oversight (“DMO”) for the U.S. Commodity Futures Trading Commission (“CFTC”) issued an additional extension of no-action relief for swaps executed as part of “package” transactions....more

McGuireWoods LLP

Financial Entity Update: The CFTC’s Proposed Margin Rules for Uncleared Swaps – Know Thyself

McGuireWoods LLP on

To clarify our intended audience, in the Financial Entity Update we will address issues germane to entities that trade swaps but are neither dealers nor commercial end users. This includes a broad and diverse group of...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Derivatives in Review - June 2015

Orrick, Herrington & Sutcliffe LLP on

NYDFS Finalizes BitLicense Regulations - On June 3, 2015, the New York Department of Financial Services released its final BitLicense regulations, which it described as "the first comprehensive framework for regulating...more

Orrick - Finance 20/20

CFTC Issues Interpretive Letter Clarifying Eligibility for End-User Exception to the Clearing Requirement

Orrick - Finance 20/20 on

On May 4, CFTC Division of Clearing and Risk published a letter clarifying that a securitization SPV that is wholly-owned by, and consolidated with, a captive finance company under Section 2(h)(7)(C)(iii) of the Commodity...more

Skadden, Arps, Slate, Meagher & Flom LLP

"CFTC Expands Large Trader Reporting and Increases Customer Account Protection Requirements"

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The Commodity Futures Trading Commission (CFTC or Commission) recently adopted several rules to improve large trader reporting, facilitate segregation of customer swap margin and enhance customer protections for futures and...more

Orrick - Finance 20/20

CFTC No-Action Relief

Orrick - Finance 20/20 on

On June 4, the CFTC issued a no-action letter providing relief from the clearing requirement for swaps entered into by eligible treasury affiliates....more

Katten Muchin Rosenman LLP

CFTC Staff Issues New and Extends Current No-Action Relief

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The Commodity Futures Trading Commission recently released two no-action letters (i) extending relief provided to futures commission merchants (FCMs) relating to risk-based limits for bunched orders and (ii) providing relief...more

Katten Muchin Rosenman LLP

CFTC Approves Clearing Exemption for Inter-Affiliate Swaps

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On April 1, the Commodity Futures Trading Commission approved a final rule that permits certain affiliates to elect not to clear a swap. To qualify for the clearing exemption, the counterparties’ financial statements must be...more

Stinson - Corporate & Securities Law Blog

CFTC Approves Final Regulations Governing Exemption From Required Clearing For Inter-Affiliate Swaps

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The CFTC has issued a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under the Commodity Exchange Act, or CEA, and CFTC regulations. ...more

Katten Muchin Rosenman LLP

CFTC Grants Relief from Required Clearing for Swaps Resulting from Multilateral Portfolio Compression

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On March 18, the Commodity Futures Trading Commission’s Division of Clearing and Risk granted no-action relief relating to the clearing requirement for swaps resulting from multilateral portfolio compression exercises (as...more

Orrick - Finance 20/20

CFTC No-Action Relief from Required Clearing for Some Partial Swap Novations and Terminations

Orrick - Finance 20/20 on

On March 20, the CFTC issued a no-action letter providing relief from required clearing for a limited set of “stub swaps” that remain after the partial novation or partial termination of an original swap that was not required...more

Katten Muchin Rosenman LLP

CFTC Grants Relief from Required Clearing for Partial Novation and Partial Termination of Swaps

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On March 20, the Commodity Future Trading Commission’s Division of Clearing and Risk granted no-action relief from the clearing requirement for “stub” swaps that result when two counterparties agree to reduce the notional...more

Stinson - Corporate & Securities Law Blog

CFTC Provides Relief For Partial Swap Terminations

Stinson - Corporate & Securities Law Blog on

The CFTC’s Division of Clearing and Risk has issued a no-action letter that provides relief from required clearing for a limited set of “stub swaps” that remain after the partial novation or partial termination of an original...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - March 22, 2013

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In this issue: - NASDAQ Proposes Internal Audit Function Requirement for Listed Issuers - FINRA’s Frequently Asked Questions on Electronic Blue Sheet Submissions Updated Regarding Order Execution Time -...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review - March 18, 2013

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In This Issue: *Financial Industry Developments - CFTC Announces the Start of Mandatory Clearing - CFTC Reminds Market Participants of Swap Data Reporting Requirements - Rating Agency Developments ...more

Orrick - Finance 20/20

CFTC Announces the Start of Mandatory Clearing

Orrick - Finance 20/20 on

On March 11, the CFTC announced that swap dealers, major swap participants, and private funds active in the swaps market are required to begin clearing certain index credit default swaps and interest rate swaps that they...more

Skadden, Arps, Slate, Meagher & Flom LLP

"New CFTC Swap Clearing Rules to Require Board Review and Approval of the Election to Rely on the 'Commercial End-User Exception'"

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New Commodity Futures Trading Commission (CFTC) swaps clearing rules will force non-financial entities to stop uncleared trading of certain interest-rate swaps (IRS) and index credit default swaps (index CDS) starting on...more

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