Derivatives Clearing Organizations Commodities Futures Trading Commission

A Derivatives Clearing Organization (DCO) is an entity or system whereby the credit of the clearing organization is substituted for the credit of the parties to a transaction. The purpose of these entities is to... more +
A Derivatives Clearing Organization (DCO) is an entity or system whereby the credit of the clearing organization is substituted for the credit of the parties to a transaction. The purpose of these entities is to mutualize or transfer credit risk among participants to a transaction. The term derivatives clearing organization was defined under the Commodity Futures Modernization Act of 2000.  less -
News & Analysis as of

Orrick's Financial Industry Week in Review

Financial Industry Developments - CFTC Announces Measures to Enhance Protection of Customer Funds - On August 8, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced three separate enhancements...more

US Commodity Futures Trading Commission Announces Memorandum of Understanding with the European Securities and Markets Authority...

The US Commodity Futures Trading Commission announced the signing of a Memorandum of Understanding with the European Securities and Markets Authority regarding cooperation with respect to recognized central counterparties...more

CFTC Proposes to Apply Clearing Requirement to Additional Interest Rate Swaps

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

EU and US Authorities Adopt Determinations on Supervision of EU and US CCPs

An equivalence Decision on the derivatives regulatory regimes for derivatives clearing organisations in the United States was published in the Official Journal of the European Union. The Decision follows the announcement by...more

CFTC Issues No Action Relief for EU-Based DCOs Authorized to Operate in EU

Following on a joint statement by the Commodity Futures Trading Commission and European Commission announcing a common approach to the regulation of central counterparties (CCPs), the CFTC published a comparability...more

Corporate and Financial Weekly Digest - Volume XI, Issue 11

CFTC - CFTC Approves Final Rule Eliminating Certain Reporting and Recordkeeping Requirements for Trade Option End-Users - On March 16, the Commodity Futures Trading Commission unanimously approved a final rule...more

The Financial Report - Volume 5, No. 5 - March 2016 (Global)

The buzz phrase of the moment in the financial services industry is robo adviser. On Monday, February 29, The Wall Street Journal published a Journal Report in the Personal Finance Section of that day’s newspaper. The...more

The CFTC Proposes Enhanced Cybersecurity Testing Rules

On February 22, 2016, the Commodity Futures Trading Commission (“CFTC”) closed the public comment period on its recently proposed enhanced cybersecurity rules for derivatives clearing house organizations, trading platforms,...more

CFTC Approves Derivative Clearing Organization Registration Order for Eurex Clearing AG

On February 1, the Commodity Futures Trading Commission issued an order granting Eurex Clearing AG registration as a derivatives clearing organization (DCO) under the Commodity Exchange Act (CEA). The order will allow Eurex...more

CFTC Proposes Cybersecurity Testing for DCOs, DCMs, SEFs and SDRs

The Commodity Futures Trading Commission has proposed rules that would require all derivatives clearing organizations (DCOs), swap data repositories (SDRs), designated contract markets (DCMs) and swap execution facilities...more

CFTC Exempts a Japanese Clearing Organization and Korean Exchange From Derivatives Clearing Organization Registration

The Commodity Futures Trading Commission has issued separate orders of exemption allowing the Japan Securities Clearing Corporation (JSCC) and Korea Exchange, Inc. (KRX) to clear interest rate swaps without registering as...more

Corporate and Financial Weekly Digest - Volume X, Issue 42

SEC/CORPORATE - ISS Releases 2016 Draft Voting Policy Changes for Comment - On October 26, Institutional Shareholder Services (ISS), a leading proxy advisory firm, released for comment draft voting policy changes...more

New CFTC Cybersecurity Standards Are Coming Soon

On September 29, 2015, Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad delivered a “State of the Derivatives Marketplace” speech before the 3rd Annual OTC Derivative Summit North America. The speech...more

Corporate and Financial Weekly Digest - Volume X, Issue 38

SEC/CORPORATE - ISS Publishes Results of 2015–2016 Annual Global Policy Survey - On September 28, Institutional Shareholder Services (ISS), a leading proxy advisory firm, published the results of its 2015–2016...more

CFTC Grants DCO Registration to Nodal Clear, LLC

The Commodity Futures Trading Commission has granted registration to Nodal Clear, LLC as a derivatives clearing organization (DCO). Pursuant to the registration order, Nodal Clear may clear contracts executed on or through...more

CFTC Seeks Comment on Japan Securities Clearing Corporation’s Petition for Exemption from DCO Registration

The Commodity Futures Trading Commission is seeking public comment on a petition by the Japan Securities Clearing Corporation (JSCC) for an order of exemption from registration as a derivatives clearing organization (DCO)....more

CFTC Issues Guidance on “Firm or Forced Trades” Process

The Commodity Futures Trading Commission’s Division of Clearing and Risk and Division of Market Oversight have issued guidance to derivatives clearing organizations (DCOs) that use a “firm or forced trades” process to...more

CFTC Issues Guidance on CFTC Requirements for DCOs and the Principles for Financial Market Infrastructures

The Commodity Futures Trading Commission’s Division of Clearing and Risk (DCR) has issued an interpretation on the consistency between Part 39 of CFTC Regulations and the Principles for Financial Market Infrastructures. The...more

Corporate and Financial Weekly Digest - Volume X, Issue 37

SEC/CORPORATE - SEC Advisory Committee on Small and Emerging Companies Makes Recommendations - On September 23, the Securities and Exchange Commission Advisory Committee on Small and Emerging Companies (Advisory...more

Financial Services Weekly News - August 2015 #4

Regulatory Developments - CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps: On Aug. 19 the CFTC announced that it had voted to propose amendments to existing...more

CFTC Issues Order of Exemption From Registration as a DCO to ASX Clear (Futures) Pty Limited and Requests Public Comment on a...

The Commodity Futures Trading Commission has issued an order of exemption from registration as a derivatives clearing organization (DCO) to ASX Clear (Futures) Pty Limited (ASX). This is the first order that the CFTC has...more

CFTC Proposes Cleared Swap Reporting Amendments

The Commodity Futures Trading Commission has proposed to amend Part 45 of its regulations insofar as they relate to the reporting to a swaps data repository of swaps that are cleared by a derivatives clearing organization...more

Orrick's Financial Industry Week in Review

CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps - On August 19, The U.S. Commodity Futures Trading Commission (CFTC) proposed amendments to existing rules relating...more

CFTC Issues Its First Ever Order of Exemption from Registration as a Derivatives Clearing Organization

On August 18, CFTC issued an order of exemption from registration as a derivative clearing organization (DCO) to ASX Clear (Futures) Pty Limited (ASX). The order is the first of its kind issued by CFTC based on its authority...more

CFTC Requests Comments on Petition for Exemption from DCO Registration by OTC Clearing Hong Kong Limited

The Commodity Futures Trading Commission is requesting public comment on a petition for exemption from registration as a derivatives clearing organization (DCO) filed by OTC Clearing Hong Kong Limited. Under Section...more

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