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Derivatives Clearing Organizations › Futures Commission Merchants (FCMs)

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 -
Katten Muchin Rosenman LLP

The CFTC’s Large Trader Rules Get a Makeover

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Part 17 of the CFTC’s regulations require futures commission merchants, clearing members of registered derivatives clearing organizations, and foreign brokers holding omnibus accounts with such FCM clearing members to submit...more

Blank Rome LLP

Part 7: The Ordinary Course of Business and the Separate Account Election

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This post is the next installment in a multi-part series on CFTC Regulation §1.44, as proposed by the U.S. Commodity Futures Trading Commission (the “CFTC”) on February 20, 2024 (the “Proposed Rule”)....more

Blank Rome LLP

Part 4: CFTC Regulation 1.44—Key Definitions

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The previous post in this series discussed how different market participants hold different views of the relationship between an investment manager and its clients, particularly in the separate account context. That post...more

WilmerHale

CFTC Year in Review: 23 Takeaways From 2023 and Predictions for 2024

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At an industry event in early 2023, Commodity Futures Trading Commission (CFTC or the Commission) Chairman Rostin Behnam set out a comprehensive agenda to include nearly three dozen rulemaking proposals as well as “business...more

Jones Day

The CFTC Proposes Rules to Protect Clearing Member Funds Held by DCOs

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In Short - The Situation: In a December 13, 2023, Open Meeting, the Commodity Futures Trading Commission proposed amendments to the Commission's regulations concerning clearing member funds held by a derivatives clearing...more

Cadwalader, Wickersham & Taft LLP

CFTC’s Proposal on Investment of Customer Funds

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On November 3, 2023, the Commodity Futures Trading Commission (“CFTC”) proposed to significantly amend the rules on investment of customer funds by futures commission merchants (“FCMs”) and derivatives clearing organizations...more

Katten Muchin Rosenman LLP

The Long and Winding Road of JAC Regulatory Alert 14-03

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Once, many years ago, the Joint Audit Committee released a Regulatory Alert (RA 14-03) addressed to futures commission merchants that are clearing members of derivatives clearing organizations registered with the CFTC, which...more

Dechert LLP

CFTC Guidance on FCM and DCO Investments in Money Market Funds

Dechert LLP on

Divisions of the U.S. Commodity Futures Trading Commission (CFTC) on August 8, 2016 issued letters restricting futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) from investing in money market...more

Katten Muchin Rosenman LLP

Bridging the Week - July 2016 #3

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CME Group Proposes New Clearing Member Category to Help Customers Avoid Pro Rata Distribution Risk in Case of FCM Insolvency: CME Group filed proposed rule changes with the Commodity Futures Trading Commission that would...more

Katten Muchin Rosenman LLP

CFTC Approves Derivative Clearing Organization Registration Order for Eurex Clearing AG

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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

Goodwin

CFTC Approves Final Rules Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants

Goodwin on

The CFTC approved final rules requiring enhanced protections afforded customers and customer funds held by futures commission merchants (“FCMs”). The rules require FCMs to adopt and enforce a risk management program,...more

Eversheds Sutherland (US) LLP

Legal Alert: New CFTC Rules Provide Broad Enhancement of Protections for Customers of FCMs - But at a Cost

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On October 30, 2013, in a 3-1 vote, the Commodity Futures Trading Commission (CFTC or the Commission) approved final rules that significantly strengthen the protections afforded to customers of futures commission merchants...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

Katten Muchin Rosenman LLP

NFA Issues a Notice Regarding Segregated Account Balance Reporting

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On June 19, the National Futures Association (NFA) issued a notice to its members regarding the implementation of the second phase of the segregated account balance reporting requirements under Section 4 of the NFA’s...more

Orrick - Finance 20/20

CFTC Proposal for Enhanced FCM and DCO Protections

Orrick - Finance 20/20 on

On October 23, the CFTC proposed new regulations and amendments to existing regulations to enhance protections for customers and to strengthen safeguards for the holding of money, securities, and other property deposited by...more

Perkins Coie

Financial Services Bulletin: Action at the CFTC

Perkins Coie on

In This Issue: - CFTC Proposes Rules For Future Commission Merchants and Derivative Clearing Organizations - CFTC Adjusts the Maximum Civil Monetary Penalties for Inflation - CFTC Announces Temporary...more

Katten Muchin Rosenman LLP

CFTC Proposes Rules to Enhance Protections for Customer Funds

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The Commodity Futures Trading Commission published proposed rules that are designed to increase protections for customers and customer funds held by futures commission merchants (FCMs) and derivatives clearing organizations...more

Katten Muchin Rosenman LLP

CFTC to Hold Open Meeting to Consider Proposed Customer Funds Protection Rules

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The Commodity Futures Trading Commission has announced that it will hold a public meeting to consider proposed rules that would enhance protections afforded customers and customer funds held by futures commission merchants...more

Katten Muchin Rosenman LLP

CFTC Issues Guidance on Trade Acceptance Requirements

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The Commodity Futures Trading Commission’s Division of Clearing and Risk (Division) has advised clearing member futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) of the Division’s position...more

Perkins Coie

Financial Services Bulletin: Action at the CFTC

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In This Issue: - CFTC Proposes Inter-Affiliate Clearing Exemption - CFTC Proposes Exemption For Certain Non-Financial Energy Derivative Transactions - CFTC Approves Conforming Rule on Registration of...more

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