CFTC Publishes Final Rule

The following Final Rule has been published:

  • 77 FR 44441
    17 CFR Part 50 Swap Transaction Compliance and Implementation Schedule: Clearing Requirement Under Section 2(h) of the CEA

CMC Policy Call Summary: Tuesday, July 24, 2012

Today’s policy call started with a warm farewell to the Commodity Market Council’s long-standing president, Christine Cochran. Former senior vice-president and recently-appointed president, Sanjeev Joshipura, began by sharing how deeply Cochran will be missed and how proud all of CMC is of her as she takes the next step in her career as the Executive Director of the Grains Food Foundation. Cochran followed by reinforcing the confidence she and the rest of the membership has in Joshipura’s leadership and the continued success of CMC. The policy call continued with an overview of recent events affecting CMC. Joshipura summarized the testimony Tom Erickson delivered last Tuesday to the Senate Ag Committee on behalf of CMC and the pressing issues affecting its membership, as well as the recent comment letter CMC drafted for Representative Issa.

CFTC Approves Regulations to Phase in Compliance with Clearing Requirements of the Dodd-Frank Act

CFTC Approves Regulations to Phase in Compliance with Clearing Requirements of the Dodd-Frank Act

Washington, DC – The Commodity Futures Trading Commission today approved final regulations that establish a schedule to phase in compliance with new clearing requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The final rule will phase in the clearing requirement based on the type of market participant entering into swaps subject to the clearing requirement. The compliance schedule does not prohibit any type of market participant from voluntarily complying with the clearing requirement sooner than the compliance deadline. Moreover, the compliance schedule will be used at the Commission’s discretion when it believes that phasing is appropriate and needed by market participants….”

CFTC Proposes Clearing Determination for Certain Credit Default Swaps and Interest Rate Swaps

CFTC Proposes Clearing Determination for Certain Credit Default Swaps and Interest Rate Swaps

Washington, DC – The Commodity Futures Trading Commission today proposed new rules to require certain credit default swaps (CDS) and interest rate swaps to be cleared by registered derivatives clearing organizations (DCOs). The proposed rule is the first clearing determination by the Commission under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the proposed rules, market participants would be required to submit a swap that is identified in the rule for clearing by a DCO as soon as technologically practicable and no later than the end of the day of execution. The proposed rule will be open for public comment after the rule has been published in the Federal Register, and the comment period will be open for 30 days….”

CFTC Announces Designation of DTCC-SWIFT as the Provider of CFTC Interim Compliant Identifiers

CFTC Announces Designation of DTCC-SWIFT as the Provider of CFTC Interim Compliant Identifiers

“Washington, DC – The Commodity Futures Trading Commission (CFTC) today issued an Order designating DTCC-SWIFT as the provider of the legal entity identifiers (LEI), which will be used by registered entities and swap counterparties in complying with the CFTC’s swap data reporting regulations. LEIs, to be known as CFTC Interim Compliant Identifiers or CICIs until establishment of a global LEI system, are essential tools for aggregation of derivatives data. They will be crucial to the ability of CFTC and other financial regulators to use swap data to fulfill the systemic risk monitoring and mitigation, market transparency, and market abuse prevention purposes of the Dodd-Frank Wall Street Reform and Consumer Protection Act….”

77 FR 43064

77 FR 43064

The CFTC has published the following Order and Other Announcement:

77 FR 43064
Meeting; Technology Advisory Committee 

77 FR 42559

77 FR 42559

The following CFTC final rule has been published: 77 FR 42559.

17 CFR Part 39: End-User Exception to the Clearing Requirement for Swaps