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Thursday, May 10, 2012

CFTC Approves Final Designation DCMs Rule

The CFTC held an open meeting to consider a final rule on core principles and other requirements for designated contract markers (DCMs) and a proposed order amending the effective date for swap regulation.

Section 735 of the Dodd-Frank Act requires elimination of the previous eight criteria used for designation as a contract market under the Commodity Exchange Act, the amendment of most of the core principles, and the addition of five new principles. Also, Section 723 of the Dodd-Frank Act requires the execution and trading of certain swaps occur on DCMs.

The CFTC has approved, by a vote of 5-0, the new and revised rules, guidance, and acceptable practices governing the core principles for designation and operation of DCMs.

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