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Monday, August 27, 2012

CFTC Approves Swap Dealer & Major Participant Requirement Rules

The CFTC has approved by a vote of 5 to 0 final rules to improve the risk management procedures of swap dealers and major swap participants. The final rules will become effective 60 days after publication in the Federal Register.

The Dodd-Frank Act mandated that the CFTC adopt rules on the timely and accurate confirmation, processing, netting, documentation, and valuation of all swaps, as well as the reconciliation and compression of swap portfolios. The approved rules also will help highlight risk management concerns for swap dealer and major swap participant senior management and regulators at an earlier stage.

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