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Thursday, October 31, 2013

CFTC Approves Final Rule to Enhance Customer Protections

The CFTC approved a final rule enhancing protections afforded customers and customer funds held by Futures Commission Merchants (FMCs) and Derivatives Clearing Organizations by a vote of 3 to 1.

The final rules require FCMs to adopt robust risk management programs taking into account risks to which the FCM is reasonably subject, including risks relating to operations, capital, and customer fund segregation. These risk management programs must adopt written policies and procedures reasonably designed to, among other things, ensure that customer funds are separately accounted for and segregated or secured as belonging to customers.

In addition, the CFTC unanimously approved a final rule on segregation for uncleared swaps; treatment of securities in a portfolio margining account in a commodity broker bankruptcy and a final rule on ownership and control reports.

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