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Tuesday, June 30, 2015

CFTC Proposes Rule for Margin on Cross-Border Uncleared Swaps

The CFTC issued a proposal on when margin requirements would apply to uncleared swap transactions in a cross-border context.

The CFTC described the proposed approach as a hybrid of the entity and transaction-level approaches found in the agency’s advance notice of proposed rulemaking last fall. When finalized, the rule will apply to CFTCregistered swap dealers and major swap participants that do not have a prudential regulator, while the prudential regulators’ proposal describing margin requirements for uncleared swaps contains its own cross-border framework.

ABA’s new Center for Bank Derivatives Policy will comment on the proposal; comments are due 60 days after publication in the Federal Register.

Read the proposed rule.

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