Should the proposed rule be implemented, U.S. covered swap entities would be required to comply with the Commission’s margin rules for all uncleared swaps but would be eligible for substituted compliance with respect to margin that they post (but not that they collect) for swaps with certain non-U.S. counterparties
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CFTC spares CME Clearing enforcement action relating to client fund depositories
As part of its recent customer protection rulemaking, the Commission adopted a standardized template acknowledgment letter to be executed by FCMs and their respective depositories holding customer funds.
Read MoreAs policy within banks evolve, JP Morgan puts an end to CLS settlement via ICE Clear
JP Morgan, in keeping with a direction which many large banks are taking, has ceased ICE Clear US’s third-party settlement.
Read MoreICAP reports record volumes in third consecutive month for i-Swap service
Whilst most of the global FX industry has experienced volume contractions this year, ICAP’s I-Swap service for US Dollar interest rate swaps has gained unprecedented ground
Read MoreCFTC gives another year of leeway for reporting swap data to all firms
With the US having led the regulatory drive toward institutional FX transactions being conducted through swap execution facilities and central counterparties last year, the bureaucracy in implementation continues with the CFTC extending major swap participants’ reporting procedure for another year.
Read MoreLCH.Clearnet spared enforcement action by CFTC for clearing swaps prior to approval
The ongoing regulatory bureaucracy concerning how swaps are cleared in North American markets has resulted in LCH.Clearnet technically having cleared swaps prior to its SEF approval. CFTC holds off enforcement action for now.
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