On June 9, 2016 the CFTC issued a Notice of Proposed Rulemaking to expand the scope of the Interest Rate Swaps clearing requirement to add currencies not previously required to be cleared. Now open for a 30 day comment period, the objective of this rule is to make US regulations consistent with other jurisdictions.
The U.S. Commodity Futures Trading Commission (CFTC) today proposed amending CFTC regulation 50.4(a) to require certain additional interest rate swaps to be cleared by market participants through a registered derivatives clearing organization (DCO) or a DCO that has been exempted from registration under the CEA (Exempt DCO). The scope of proposed expanded regulation 50.4(a) would make the CFTC’s clearing requirement consistent with those proposed or finalized in 2015 or 2016 by the CFTC’s counterparts in Australia, Canada, the European Union, Hong Kong, Mexico, and Singapore. The proposed rule will be open for public comment for 30 days after publication in the Federal Register.
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