Although originally suggested in 2011, in light of recently completed rule making the CFTC in early December issued a Proposed Rule for Swap Dealer and Major Swap Participant capital requirements.
Generally speaking this framework imposes both capital and liquidity requirements consistent with the overall activities of the entity [ie whether its a FCM, bank, etc]. Further, the notional of swaps not required to be cleared is included for these calculations.
The comment period on this Proposed Rule will close in March 2017.
The U.S. Commodity Futures Trading Commission (CFTC) today unanimously approved proposed rules establishing swap dealer (SDs) and major swap participant (MSPs) minimum capital requirements...for SDs and MSPs that are not subject to the capital rules of a prudential regulator. The proposed rules generally permit the application of alternative approaches based upon existing U.S. bank regulators’ capital requirements or the CFTC’s future commission merchant and the Securities and Exchange Commission’s broker-dealer net liquid asset capital requirements. The proposal further provides that SDs predominantly engaged in non-financial activities and MSPs may elect minimum capital requirements based upon the tangible net worth of the entities. The rules would also require certain SDs and MSPs to satisfy defined liquidity requirements. The comment period for this proposal will be open for 90 days following the publication in the Federal Register.