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Derivatives Clearing Organizations

A Derivatives Clearing Organization (DCO) is an entity or system whereby the credit of the clearing organization is substituted for the credit of the parties to a transaction. The purpose of these entities is to... more +
A Derivatives Clearing Organization (DCO) is an entity or system whereby the credit of the clearing organization is substituted for the credit of the parties to a transaction. The purpose of these entities is to mutualize or transfer credit risk among participants to a transaction. The term derivatives clearing organization was defined under the Commodity Futures Modernization Act of 2000.  less -
Lowenstein Sandler LLP

Key Considerations When Adopting Artificial Intelligence as a CFTC-Regulated Firm

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On December 5, 2024, the U.S. Commodities Futures Trading Commission (CFTC) staff (Staff) issued a staff advisory (Advisory) on the use of artificial intelligence (AI) by market participants in CFTC-regulated markets.1 Staff...more

Moore & Van Allen PLLC

THE DESK: MVA’s Swaps and Derivatives Newsletter - December 2024

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With the CFTC still in the early stages of its fiscal year, in the month of November, we did not see a lot of action by way of publicly-released enforcement actions from the CFTC or enforcement-related public statements from...more

Katten Muchin Rosenman LLP

Expected CFTC Implementations Post-2024 Election: Key Considerations for Futures Commission Merchants

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The 2024 US elections may signal a shift in the policy orientation of other federal financial regulators, but at the Commodity Futures Trading Commission (CFTC or Commission), at least in the short-term, the most significant...more

Katten Muchin Rosenman LLP

The CFTC’s Large Trader Rules Get a Makeover

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Part 17 of the CFTC’s regulations require futures commission merchants, clearing members of registered derivatives clearing organizations, and foreign brokers holding omnibus accounts with such FCM clearing members to submit...more

Blank Rome LLP

Part 7: The Ordinary Course of Business and the Separate Account Election

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This post is the next installment in a multi-part series on CFTC Regulation §1.44, as proposed by the U.S. Commodity Futures Trading Commission (the “CFTC”) on February 20, 2024 (the “Proposed Rule”)....more

Blank Rome LLP

Part 4: CFTC Regulation 1.44—Key Definitions

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The previous post in this series discussed how different market participants hold different views of the relationship between an investment manager and its clients, particularly in the separate account context. That post...more

WilmerHale

CFTC Year in Review: 23 Takeaways From 2023 and Predictions for 2024

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At an industry event in early 2023, Commodity Futures Trading Commission (CFTC or the Commission) Chairman Rostin Behnam set out a comprehensive agenda to include nearly three dozen rulemaking proposals as well as “business...more

Holland & Knight LLP

CFTC Seeks Comments on Use of AI in Derivatives Markets

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The Commodity Futures Trading Commission (CFTC) has issued a request for comment (RFC) seeking public input on the use of artificial intelligence (AI) in CFTC-regulated markets. The RFC – distributed jointly by the CFTC's...more

Davis Wright Tremaine LLP

Broker Dealer Regulatory Digest - February 2024

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The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Davis Wright Tremaine LLP

CFTC Approves Two Rulemaking Proposals and a DCO Application

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The Commodity Futures Trading Commission ("CFTC" or "Commission") issued two proposed rules on December 18, 2023, both of which are now open for public comment. The first proposed rule would create an "Operational Resilience...more

Jones Day

The CFTC Proposes Rules to Protect Clearing Member Funds Held by DCOs

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In Short - The Situation: In a December 13, 2023, Open Meeting, the Commodity Futures Trading Commission proposed amendments to the Commission's regulations concerning clearing member funds held by a derivatives clearing...more

Davis Wright Tremaine LLP

Broker Dealer Regulatory Digest - December 2024

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The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Cadwalader, Wickersham & Taft LLP

CFTC’s Proposal on Investment of Customer Funds

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On November 3, 2023, the Commodity Futures Trading Commission (“CFTC”) proposed to significantly amend the rules on investment of customer funds by futures commission merchants (“FCMs”) and derivatives clearing organizations...more

Jones Day

CFTC Staff Advisory Warns That SEF Prime Brokerage Arrangements Might Require DCO Registration

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This advisory is the latest Commodity Futures Trading Commission ("Commission" or "CFTC") staff action conveying a Commission or staff view that CFTC registrants conducting business in nontraditional ways may need to register...more

Davis Wright Tremaine LLP

CFTC Issues Staff Advisory Letters on DCO Regulation: Prime Brokerage Arrangements and Digital Assets

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In May 2023, the Division of Clearing and Risk ("DCR") of the Commodity Futures Trading Commission ("CFTC") issued two Staff Advisory letters addressing areas of regulatory focus related to Derivatives Clearing Organizations...more

Cadwalader, Wickersham & Taft LLP

Risks Associated with Clearing Digital Assets

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On May 30, 2023, the Division of Clearing and Risk (“DCR”) of the Commodity Futures Trading Commission (“CFTC”) issued an advisory (“05/30/23 DCO Advisory”) relating to registered, or those seeking to register as, derivatives...more

Cadwalader, Wickersham & Taft LLP

CFTC Issues Advisory on Prime Brokerage Arrangements on SEFs and DCO Registration Requirements

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On May 17, the staff of Commodity Futures Trading Commission (“CFTC”) Division of Clearing and Risk (“DCR”) issued an advisory (“Advisory”) that encourages entities using prime brokerage (“PB”) arrangements that provide...more

Goodwin

FinCEN and the U.S. Department of Commerce’s BIS Issues Supplemental Alert Urging Continued Vigilance for Potential Russian Export...

Goodwin on

On May 19, FinCEN and BIS issued an alert urging financial institutions to watch for attempts to evade export controls imposed on Russia. The alert focuses on ongoing federal initiatives to limit Russian access to technology...more

Katten Muchin Rosenman LLP

Lessons for FCM Risk Managers from a Recent CFTC Enforcement Settlement

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Recently the CFTC settled an administrative proceeding with an FCM that FCM risk managers will want to examine closely. The settlement relates to allegations (among others) that the FCM violated CFTC Rules 1.11 and...more

Katten Muchin Rosenman LLP

The Long and Winding Road of JAC Regulatory Alert 14-03

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Once, many years ago, the Joint Audit Committee released a Regulatory Alert (RA 14-03) addressed to futures commission merchants that are clearing members of derivatives clearing organizations registered with the CFTC, which...more

Sheppard Mullin Richter & Hampton LLP

CFTC Amends Clearing Requirements

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On August 12, 2022, the CFTC issued a final rule modifying its clearing requirement for interest rate swaps (“IRS”). ...more

Cadwalader, Wickersham & Taft LLP

CFTC Finalizes Rule Regarding LIBOR Transition Clearing Requirement Determination for Certain Interest Rate Swaps

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On August 12, the Commodity Futures Trading Commission (“CFTC”) issued a final rule amending its Regulation 50.4(a) clearing requirements for swaps. The latest in a series of rulemaking that is supportive of the...more

Cadwalader, Wickersham & Taft LLP

CFTC’s Swap Reporting Advisory

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Accurate and timely reporting of swap data is the cornerstone of swap regulation. The CFTC had promulgated its swap reporting rules in 2012, and were after 2012 among the first rules implementing the Dodd-Frank Act to...more

Hogan Lovells

Securities and markets regulatory news, May 2021 # 3

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UK EMIR: BoE consults on modifications to DTO to reflect interest rate benchmark reform - The Bank of England (BoE) has published a consultation paper setting out its proposal to modify the scope of contracts that are...more

Orrick - Finance 20/20

CFTC Unanimously Approves Final Rule for Granting Exemptions from Derivatives Clearing Organization Registration

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On November 18, the Commodity Futures Trading Commission (CFTC) unanimously approved a final rule establishing a framework for the Commission to grant an exemption from registration as a derivatives clearing...more

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