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Derivatives Clearing Organizations › Swaps

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 -
WilmerHale

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

WilmerHale on

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

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

Jones Day on

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

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

Katten Muchin Rosenman LLP

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

Katten Muchin Rosenman LLP on

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

Sheppard Mullin Richter & Hampton LLP on

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

Cadwalader, Wickersham & Taft LLP on

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

Cadwalader, Wickersham & Taft LLP on

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

Orrick - Finance 20/20

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

Orrick - Finance 20/20 on

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

Morgan Lewis

CFTC Amends Real-Time Swap Public Reporting Requirements

Morgan Lewis on

The Commodity Futures Trading Commission (CFTC) has unanimously approved amendments to the real-time swap reporting rules in Part 43 of the CFTC’s regulations by, among other things, clarifying the applicability of the rules...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Amends Swap Data Reporting Rules, Creates Registration Framework for Non-US Clearing Organizations

Skadden, Arps, Slate, Meagher & Flom LLP on

On September 17, 2020, the Commodity Futures Trading Commission (CFTC) unanimously approved final rules amending the agency’s swap data reporting and derivatives clearing organization (DCO) registration requirements. The...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Finalizes Post-Trade Name Give-Up Rule, Introduces New Electronic Trading Proposal

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On June 25, 2020, the Commodity Futures Trading Commission (CFTC or Commission) held an open meeting and voted unanimously to approve a final rule prohibiting post-trade name give-up for swaps executed anonymously on a swap...more

WilmerHale

Commodity Futures Trading Commission - 2019 in Review: CFTC 2019 Enforcement and Regulatory Developments and a Look Forward

WilmerHale on

In 2019, the Commodity Futures Trading Commission (CFTC or Commission) experienced significant changes in leadership, including the appointment of Dr. Heath P. Tarbert as the Commission’s 14th Chairman. The Division of...more

WilmerHale

CFTC Ends 2019 with Rulemaking Flurry

WilmerHale on

The Commodity Futures Trading Commission (CFTC or Commission) at year-end issued one final and two proposed rulemakings. The proposed rules are potentially significant for all swap market participants, and the final rules are...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on the Latest Swap Regulations and Position Limits

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DERIVATIVES - See also “CFTC Extends Public Comment Period for Proposed Rules Pertaining to Cross-Border Clearing” and “CFTC and European Commission Issue Joint Statement Following Meeting on Cross-Border Derivatives...more

A&O Shearman

CFTC Proposes Amendments to DCO Core Principle Regulations

A&O Shearman on

The Commodity Futures Trading Commission (CFTC) has proposed a series of changes to its general regulations governing derivatives clearing organizations (DCOs). The CFTC has stated that the proposed amendments are intended to...more

WilmerHale

CFTC Proposes Additional Swap Data Reporting Requirements

WilmerHale on

The Commodity Futures Trading Commission (CFTC) is proposing a significant, new reporting burden on swaps reporting parties and on swaps data repositories (SDRs). The proposal would impose new requirements on SDRs to verify...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Proposes Sweeping Swap Reporting Amendments Aimed at Improving Data Accuracy and Completeness

Skadden, Arps, Slate, Meagher & Flom LLP on

On April 25, 2019, the Commodity Futures Trading Commission (CFTC or Commission) published for public comment proposed amendments to the rules governing swap data repositories (SDRs) and reporting obligations of swap market...more

A&O Shearman

CFTC Proposes New Rules on DCO Exemptions

A&O Shearman on

On August 8, 2018 the Commodity Futures Trading Commission (CFTC) voted unanimously to propose rules (Proposed Rules) which would codify policies and procedures related to exempting derivatives clearing organizations (DCOs)...more

Orrick, Herrington & Sutcliffe LLP

Derivatives In Review - May 2017

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CME and LCH Amend Rulebooks on Variation Margin - Market participants historically have characterized cleared derivatives as being "collateralized-to-market", treating variation margin transfers as daily collateral...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Reform, Not Repeal, Likely for US Swaps Regulations"

Skadden, Arps, Slate, Meagher & Flom LLP on

Swaps transactions, virtually unregulated before the 2008 financial crisis, are regulated in the U.S. under Title VII of the Dodd-Frank Act. Title VII empowers the Commodity Futures Trading Commission (CFTC), for most swaps,...more

K&L Gates LLP

CFTC Expands Interest Rate Swap Clearing Requirements

K&L Gates LLP on

One of the major goals of the Dodd-Frank Act, enacted in the wake of the financial crisis of 2008, was to bring the swaps market under regulation generally and to require that standardized swaps be cleared by a central...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Proposes to Apply Clearing Requirement to Additional Interest Rate Swaps

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On June 9, 2016, the Commodity Futures Trading Commission (CFTC) proposed to require additional interest rate swaps to be centrally cleared. Since December 2012, the CFTC has required four classes of interest rate swaps...more

Morgan Lewis

Current Status of the Clearing Obligation Under EMIR

Morgan Lewis on

Although EMIR came into force as long ago as August 2012, the clearing obligation it provides for was first brought into effect in December 2015 on a phased basis and only for certain interest rate swaps denominated in the G4...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume X, Issue 38

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SEC/CORPORATE - ISS Publishes Results of 2015–2016 Annual Global Policy Survey - On September 28, Institutional Shareholder Services (ISS), a leading proxy advisory firm, published the results of its 2015–2016...more

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