Federal Register: Requirements for Processing, Clearing, and Transfer of Customer Positions

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Gavel.png FINAL RULE: This page refers to the proposed rulemaking on processing, clearing, and position transfer requirements for DCOs, FCMs, SEFs, and DCMs. The CFTC final rule was issued at its October 18, 2011 open meeting.
Dodd-Frank Timeline, Requirements for Processing, Clearing, and Transfer of Customer Positions
Proposal Date Final Rule Issue Effective Date
December 13, 2010 October 18, 2011 January 9, 2012

On December 9, 2010, the CFTC held an open meeting on the Twelfth Series of Proposed Rules under the Dodd-Frank Act. Among the topics at this meeting was a rule proposal regarding requirements for processing, clearing, and transfer of customer positions. Specifically:

  • If a swap is subject to mandatory clearing,the swap dealer or major swap participant must submit the swap for clearing no later than the close of the business day.
  • In the swap is not subject to mandatory clearing must, if cleared, be submitted no later than the business day following the swap transaction.
  • Swap Execution Facilities (SEFs) and Designated Contract Markets (DCMs), must submit swaps immediately upon execution.
  • The functions and objectives of Derivatives Clearing Organizations (DCOs), including Core Principle F (Treatment of Funds) are further clarified by this proposal. [1]

Related Documents: Fact Sheet, Q&A, Federal Registry Entry

References

  1. Open Meeting on Twelfth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 26, 2011.

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