CFTC Proposed Rule: Swap Transaction Compliance and Implementation Schedule - Clearing and Trade Execution Requirements

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Swap Transaction Compliance and Implementation Schedule: Clearing and Trade Execution Requirements
Proposal Date Final Rule Issue - Clearing Final Rule Issue - Execution Effective Date - Execution
September 20, 2011 July 30, 2012 June 4, 2013 September 28, 2012

On September 8, 2011, the Commodity Futures Trading Commission (CFTC) held an open meeting to consider the issuance of proposed rulemakings under the Dodd-Frank Act. One of the agenda items was a proposed rule regarding the implementation timeline for trading and execution requirements for swap participants.<ref>Open Meeting on Two Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on September 8, 2011.</ref>


One of the provisions of Title VII of the Dodd-Frank Act amends the Commodity Exchange Act to require all clearable swaps to trade on either a designated contract market or a swap execution facility, a new type of entity created by the act.

The CFTC has been mandated by Dodd-Frank to create, implement and enforce rules regarding the trading and clearing of swaps. These rules include comprehensive regulation of swap dealers and major swap participants.

Summary of the Rule Proposal[edit]

The commission plans require compliance in three phases, depending on a swap entity's level of activity and sophistication:

Prior to determination of a final ruling, these rules must be finalized by the CFTC, SEC, and Prudential Regulators:

Related Documents: Fact Sheet, Q&A, Federal Register Entry[edit]


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