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PCTCP Qa

The proposed regulations seek to (1) expand access to and strengthen the financial integrity of swap markets by requiring uniform standards for prompt processing, clearing, and acceptance of eligible swaps by derivatives clearing organizations, and (2) facilitate the prompt transfer of customer positions between clearing members to avoid unnecessary delays and market disruption. The rulemaking addresses time frames for submitting trades to clearing, standards for cleared products and processing, and coordination between swap execution facilities, designated contract markets, and clearinghouses. It also proposes allowing customer-initiated transfers of positions between clearing members without close-out and re-booking. The rulemaking refines and supplements earlier proposals affecting swap dealers, major swap participants, futures commission merchants, swap execution facilities, designated contract

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215 views

PCTCP Qa

The proposed regulations seek to (1) expand access to and strengthen the financial integrity of swap markets by requiring uniform standards for prompt processing, clearing, and acceptance of eligible swaps by derivatives clearing organizations, and (2) facilitate the prompt transfer of customer positions between clearing members to avoid unnecessary delays and market disruption. The rulemaking addresses time frames for submitting trades to clearing, standards for cleared products and processing, and coordination between swap execution facilities, designated contract markets, and clearinghouses. It also proposes allowing customer-initiated transfers of positions between clearing members without close-out and re-booking. The rulemaking refines and supplements earlier proposals affecting swap dealers, major swap participants, futures commission merchants, swap execution facilities, designated contract

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MarketsWiki
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Download as PDF, TXT or read online on Scribd
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Commodity Futures Trading Commission

Office of Public Affairs


Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
www.cftc.gov

Q & A – Requirements for Processing,


Clearing, and Transfer of Customer Positions
What is the purpose of the proposed regulations?

Through this proposed rulemaking, the Commission seeks to expand access to, and to strengthen the financial
integrity of, the swap markets subject to Commission oversight by requiring and establishing uniform standards for
prompt processing, submission, and acceptance of swaps eligible for clearing by a derivatives clearing organization
(DCO). The Commission also seeks to facilitate a DCO’s prompt transfer of customer positions from a carrying
clearing member to another clearing member with the goal of avoiding unnecessary delay and market disruption.

What matters are addressed in this rulemaking?

The proposed regulations would establish the time frame for a swap dealer, major swap participant, futures
commission merchant, swap execution facility, and designated contract market to submit contracts, agreements, or
transactions to a DCO for clearing. They also would establish standards for cleared products and the prompt and
efficient processing of all contracts, agreements, and transactions submitted to a DCO for clearing. Related
regulations would require swap execution facilities and designated contract markets to coordinate with DCOs in the
development of rules and procedures to facilitate clearing. Additionally, the Commission is proposing a regulation
requiring a DCO, upon customer request, to promptly transfer customer positions and related funds from one
clearing member to another, without requiring the close-out and re-booking of the positions.

How does this rulemaking relate to earlier proposed rulemakings governing the same
registrants?

This rulemaking refines and supplements earlier proposed rulemakings, either by modifying already-proposed rule
provisions or by proposing new provisions. The following previously proposed rules are affected:
§ 23.506 – Swap processing and clearing. [swap dealers and major swap participants]
§ 37.702 – General financial integrity. [swap execution facilities]
§ 38.601 – Mandatory clearing. [designated contract markets]
§ 39.12 – Participant and product eligibility. [derivatives clearing organizations]
§39.15 – Treatment of funds. [derivatives clearing organizations]

How long is the public comment period?

The deadline for comments will be 30 days from the date the notice of proposed rulemaking is published in the
Federal Register.

Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

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