CFTC’s Division of Clearing and Risk Announces Revised Compliance Schedule for Required Clearing of iTraxx CDS Indices

On Feb. 25, 2013, the CFTC received notice from ICE Clear Credit LLC that it has begun offering customer clearing of the iTraxx CDS indices which are subject to the clearing requirement under Rule 50.4(b) and Section 2(h) of the Commodity Exchange Act ("CEA"). In accordance with the timeframe previously set forth by the Commission in a final rulemaking, Clearing Requirement Determination under Section 2(h) of the CEA, 77 FR 74284, 74319-21 (December 13, 2012), the following compliance dates shall apply to the clearing of these iTraxx swaps (in accordance with CFTC Rule 50.25):

• Category 1 Entities: Friday, April 26, 2013

• Category 2 Entities: Thursday, July 25, 2013

• All other entities: Wednesday, October 23, 2013

The compliance dates set forth above apply only to the required iTraxx CDS indices. The previously established schedule for all other swaps subject to the clearing requirement (CDX CDS indices and all four classes of interest rate swaps) remains unchanged, with a compliance schedule as follows:

• Category 1 Entities: Monday, March 11, 2013

• Category 2 Entities: Monday, June 10, 2013

• All other entities: Monday, September 9, 2013

View Press Release in full here (links externally to CFTC website).