Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management; Final Rule

See: 77 FR 21278

The CFTC is adopting rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Act. These rules address: The documentation between a customer and a futures commission merchant that clears on behalf of the customer; the timing of acceptance or rejection of trades for clearing by derivatives clearing organizations and clearing members; and the risk management procedures of futures commission merchants, swap dealers, and major swap participants that are clearing members. The rules are designed to increase customer access to clearing, to facilitate the timely processing of trades, and to strengthen risk management at the clearing member level.

Effective Date : October 1, 2012

Cross References: 76 FR 45724 (Parts 1 and 23, proposing release); 76 FR 45730 (Parts 1, 23, and 39, proposing release); CFTC Rules 1.35; CFTC Parts 23, 37, 38, 39; Proposed CFTC Rules page.

For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Robert Zwirb.