ISDA Reminds Firms of STP Compliance Requirement

ISDA summarized the compliance procedure for straight-through processing ("STP") of swaps intended for clearing.

In a webinar, ISDA explained that, starting August 1, 2016, the CFTC will require all swaps intended for clearing (whether mandatory or voluntary) that are executed on a swap execution facility to be sent to a derivatives clearing organization within 10 minutes after SEF execution. ISDA suggested that firms:

• prioritize the compliance procedure;

• streamline internal processes to minimize the time taken to complete each part of the process; and

• work with other parties to ensure that overall compliance is achieved.