A CFTC proposal amending uncleared swap margin regulations to exempt certain transactions from the European Stability Mechanism was published in the Federal Register.

The CFTC voted to propose amending its uncleared swap margin regulations to (i) extend the implementation date of initial margin requirements, and (ii) exempt certain transactions from uncleared margin requirements.

At a CFTC Global Markets Advisory Committee meeting, Commissioners considered (i) implementation of margin requirements for uncleared swaps and (ii) the treatment of central counterparties under EU proposed rules.

The CFTC permitted a registered derivative clearing organization located in Europe to clear swap transactions on behalf of the customers of futures commission merchants.

CFTC Commissioner Brian Quintenz discussed ways in which he believes a lack of transparency during the financial crisis has been addressed by post-crisis reforms requiring data reporting, central clearing, and posting margin.

CFTC Commissioner Brian Quintenz urged European Union regulatory authorities to recommit to deference-based regulation of cross-border central counterparties.

CFTC Commissioner Brian Quintenz raised questions about the CFTC oversight of central counterparties and the challenges of maintaining a healthy clearing system.