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The CFTC published in the Federal Register a final rule that establishes a framework for granting derivatives clearing organization registration exemptions to non-U.S. clearing organizations under certain conditions. The final rules go into effect on February 8, 2021.

Commentary by Nihal Patel

The CFTC adopted final rules for granting derivatives clearing organization registration exemptions to non-U.S. clearinghouses seeking to clear proprietary swaps for certain U.S. persons and futures commission merchants.

The CFTC granted exemptions to five foreign futures and options markets to allow their member firms to accept U.S. customer funds for margining futures and options contracts without registering as futures commission merchants with the CFTC.

A CFTC supplemental rule proposal was published in the Federal Register which would permit low-risk derivatives clearing organizations that are exempt from registration to offer clearing to U.S. persons under certain circumstances.