CFTC Commissioner Sommers on the CME Request for the Approval of New Chapter 10 and New Rule 1001

CFTC Commissioner Jill E. Sommers delivered a statement on the Chicago Mercantile Exchange's ("CME") request for CFTC approval of new Chapter 10 and new Rule 1001. While Commissioner Sommers agreed with the CFTC's view of the consistency of CME Rule 1001 with the Commodity Exchange Act ("Act"), she stated that she would have taken it a step further and explicitly provided that the Part 45 rules do not apply to cleared swaps. To that end, Sommers stated she believes that there is an important distinction to be made between cleared and uncleared swaps: Since the CEA and the CFTC rules don’t specify who must report a cleared swap, the rules should be amended and clarified.

View speech in full here (links externally to CFTC website).See also: Commissioner O'Malia's Speech.