SIFMA AMG Submits Comments to the CFTC Requesting No-Action Relief with Respect to the Clearing Requirement for iTraxx CDS Indices

The Asset Management Group of SIFMA ("SIFMA AMG") provided the attached comments to the CFTC requesting no-action relief with regard to the clearing requirement for the iTraxx Europe, iTraxx Crossover and iTraxx HiVol credit default swap indices (collectively, "iTraxx indices"). Under the CFTC clearing determination, swaps referencing iTraxx indices would be required to be cleared 60 days after they are available on a clearinghouse. The group and its members expect to have to clear swaps referencing the iTraxx indices following their having been made available by the Chicago Mercantile Exchange ("CME").

The Group also requests that its members be given more time to clear iTraxx indices. SIFMA AMG requests that the CFTC provide relief until at least 90 days after CME is able to provide customer clearing of iTraxx indices. If the CFTC is not willing to extend the requested relief indefinitely, then the AMG asks the CFTC to extend the compliance date for clearing iTraxx indices until no earlier than September 11, 2013.

Click here to view letter in full (links externally to SIFMA website).Related News: "CFTC's Division of Clearing and Risk Announces Revised Compliance Schedule for Required Clearing of iTraxx CDS Indices" (February 25, 2013).