Compliancex

The following is one of this week’s new rules, courtesy of Nick Paraskeva at Reg Room. Click here for daily updates on new rules from Reg Room.

CFTC First Swap Clearing and Phase-in Dates

On Jul. 24, the CFTC proposed its first determinations for swaps requiring mandatory clearing, and issued rules to phase-in compliance requirements and the on the use of Legal Entity Identifiers (LEIs).

•Requires certain credit default swaps (CDS) and interest rate swaps (IRS) to be centrally cleared.

•By registered derivative clearing organization (DCO), for swaps that they are already clearing.

•Standard IRS in US dollars, euros, pounds and yen, and specific CDS based on corporate index

Read more.

Based in New York City, Reg-Room, LLC, provides regulatory information services, monitoring and consultancy to the financial services industry in the US and internationally.Nick Paraskeva is the principal and founder of Reg-Room. Nick has twenty five years experience in Compliance and Regulation, including eleven years at Citigroup, where he was senior Vice president of Global Regulatory Risk in New York. Nick can be reached at Nick.Paraskeva@reg-room.com.

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