CFTC Adopts Phased-in Clearing Schedule; Proposes CDS, IRS Clearing Determinations

The Commodity Futures Trading Commission adopted regulations July 24 establishing a phased-in schedule for clearing requirements under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

The same day, the agency also proposed new rules that would require credit default swaps and interest rate swaps to be cleared by a registered derivatives clearing organization. The proposal begins the public part of the process for the CFTC to determine what swaps need to be cleared.

The rules and proposal were voted on seriatim.

The phasing-in rule establishes a clearing implementation schedule based on the type of market participant entering into ...