United States:
CFTC Approves Amendments To Swap Portfolio Reconciliation Requirement
25 May 2016
Kramer Levin Naftalis & Frankel LLP
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The CFTC approved a final rule amending a requirement under
Regulation 23.500(i) that swap dealers and major swap participants
exchange the terms of swaps with their counterparties for portfolio
reconciliation so that SDs and MSPs only need to exchange the
"material terms" of swaps. The final rule also amends the
definition of "material terms" in Regulation 23.500(g).
The final rule will enable SDs, MSPs and their counterparties to
focus on reconciling data fields that affect swap valuation and
counterparty obligations, while maintaining the CFTC's ability
to perform its oversight and regulatory role.
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