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On May 2 2016 the US Commodity Futures Trading Commission approved a final rule to
amend a requirement in CFTC Regulation 23.500(i) that swap dealers and major swap participants
exchange the terms...
On May 2 2016 the US Commodity Futures Trading Commission (CFTC)
approved a final rule to amend a requirement in CFTC Regulation
23.500(i) that swap dealers and major swap participants exchange
the terms of swaps with their counterparties for portfolio
reconciliation.1
Swap dealers and major swap participants need only exchange the
material terms of swaps; the final rule also amends the definition
of 'material terms' in CFTC Regulation 23.500(g).
The final rule benefits swap dealers, major swap participants
and their counterparties by allowing them to focus on reconciling
data fields that affect swap valuation and counterparty
obligations, without impairing the CFTC's ability to oversee
and regulate the swaps markets.
Footnote
1. The CFTC press release is available here and the final rule is available here.
Previously published by International Law Office
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