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CFTC starts final countdown on key Dodd-Frank swaps trading requirement
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Derivatives
Tuesday, January 21, 2014
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The Commodity Futures Trading Commission (CFTC) issued its first-ever certification for a list of interest rate swaps that will be traded on a multilateral platform as envisioned by the Dodd-Frank Act. The move starts a 30-day countdown to new requirements that will eventually see the majority of swaps traded on such platforms.
Section 723 of Dodd-Frank requires that swaps subject to the CFTC’s clearing requirement must occur on certain trading platforms, except where no platform makes the swap available to trade or certain exceptions apply. CFTC final rules released in May 2013 set forth the procedures for two types of platforms — swap execution facilities (SEF) and designated contract markets (DCM) — to send their “made available to trade” (MAT) submissions to the commission for certification.
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