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DERIVATIVES: CFTC nears cross-border clearing framework 

April 3, 2014
Mike Kentz, IFR

The CFTC is close to reaching a decision to adopt a substituted compliance framework for derivatives clearing organisations operating overseas, according to comments from the agency’s acting chairman and non-US clearers close to the regulatory discussions.

The framework would give clearing houses outside of the US a set of thresholds to reach that would allow the firms to substitute home country compliance for CFTC compliance. This would allow the firms to avoid onerous registration and reporting requirements.  

The specifics of the framework are still not clear, but comments from acting chairman Mark Wetjen last month indicated that a decision could come before the end of April.

Read more: IFR

 
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