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May 23, 2013

Commodity Futures Trading Commission (CFTC) Approves Chicago Mercantile Exchange (CME) Swap Data Reporting Rule

Katten Muchin Rosenman LLP
Kenneth M. Rosenzweig
Kevin M. Foley
Tanja Samardzija
Katten Muchin Rosenman LLP
Saturday, March 9, 2013
Administrative & Regulatory / Financial Institutions & Banking / Securities & SEC
All Federal / Illinois
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On March 6, the Commodity Futures Trading Commission approved the Chicago Mercantile Exchange Inc.’s (CME) request to adopt CME Rule 1001. CME Rule 1001 addresses the CME’s obligation, in its capacity as a derivatives clearing organization (DCO) and under Part 45 of CFTC regulations, to report cleared swap creation and continuation data to a selected swap data repository (SDR). In particular, CME Rule 1001 requires that the CME’s DCO report its cleared swap data to the CME’s SDR. During the public comment period of the CME’s proposed rule, reporting parties and DCOs both claimed the right to choose the SDR and pointed to Part 45 as the source of that authority. Despite commenters’ concerns that CME Rule 1001 was inconsistent with Part 45, the CFTC issued a 21-page statement in which it set forth its reasons for approving CME Rule 1001.

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©2013 Katten Muchin Rosenman LLP

About the Author

Kenneth M. Rosenzweig
Partner

Kenneth M. Rosenzweig focuses his practice on financial services matters, with an emphasis on the trading and clearing of financial instruments. Mr. Rosenzweig’s clients include clearing houses and exchanges, futures commission merchants, broker-dealers, fund sponsors and managers, banks and other commercial participants in the exchange-traded and over-the-counter markets.

kenneth.rosenzweig@kattenlaw.com
312-902-5381
www.kattenlaw.com

About the Author

Kevin M. Foley
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the U.S. and abroad, on regulatory compliance regarding traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, broker-dealers, investment advisers, commodity pool operators, commodity trading advisors and an industry trade association.

kevin.foley@kattenlaw.com
312-902-5372
www.kattenlaw.com

Contributors

Tanja Samardzija
Staff Attorney

Tanja Samardzija concentrates her practice in financial services. Ms. Samardzija began her legal career as a litigator before embarking on a career in market regulation at the Chicago Board Options Exchange (CBOE). Ms. Samardzija’s work at the CBOE has familiarized her with a wide variety of regulatory matters including exchange and SEC investigations; compliance issues related to registrations, market making and options order handling; and risk management controls and supervisory procedures for brokers or dealers with market access. In addition to being thoroughly involved in...

tanja.samardzija@kattenlaw.com
312.902.5311
www.KattenLaw.com

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