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May 22, 2013

Commodity Futures Trading Commission (CFTC) Revises Clearing Compliance Schedule for iTraxx Credit Default Swap (CDS) Indices

Katten Muchin Rosenman LLP
Kenneth M. Rosenzweig
Kevin M. Foley
James M. Brady
Katten Muchin Rosenman LLP
Monday, March 4, 2013
Administrative & Regulatory / Financial Institutions & Banking / Securities & SEC
All Federal
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The Division of Clearing and Risk of the Commodity Futures Trading Commission has deferred for approximately six weeks the deadline for mandatory clearing of iTraxx Credit Default Swap (iTraxx CDS) indices. Swap dealers, security-based swap dealers, major swap participants, major security-based swap participants and active funds (Category 1 Entities) must comply with the clearing requirements for such iTraxx swaps by April 26, 2013. Commodity pools, private funds (other than active funds) and certain other persons primarily engaged in banking or financial activities (Category 2 Entities) must comply by July 25, 2013. All other entities (Category 3 Entities) must comply by October 23, 2013. The previously established schedule for all other swaps subject to the clearing requirement (CDX CDS indices and all four classes of interest rate swaps) remains unchanged: Category 1 Entities–March 11, 2013; Category 2 Entities–June 10, 2013; and Category 3 Entities–September 9, 2013.

More information is available here.

©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

James M. Brady
Associate

 

James Brady concentrates his practice in financial services matters.

james.brady@kattenlaw.com
312-902-5362
www.kattenlaw.com

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