October 15, 2019

October 14, 2019

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Commodity Futures Trading Commission (CFTC) Seeks Comment on ICE Clear Europe Portfolio Margining Proposal

The Commodity Futures Trading Commission has requested public comment on a petition submitted by ICE Clear Europe Limited to amend an order issued by the CFTC on May 30. Under the May order, ICE Clear Europe and its clearing members that are registered futures commission merchants (FCMs) are permitted (i) to commingle and hold in segregated funds accounts established pursuant to Section 4d(a) of the Commodity Exchange Act customer funds used to margin, secure or guarantee futures traded on ICE Futures US with customer funds used to margin, secure or guarantee interest rate, energy and financial foreign futures and options traded on ICE Futures Europe and (ii) to provide for portfolio margining of such positions. The May order is available here.ICE Clear Europe is seeking to amend the May order to extend it to FCMs that are not clearing members but that carry contracts for customers that are cleared at ICE Clear Europe. Interested persons wishing to comment on ICE Clear Europe’s petition must submit comments on or before July 21. ICE Clear Europe’s petition is available here.

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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.


James M. Brady, Katten Muchin Law Firm, Finance Attorney

James Brady concentrates his practice in financial services matters.

While in law school, James was an editor of the Michigan Journal of International Law. He also served as a judicial intern to the Honorable Stephen J. Markman of the Michigan Supreme Court. http://www.kattenlaw.com/James-Brady