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.