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    The proposed regulations would apply to swap dealers and major swap participants. Comments on the rules must be submitted within sixty (60) days of the publication of the proposal in the Federal Register. The goal of the proposed rulemaking is to establish standards for accurate swap trading relationship documentation.

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    The proposed regulations would apply to swap dealers and major swap participants. Comments on the rules must be submitted within sixty (60) days of the publication of the proposal in the Federal Register. The goal of the proposed rulemaking is to establish standards for accurate swap trading relationship documentation.

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    275 views1 page

    STRD Qa

    Uploaded by

    MarketsWiki
    The proposed regulations would apply to swap dealers and major swap participants. Comments on the rules must be submitted within sixty (60) days of the publication of the proposal in the Federal Register. The goal of the proposed rulemaking is to establish standards for accurate swap trading relationship documentation.

    Copyright:

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    Commodity Futures Trading Commission

    Office of Public Affairs


    Three Lafayette Centre
    1155 21st Street, NW
    Washington, DC 20581
    www.cftc.gov

    Q & A – Swap Trading Relationship Documentation


    Requirements for Swap Dealers and Major Swap Participants
    What is the goal of the proposed rulemaking?

    The Dodd-Frank Act authorizes the CFTC to adopt regulations setting forth standards for the timely and accurate
    confirmation, processing, netting, documentation, and valuation of swaps. The goal of the proposed rulemaking is
    to establish standards for accurate swap trading relationship documentation as well as standards for documenting
    the use of the end-user clearing exception.

    What registrants are covered by the proposed regulations?

    The proposed regulations would apply to swap dealers and major swap participants.

    By when must comments on the rules be submitted?

    Comments on the rules must be submitted within sixty (60) days of the publication of the proposal in the Federal
    Register.

    What are the trading relationship documentation requirements?

    The proposed regulations would require swap dealers and major swap participants to document all terms governing
    their trading relationship in writing, including terms related to credit support arrangements, swap valuation
    methodologies, and limitation of termination rights if a party becomes subject to a special resolution regime. The
    proposed regulations also require swap dealers and major swap participants to document certain information related
    to clearing of their swaps.

    What are the end user exception documentation requirements?

    The proposed regulations require swap dealers and major swap participants to document certain information related
    to the qualifications of their counterparties to invoke the end-user clearing exception. Such information must be
    sufficient to provide the swap dealer or major swap participant with a reasonable basis to believe that its
    counterparty meets the statutory conditions required for an exception from a mandatory clearing requirement.

    Commodity Futures Trading Commission ♦ Office of Public Affairs ♦ 202-418-5080

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