Regulatory Alerts2022-05-31 | 2022-10490Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps To Account for the Transition From LIBOR and Other IBORs to Alternative Reference Rates
The Commodity Futures Trading Commission proposes to amend its interest rate swap clearing regulations to reflect the global transition from discontinued interbank offered rates to alternative risk-free reference rates. These amendments would revise the set of interest rate swaps required to be submitted for clearing by registered or exempt derivatives clearing organizations to align with the market shift away from IBORs. The proposal seeks public comment on modifying clearing requirements to ensure continued regulatory coverage as benchmark reference rates change.
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