CFTC Keeps Tabs on Swap Collateral: Bureaucratic Continuity
Published Date: 2/3/2025
Notice
Summary
The Commodity Futures Trading Commission wants to keep collecting info from swap dealers and big swap players about how they protect collateral and handle margin accounts if a broker goes bankrupt. They’re asking for public feedback by April 4, 2025, to make sure the rules stay clear and fair. This helps keep the financial system safe without adding extra paperwork headaches.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Estimated Time Burden on Swap Dealers
The CFTC estimates the collection will impose a total annual burden of 149,036 hours across 106 swap dealers: Regulation 23.701 is estimated at 106 respondents × 600 hours = 63,600 hours (frequency: at the beginning of the trading relationship) and Regulation 23.704 is estimated at 106 respondents × 806 hours = 85,436 hours (frequency: quarterly). The agency states there are no capital or operating and maintenance costs associated with the collection.
Right to Segregate Initial Margin
If you are an uncleared swap counterparty, swap dealers (SDs) and major swap participants (MSPs) must notify you at the start of the swap trading relationship that you have the right to require that any initial margin you provide be segregated, and you may change that election by written notice to the SD or MSP.
Quarterly Margin Compliance Reports
In certain circumstances, SDs and MSPs must report quarterly to counterparties who have not requested segregated accounts that the SD's or MSP's back office procedures relating to margin and collateral requirements are in compliance with the agreement of the counterparties.
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Key Dates
Department and Agencies
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