CFTC Wants Comments on Same Old Swaps Collateral Paperwork Renewal
Published Date: 8/6/2026
Notice
Summary
The Commodity Futures Trading Commission ("Commission") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act ("PRA"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the proposed extension of the existing collection of information relating to Cleared Swaps Customer Collateral.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 1 costs, 0 mixed.
Estimated paperwork burden on FCMs and DCOs
The Commission estimates this information collection will affect 95 respondents (71 FCMs and 24 DCOs) with an average burden of 314 hours per respondent and an estimated total annual burden of 29,830 hours. Frequency of collection includes daily tasks (sections 22.2(g), 22.11, 22.12), one-time tasks (sections 22.5(a), 22.16), and on-occasion tasks (section 22.17).
Daily customer identification and portfolio reporting
Section 22.11 requires each FCM that intermediates cleared swaps for customers to provide the DCO, at least once daily, with information that identifies each customer and each customer's portfolio of rights and obligations. Section 22.12 requires each DCO and FCM to daily calculate and record the collateral required for each cleared swaps customer and the sum of those amounts to help DCOs manage risk and treat customer collateral individually in a default.
FCMs must give customers key collateral rules
If you are a cleared swaps customer, your futures commission merchant (FCM) must disclose to you the governing rules or customer agreements about how your collateral can be used, transferred, neutralized, or liquidated in the event of a depositing FCM's default. This disclosure requirement is listed in section 22.16 and is a one-time obligation.
Written notice when big withdrawals affect customer interest
FCMs must produce a written notice explaining reasons and details for any withdrawal from a Cleared Swaps Customer Account that is not for the customers' benefit if that withdrawal will exceed 25% of the FCM's residual interest in the account (section 22.17). This rule requires notice on occasions when large non-customer withdrawals occur.
Depositories must acknowledge customer ownership
Under section 22.5(a), an FCM or DCO must obtain from each depository a letter acknowledging that cleared swaps customer funds deposited there belong to the cleared swaps customers and not the FCM or another person. This is a one-time documentation requirement to confirm depository responsibilities for customer funds.
Daily FCM calculations of customer collateral amounts
Section 22.2(g) requires each FCM with Cleared Swaps Customer Accounts to compute daily the amount of customer collateral on deposit, the amount required to be on deposit, and the FCM's residual financial interest in those accounts. The stated purpose is to help ensure these accounts comply with statutory and regulatory requirements at all times.
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Key Dates
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