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ARTICLE · 17 JUNE 2013

The June 10, 2013 Clearing Requirement Remains In Effect

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New law and regulation require OTC derivatives listed in the appendix to this briefing to be traded on a regulated exchange and settled by a central clearinghouse unless certain exceptions apply or relief is granted by the CFTC.

CanadaFinance and Banking
Gordon Peery
Gordon Peery
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Barring last-minute relief by the U.S. Commodity Futures Trading Commission (CFTC), many market participants in the $639 trillion over-the-counter (OTC) derivatives market will be required on June 10, 2013 to substantially change their trading practices with U.S. counterparties in certain OTC derivatives.

New law and regulation require OTC derivatives listed in the appendix to this briefing to be traded on a regulated exchange and settled by a central clearinghouse unless certain exceptions apply or relief is granted by the CFTC.

We expect that the CFTC will add certain energy and commodity (and possibly currency) derivatives to the list of trades that are subject to the mandatory clearing requirement, based on testimony which CFTC Chairman Gary Gensler provided to a Senate Banking Committee during a hearing on February 14, 2013.

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