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ARTICLE · 19 NOVEMBER 2021

CFTC Provides Exemption To DCO For CDS Portfolio Margining

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The CFTC indicated that the relief to LCH SA is the "same" as was provided in 2013 to ICE Clear Credit and ICE Clear Europe.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The CFTC issued an Order allowing LCH SA, a registered derivatives clearing organization, to engage in the portfolio margining of both swaps and security-based swaps in a cleared swaps customer account pursuant to Commodity Exchange Act Section 4d(f) ("Requiring customer margin for cleared swaps be segregated, separately accounted for, and not commingled except in specified circumstances").

The CFTC indicated that the relief to LCH SA is the "same" as was provided in 2013 to ICE Clear Credit and ICE Clear Europe (see  prior coverage).

Primary Sources

  1. CFTC Press Release: CFTC Grants Order to LCH SA Permitting Portfolio Margining of Swaps and Security-Based Swaps in a Cleared Swaps Customer Account

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