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ARTICLE · 08 JUNE 2016

US Commodity Futures Trading Commission Issues Final Cross-Border Margin Rule

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On May 24, 2016, the US Commodity Futures Trading Commission issued a rule implementing a cross-border approach to the CFTC's margin requirements for uncleared swaps.

United StatesFinance and Banking
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On May 24, 2016, the US Commodity Futures Trading Commission issued a rule implementing a cross-border approach to the CFTC's margin requirements for uncleared swaps. The CFTC's margin rule applies to CFTC-registered swap dealers and major swap participants for which there is no prudential regulator (collectively, Covered Swap Entities or CSEs) but these rules are closely aligned with the cross-border margin requirements already adopted by the prudential regulators.

The final rule generally requires CSEs to comply with the CFTC's margin requirements for all uncleared swaps in cross-border transactions, with a limited exclusion for certain non-US CSEs. In certain circumstances, the final rule would allow CSEs to comply with comparable margin requirements in a foreign jurisdiction as an alternative means of complying with the CFTC's margin rule for uncleared swaps (Substituted Compliance) to the extent that the CFTC determines that the foreign jurisdiction's

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