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  • Statement Of CFTC Commissioner Dan M. Berkovitz On Registration Exemptions For Derivatives Clearing Organizations, Final Rule

    Date 18/11/2020

    I am voting for the final rule establishing procedures for granting registration exemptions to foreign derivatives clearing organizations (Exempt DCOs) to clear swaps for certain U.S. persons (Final Rule).  The Final Rule exercises the exemptive authority provided by Congress in the Commodity Exchange Act (CEA) in a limited, pragmatic manner that will provide U.S. financial services firms that operate globally with access to foreign clearinghouses and cleared swaps in order to more effectively manage the risks arising from their global operations.

  • Concurring Statement Of CFTC Commissioner Rostin Behnam Regarding Exemption From Derivatives Clearing Organization Registration - Final Rule

    Date 18/11/2020

    I respectfully concur with the Commodity Futures Trading Commission’s final rule regarding policies and procedures that it will follow with respect to granting exemptions from derivatives clearing organization (DCO) registration pursuant to authority under section 5b(h) of the Commodity Exchange Act (CEA) (the Final Rule).  The Final Rule, with limited exceptions, codifies the policies and procedures followed by the Commission in issuing the four exempt DCO orders which currently limit clearing organizations organized outside of the United States to clearing only proprietary swap positions of U.S. persons and futures commission merchants, and not customer positions (exempt DCOs).  Critical to my vote today, the Final Rule prohibits the clearing of U.S. customer positions at an exempt DCO.

  • Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Exemption From Derivatives Clearing Organization Registration Final Rule

    Date 18/11/2020

    I support today’s final rule to codify the CFTC’s existing practice of exempting non-U.S. derivatives clearing organizations (DCOs) from registration, pursuant to a provision of the Commodity Exchange Act that allows for U.S. swap market participants to access comparably regulated foreign DCOs. That provision authorizes the Commission to defer to its counterparts abroad, which I believe properly conserves the Commission’s resources and enables firms to avoid duplicative regulation, while providing U.S. market participants with greater choice.  I am proud that today’s final rule provides yet another example of the CFTC deferring to foreign regulators that provide comparable regulation and supervision.  During my tenure as a Commissioner, the CFTC has properly provided such deference in many areas, including swap dealer (SD) registration, uncleared swap margin requirements, swap execution facilities (SEFs), registered DCOs,  and foreign futures.  Like these other actions, today’s final rule holds exempt DCO to a high regulatory standard.  Under the final rule, a DCO is only eligible for an exemption if its home country regulator ensures the clearinghouse complies with rules consistent with the internationally accepted “Principles for Financial Market Infrastructures” (PFMIs) issued by CPMI-IOSCO.  Moreover, the exempt DCO must regularly provide the CFTC with margin information concerning U.S. clearing members, among other key information.

  • Statement Of CFTC Chairman Heath P. Tarbert In Support Of Foreign Clearinghouse Registration Exemption Framework

    Date 18/11/2020

    We are voting to approve a rule proposed in 2018 that codifies existing staff guidance by which the CFTC exempts derivatives clearing organizations (DCOs) from registration for the clearing of swaps. Pursuant to that guidance, we have exempted four clearinghouses that we determined are subject to “comparable, comprehensive supervision and regulation” by the clearing organization’s home country regulator. Codifying this framework through a notice-and-comment rulemaking is, frankly, good government.  And doing so is in keeping with my recent directive on the use of staff letters and guidance, in which I noted that staff guidance and letters should supplement rulemakings, rather than themselves function as rules. This approach has many benefits, including providing increased transparency.  It also furthers our strategic objective of enhancing the regulatory experience for market participants at home and abroad.



  • Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Swap Execution Facility Requirements

    Date 18/11/2020

    I support today’s final rule that codifies through rulemaking two issues concerning swap execution facilities (SEFs) currently addressed in staff no-action letters.  I am pleased that this final rule will provide market participants with much needed regulatory certainty in the areas of “package transactions” (a series of related transactions sometimes including non-swap components) and the correction of erroneous trades.  With the benefit of six-plus years of implementation experience, and multiple extensions of each of these no-action letters, it is long overdue for the Commission to codify and clarify its policy on each of these important issues.

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