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Date de publication: 12 janv. 2012
Auteur: Y. B.
Noter cette article :

La Commodity Futures Trading Commission a publié la déclaration de son Président, Gary Gensler, sur les thèmes suivants :

  • Segregation of Customer Funds for Cleared Swaps ;
  • External Business Conduct Standards ;
  • Registration of Swap Dealers and Major Swap Participants.

Introduction :

I support the final rules on segregation of customer funds for cleared swaps. These rules are an important step forward in protecting customers and reducing the risk of swaps trading. The rules carry out the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) mandate that futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) segregate customer collateral supporting cleared swaps. FCMs and DCOs must hold customer collateral in a separate account from that belonging to the FCM or DCO. It prohibits clearing organizations from using the collateral of non-defaulting, innocent customers to protect themselves and their clearing members. For the first time, customer money must be protected individually all the way to the clearinghouse.

We received a tremendous amount of public input on this rule, including through two roundtables, as well as through comments on an advanced notice of proposed rulemaking and a proposal. This rule builds on customer protections included in the clearinghouse core principles rule we finalized in October requiring DCOs to collect initial margin on a gross basis for their clearing members’ customer accounts.

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