The U.S. Commodity Futures Trading Commission (CFTC) today adopted a rule implementing a cross-border approach to the CFTCâs margin requirements for uncleared swaps (Final Rule). Published in January 2016, the CFTCâs 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). The Final Rule is closely aligned with the cross-border margin requirements already adopted by the Prudential Regulators. The Final Rule was adopted 2-1 via a seriatim vote with Commissioner J. Christopher Giancarlo dissenting.
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