On June 30, ISDA responded to the Commodity Futures Trading Commission’s (CFTC) notice of proposed rulemaking (NPR) on clearing of swaps referencing risk-free rates (RFRs).
ISDA welcomes that the CFTC took account of ISDA’s feedback on its recent request for information, provided thorough analysis and liaised with global regulators. ISDA’s response highlights the following points:
- The effective date for newly included clearing requirements (CRs) should in no event be sooner than three months after publication of the final rule;
- The effective date for the removal of US dollar LIBOR swaps from the CR should be earlier than the date when any clearing house converts any US dollar LIBOR swap;
- Consider excluding SARON swaps from the CR or, in the alternative, their effective date should be aligned to the ultimate effective date of any related Swiss CR;
- Transactions stemming from post-trade risk reduction exercises should be exempt from the clearing obligation.
Documents (1) for ISDA Responds to CFTC NPR on Clearing of Swaps Referencing RFRs
Latest
Natixis CIB Adopts ISDA’s DRR
ISDA has announced that Natixis CIB has adopted ISDA’s Digital Regulatory Reporting (DRR) solution, enabling the bank to meet regulatory reporting requirements more efficiently and accurately. The ISDA DRR uses the Common Domain Model (CDM) – an open-source data standard...
Paper on MIFIR PTT
On April 7, ISDA, the Association for Financial Markets in Europe (AFME), the International Capital Market Association (ICMA) and the European Banking Federation (EBF) published a paper on proposals relating to post-trade transparency (PTT) under the Markets in Financial Instruments...
Data Integrity for Single-sided Reporting
On April 2, ISDA published a paper on why single-sided reporting does not compromise the quality and integrity of data received by supervisors. The paper addresses concerns among regulators that moving from dual-sided reporting would adversely affect the quality of...
Paper on Removal of SI Regime
On April 2, ISDA, the Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) published an update to a paper, originally published in October 2025, on the practical implications of the systematic internalizer (SI) regime...