Alert March 22, 2011

CFTC Proposes Requirements Relating to Processing, Clearing and Transfer of Customer Positions

The CFTC issued a proposal that supplements previous proposals relating to the clearance of swaps.  The proposal addresses the submission of swaps for processing and clearing by swap dealers and major swap participants, the acceptance and clearing of swaps by designated clearing organizations and the transfer of customer positions and related funds among clearing members of a derivatives clearing organization.  Comments are due by April 11, 2011.