CFTC issues final rules for derivatives clearing organisations to align with international standards

15 November 2013

The CFTC finalised rules to establish additional standards for systemically important derivatives clearing organisations (SIDCOs).

These rules, together with the existing derivatives clearing organisations rules, establish Commission regulations that are consistent with the Principles for Financial Market Infrastructures (PFMIs) and would allow SIDCOs to continue to be Qualifying Central Counterparties for purposes of international bank capital standards. The final rules include substantive requirements relating to governance, financial resources, system safeguards, special default rules and procedures for uncovered losses or shortfalls, risk management, additional disclosure requirements, efficiency and recovery and wind-down procedures.

In addition, the final rules include procedures by which derivatives clearing organisations other than SIDCOs may elect to become subject to these additional standards.

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