CFTC – Final Rule – Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

November 9, 2020– The CFTC is adopting amendments to the margin requirements for uncleared swaps for swap dealers (SD) and major swap participants (MSP) for which there is not a prudential regulator.

Specifically, the CFTC Margin Rule mandated the collection and posting of variation margin and initial margin (IM) under a phased compliance schedule extending from September 1, 2016, to September 1, 2020. The Commission is hereby amending the compliance schedule to further delay the compliance date for entities with smaller average daily aggregate notional amounts (AANA) of swaps and certain other financial products from September 1, 2021, to September 1, 2022, to avoid market disruption due to the large number of entities being required to comply by September 1, 2021, as a result of the adoption of the interim final rule.

This Final Rule is effective December 9, 2020.

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