Page 21 - 期货和衍生品行业监管动态（2025年4月）

期货和衍生品行业监管动态

CFTC Regulation 23.156 lists the types of collateral that covered swaps entities

can post or collect as initial margin (IM) and variation margin (VM) for uncleared

swap transactions. The regulation, which includes “redeemable securities in a pooled

investment fund” as eligible IM collateral, aims to identify assets that are liquid and

will hold their value in times of financial stress.

The interpretation clarifies the division’s view that shares of certain U.S.

Treasury exchange-traded funds may be considered redeemable securities in a pooled

investment fund and may qualify as eligible IM and VM collateral subject to the

conditions in CFTC Regulation 23.156. Swap dealers, therefore, may post and collect

shares of certain UST ETFs as IM collateral for uncleared swap transactions with any

covered counterparty. Swap dealers may also post and collect such UST ETF shares

as VM for uncleared swap transactions with financial end users.

The interpretation was issued in response to a recommendation from the CFTC’s

Global Markets Advisory Committee and prepared by its Global Market Structure

Subcommittee.

https://www.cftc.gov/PressRoom/PressReleases/9065-25

5. 美国商品期货交易委员会工作人员就 UBS Group 与 Credit Suisse Group 合

并事宜发布不行动函（2025 年 4 月 15 日）

美国商品期货交易委员会（CFTC）市场参与者部、清算与风险部针对 CFTC

的互换交易清算及未中央清算互换交易保证金要求发布不行动函。该函涉及 UBS

Group AG 与 Credit Suisse Group AG 合并后，根据英国法律通过法院监督程序将

特定互换交易从 Credit Suisse International 转移至 UBS AG London Branch 的相关

安排。

这些历史遗留互换交易签订于 CFTC 保证金及清算要求相关合规日期之前，

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