Page 26 - 期货和衍生品行业监管动态（2022年8月）

期货和衍生品行业监管动态

“The adoption of the final interest rate swap clearing requirement is another
important milestone in the years-long global effort to facilitate a smooth transition

away from reliance on LIBOR and other IBORs. The final rule promotes financial

stability and mitigates systemic risk,” said Chairman Rostin Behnam. “As we focus

our collective efforts on the fast approaching end of LIBOR, this rule provides legal

certainty and regulatory transparency for DCOs, market participants, and our fellow

international authorities. This is essential to ensure cross border harmonization in the

interest rate swaps market. Many thanks to the staff of the Division of Clearing and

Risk for their hard work on this important contribution to the LIBOR transition

effort.”

The final rule amends CFTC Regulation 50.4(a) as follows:

 Effective 30 days after publication in the Federal Register:

Removes the requirement to clear swaps referencing British pound (GBP)
LIBOR, Swiss franc (CHF) LIBOR, Japanese yen (JPY) LIBOR, and euro (EUR)

Euro Overnight Index Average (EONIA) in each of the fixed-to-floating swap,

basis swap, forward rate agreement (FRA), and overnight index swap (OIS)

classes, as applicable.

Adds a requirement to clear OIS referencing CHF Swiss Average Rate Overnight

(SARON) (with a stated termination date range of seven days to 30 years), JPY

Tokyo Overnight Average rate (TONA) (seven days to 30 years), and EUR Euro

Short-Term Rate (€STR) (seven days to three years).

Extends the stated termination date range for GBP Sterling Overnight Index

Average (SONIA) OIS required to be cleared to include seven days to 50 years.

 Effective October 31, 2022:

Adds a requirement to clear OIS referencing U.S. dollar (USD) Secured

Overnight Financing Rate (SOFR) (seven days to 50 years) and Singapore dollar

(SGD) Singapore Overnight Rate Average (SORA) (seven days to 10 years).

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