Page 382 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

interest rate swaps referencing the London Interbank Offered Rate (LIBOR) and
certain other interbank offered rates and replaces them with requirements to clear

interest rate swaps referencing overnight, nearly risk-free reference rates. The final

rule updates the swaps required to be submitted for clearing to a derivatives clearing

organization (DCO) or an exempt DCO and the compliance dates for such swaps.

“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.

327
回 到 首 页 回 到 目 录