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RELEASE: pr5945-10

  • December 6, 2010

    CFTC Seeks Public Input for a Joint CFTC-SEC Study on the Feasibility of Requiring the Adoption of Standardized Computer-Readable Descriptions of Complex and Standardized Derivatives

    Washington, DC – The Commodity Futures Trading Commission (CFTC) has approved for publication in the Federal Register a request for comment that is expected to assist in the preparation of a study on the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions that may be used to describe complex and standardized derivatives and calculate net exposures. These algorithmic descriptions are intended to facilitate computerized analysis of individual derivative contracts and to calculate net exposures to complex derivatives.

    The study also will consider the extent to which the algorithmic descriptions, together with standardized and extensible legal definitions, may serve as the binding legal definition of derivative contracts.

    Section 719(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act establishes an interagency working group comprised of the CFTC and the Securities and Exchange Commission to conduct this study.

    Comments must be received on or before December 31, 2010.

    Comments may be submitted electronically through the CFTC’s Comments Online process. All comments received will be available on the CFTC’s website: www.cftc.gov.

    Last Updated: December 6, 2010

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