Release Number 8459-21

CFTC Issues Request for Information and Comment on Swap Clearing Requirement to Address IBOR Transition

November 17, 2021

— The Commodity Futures Trading Commission today issued a request for information and comment related to the swap clearing requirement under Part 50 of the CFTC’s regulations. 

The comment period will be open for 60 days after publication in the Federal Register. 

This request for information and comment invites public feedback regarding changes to the swap clearing requirement in order to address the forthcoming cessation or non-representativeness of the London Interbank Offered Rate and other interbank offered rates (IBORs), as well as the market adoption of alternative reference rates, such as the Secured Overnight Financing Rate.

The request for information and comment seeks input from market participants and interested members of the public on all aspects of the swap clearing requirement that may be affected by the transition from IBORs to alternative reference rates. It also includes enumerated requests for data and other information related to IBOR and alternative reference rate swaps, and enumerated requests for comment related to the CFTC’s current swap clearing requirement, alternative reference rate swaps, new swap product documentation, and swap clearing requirement specifications.

The CFTC will use the information and comments received to inform modifications to the CFTC’s swap clearing requirement to address ongoing benchmark transition efforts.

Comments may be submitted electronically through the CFTC Comments Portal. All comments received will be posted on the CFTC’s website.