July 28, 2011

CFTC Commissioner Scott D. O’Malia Seeks Public Comment on the Review of Swaps for Mandatory Clearing

Washington, DC – On July 28, 2011, Commissioner Scott D. O’Malia of the Commodity Futures Trading Commission (CFTC) issued a letter to the public seeking comment on the manner in which the Commission should determine (i) which swaps would be subject to the clearing requirement and (ii) whether to grant a stay of a clearing requirement.

“As I stated at the July 19th meeting, market participants, as well as international regulators, have requested more transparency and clarity regarding substantive criteria for mandatory clearing determinations. I view this request for public comment as a crucial first step towards the development of such criteria. I hope that any comments received will inform a public roundtable, as well as written guidance,” Commissioner O’Malia said.

See Related Links for a copy of the letter. Commissioner O’Malia encourages the public to submit comments by September 14, 2011, to increase the likelihood that comments will receive consideration before the Commission makes a determination with respect to swaps listed for clearing as of the date of enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

For additional information, please contact Nancy Liao Schnabel, Special Counsel and Policy Advisor, Office of CFTC Commissioner Scott D. O’Malia at: (202) 418-5344.

Note: This is not an official Commission request for comment.

Last Updated: July 28, 2011