Release: #4560-01
For Release: August 22, 2001

CFTC Issues New Rules for Futures Clearinghouses

Washington -- The Commodity Futures Trading Commission (CFTC) today announced that it has adopted Part 39 of its rules, entitled “A New Regulatory Framework for Clearing Organizations.” This is the second set of final rules the CFTC has adopted to establish more flexible regulation for trading facilities and derivatives clearing organizations (DCOs), as required by the Commodity Futures Modernization Act of 2000 (CFMA). The CFTC previously adopted final rules for trading facilities on July 30, 2001.

The CFMA, enacted on December 21, 2000, amended the Commodity Exchange Act to require registration with the CFTC of certain DCOs and to permit voluntary registration of other clearing organizations. It also established core principles for DCO operations. Part 39 provides procedures for DCO registration and guidance on what should be included in an application for registration. It also sets forth procedures for processing applications, affirms the enforceability of contracts cleared on DCOs, and contains guidance on how to comply with the core principles for operation. The new rules will be published in the Federal Register.

Copies of the final rules can be obtained by contacting the Office of the Secretariat, Three Lafayette Centre, 1155 21st Street, N.W., Washington, DC 20581, (202) 418-5100, or by accessing the Commodity Futures Trading Commission website.