ESMA Final Draft RTS for Central Clearing of Interest Rate Swaps under EMIR

On October 2, the European Securities and Markets Authority (ESMA) published a report containing final draft regulatory technical standards (RTS) for the central clearing of interest rate swaps (IRS) under EMIR. The four IRS classes that will be subject to central clearing are basis swaps, fixed-to-float swaps, forward rate agreements and overnight index swaps, each denominated in a range of currencies.  Report.

CFTC No-Action Letters

From December 14 through December 31, 2012, the CFTC released the following no-action letters:

CFTC Final Rule on Clearing of Credit Default Swaps and Interest Rate Swaps

On November 28, the CFTC issued final rules requiring certain credit default swaps and interest rate swaps to be cleared by registered derivatives clearing organizations (DCOs).  Market participants will be required to submit a swap that is identified in the rule for clearing by a DCO as soon as technologically practicable and no later than the end of the day of execution.  The final rules will be effective 60 days after publication in the Federal Register. CFTC Release.  CFTC Final Rule.