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MFA supports CFTC proposed expansion of interest rate swap clearing

Monday, July 18, 2016
Opalesque Industry Update - Managed Funds Association (MFA) submitted a comment letter in support of the Commodity Futures Trading Commission’s (CFTC) proposed rules on the mandatory clearing of certain additional interest rate swap classes.

“We strongly support the CFTC’s proposal and its continued efforts to move sufficiently standardized and liquid swap transactions from the over-the-counter market to mandatory central clearing,” MFA President and CEO Richard H. Baker said. “We believe that expanding clearing, as proposed in this rule, will further increase transparency and competition, reduce risk, enhance market integrity, and facilitate the harmonization of clearing requirements across the globe.”

The CFTC’s proposal would expand its clearing requirement to include interest rate swaps denominated in nine additional currencies. Those currencies include: Australian dollars, Canadian dollars, Hong Kong dollars, Mexican peso, Norwegian krone, Polish zloty, Singapore dollar, Swedish krona, and Swiss franc.

The full text of MFA’s letter is available here.

The letter reiterates comments MFA made regarding the expansion of central clearing to the European Securities and Markets Authority (ESMA) on a similar clearing proposal as well as to Congress in recent testimony. MFA’s letter to ESMA is available here. MFA’s testimony before Congress is available here.

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