Four questions raised by CFTC’s plans for non-US CCPs

US regulator will lean on international principles – but to what extent?


As swaps clearing rules take effect around the world, recognition of foreign clearing houses by domestic regulators is becoming increasingly important – and so are the international standards for clearing houses, the Principles for financial market infrastructures (PFMIs). The PFMIs are set to play a significant role in a forthcoming US proposal that would allow foreign clearing houses to clear swaps for US market participants without having to register as a derivatives clearing organis