CFTC split as it endorses Japanese margin rules
Substituted compliance ruling means parties will not face worst-of-both-worlds regulation
Japan has been deemed to have comparable rules to those of the US following a split vote of the Commodity Futures Trading Commission (CFTC). The ruling – which ensures parties to a trade will not be subject to both US and Japanese regulation – applies in the narrow context of the new margining regime for non-cleared swaps, implemented by both countries on September 1.
The decision was taken at an
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