CME confronts swap future tax fears


CME Group is seeking guidance from the US Internal Revenue Service (IRS) over the tax treatment for its deliverable swap futures contract, after some users opted not to take delivery of an over-the-counter swap – a choice available at quarterly expiration dates – because of fears it would be taxed as a loan.

The issue arises when the rate at which the OTC swap is delivered is significantly different to the prevailing market rate. Under the US tax regime, this could be classed as a loan – the

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