CFTC split as it endorses Japanese margin rules

Substituted compliance ruling means parties will not face worst-of-both-worlds regulation

Sharon Bowen
Commissioner Bowen: voted against ruling on basis of "significant" differences

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 open meeting at the CFTC's headquarters in Washington, DC today (September 8), with two

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