Double standards: CFTC margin rules redefine key concepts

When is a US person not a US person? The CFTC has the punchline

Which way now? US banks are worried by the change of direction

Try to keep up. The foreign office of a US bank is subject to Commodity Futures Trading Commission (CFTC) rules on swaps clearing, execution and reporting, unless it is an affiliate that is not guaranteed by the US parent. These non-guaranteed affiliates (NGAs) and, crucially, their non-US clients are in the clear.

If, however, the NGA is not overseen by one of the US prudential supervisors, its financial results are consolidated with those of its US parent and it is executing a trade with a

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here