CFTC Adopts Swaps Record-Keeping, Registration Rules

Law360, New York (August 27, 2012, 5:09 PM EDT) -- The U.S. Commodity Futures Trading Commission on Monday finalized new record-keeping and registration requirements for participants in the $700 trillion over-the-counter derivatives market.

In a 5-0 vote behind closed doors, the CFTC adopted rules that will require swaps dealers and major swap participants to record and maintain information on the confirmation, processing, netting, documentation and valuation of all swaps transactions. The rules will take effect 60 days after publication in the Federal Register.

"Proper documentation of swaps is critical to reducing risk in the bilaterally-traded swaps...
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