Capital & Margin

Capital & Margin for Non-banks

The Commission issued proposed rules to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Information regarding Capital & Margin is provided below, including factsheets for each proposed rule, and details of meetings held between CFTC staff and outside parties.

Related Federal Register Releases

Final Rule: 86 FR 229 // PDF Version
01/05/2021
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Effective Date: Thursday, February 4, 2021

See also:

85 FR 59702, 9/23/2020 // PDF Version
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
 

Final Rule: 85 FR 71246 // PDF Version
11/09/2020
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Effective Date: Wednesday, December 9, 2020

See also:

84 FR 56950, 10/24/2019 // PDF Version
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

85 FR 19878, 4/9/2020 // PDF Version
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

85 FR 41346 , 7/10/2020 // PDF Version
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants


Final Rule: 85 FR 57562 // PDF Version
9/15/2020
17 CFR Parts 1, 23, and 140
Capital Requirements of Swap Dealers and Major Swap Participants
Effective Date: Monday, November 16, 2020

See also:

81 FR 91252, 12/16/2016 // PDF Version
17 CFR Parts 1, 23, and 140
Capital Requirements of Swap Dealers and Major Swap Participants

82 FR 13971, 3/16/2017 // PDF Version
17 CFR Parts 1, 23, and 40
Capital Requirements of Swap Dealers and Major Swap Participants
 

Proposed Rule: 85 FR 41463 // PDF Version
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Comment File - Closing Date: 09/08/2020

See Also:

84 FR 56950, 10/24/2019 // PDF Version
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

85 FR 19878, 4/9/2020 // PDF Version
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

85 FR 41346, 7/10/2020 // PDF Version
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

Final Rule: 85 FR 27674// PDF Version
05/11/2020
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Effective Date: Wednesday, June 10, 2020

Purposed Rule: 84 FR 69446 // PDF Version
12/19/2019
17 CFR Parts 1, 23, and 140
Capital Requirements of Swap Dealers and Major Swap Participants
Comment File – Closing Date:3/3/2020

Purposed Rule: 84 FR 56950 // PDF Version
10/24/2019
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Comment File - Closing Date:12/23/2019

Purposed Rule: 84 FR 56392 // PDF Version
10/22/2019
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Comment File – Closing Date:12/23/2019

Final Rule: 84 FR 12065 // PDF Version
4/1/2019
17 CFR Part 23 Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participant
Effective Date: Monday, April 1, 2019

Final Rule: 83 FR 60341  //  PDF Version
11/26/2018
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Effective Date: Wednesday, December 26, 2018

See also:

83 FR 23842, 5/23/2018 // PDF Version
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

Final Rule: 83 FR 43510 // PDF Version
08/27/2018
17 CFR Part 3
Chief Compliance Officer Duties and Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants
Effective Date: Wednesday, September 26, 2018

See also:

82 FR 21330 , 5/8/2017 // PDF Version
17 CFR Part 3
Chief Compliance Officer Duties and Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; Amendment

Purposed Rule: 82 FR 13971 // PDF Version 
3/16/2017
17 CFR Parts 1, 23, and 40
Capital Requirements of Swap Dealers and Major Swap Participants
Comment File - Closing Date: 3/16/2017

Purposed Rule: 81 FR 91252 // PDF Version 
12/16/2016
17 CFR Parts 1, 23, and 140
Capital Requirements of Swap Dealers and Major Swap Participants
Comment File - Closing Date: 3/16/2017

Orders and Other Announcements: 81 FR 63376 // PDF Version
9/15/2016
17 CFR Chapter I
Comparability Determination for Japan: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Effective Date: Thursday, September 15, 2016

Final Rule: 81 FR 34818 // PDF Version
5/31/2016
17 CFR Parts 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants--Cross-Border Application of the Margin Requirements
Effective Date: Monday, August 01, 2016

Final Rule:  81 FR 636 // PDF Version
1/2/2016
17 CFR Parts 23 and 140
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Effective Date: Friday, April 01, 2016

Proposed Rule:  80 FR 41376 // PDF Version
7/14/2015
17 CFR Parts 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants--Cross-Border Application of the Margin Requirements 
Effective Date: Monday, September 14, 2015

Proposed Rule: 79 FR 59898 // PDF Version
10/3/2014
17 CFR Parts 23 and 140
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Comment File - Closing Date: 12/2/2014

Proposed Rule: 76 FR 58176 // PDF Version
9/20/2011
17 CFR Part 23
Swap Transaction Compliance and Implementation Schedule: Trading Documentation and Margining Requirements under Section 4s of the CEA
Comment File span style="font-family: "Arial","sans-serif";">- Closing Date: 11/4/2011

Proposed Rule: 76 FR 27802 // PDF Version
5/12/2011
17 CFR Parts 1, 23, and 140
Capital Requirements of Swap Dealers and Major Swap Participants
Comment File - Closing Date: 7/11/2011

Proposed Rule: 76 FR 23732 // PDF Version
4/28/2011
17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Comment File - Extended Date: 7/11/2011

See also:

76 FR 27621 // PDF Version
Comments Extension: 17 CFR Part 23
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

Additional Information

Fact Sheet: Comparability Determination for Japan Uncleared Swap Margin Rules for Substituted Compliance Purposes

Event: CFTC to Hold an Open Commission Meeting on September 8th to Consider System Safeguards Testing Requirements Final Rules and a Comparability Determination for Japan Uncleared Swap Margin Rules for Substituted Compliance Purposes

Fact Sheet:  Final Rule Regarding Margin for Uncleared Swaps

Fact Sheet: Proposed Rules Regarding Capital Requirements for Swap Dealers and Major Swap Participants
Q&A: Capital Requirements for Swap Dealers and Major Swap Participants

Event: Open Meeting on Fourteenth Series of Proposed Rules under the Dodd-Frank Act

Fact Sheet: Proposed Rules Regarding Margin for Uncleared Swaps
Q&A: Proposed Rules Regarding Margin for Uncleared Swaps

Event: Open Meeting on Thirteenth Series of Proposed Rules under the Dodd-Frank Act

Event: CFTC, SEC Staff Roundtable to Discuss Issues Related to Capital and Margin for Swaps and Security-Based Swaps

Date
SUBMISSION
11/05/2013
Transcript: Open Meeting to Consider a Proposed Rule on Margin Requirements and a Final Rule on Utility Special Entities PDF Image
CFTC
11/20/2012
Copy of Gross and Net Capital Charge Example - Single Commodity(1)_1990 PDF Image
From External Meeting on 11/20/2012
09/25/2012
apga_prepaydiagram_1874 PDF Image
From External Meeting on 9/25/2012
09/17/2012
NobleEnergy_1868 PDF Image
From External Meeting on 9/17/2012
03/01/2012
CFTC - Uncleared Margin Issues_1422 PDF Image
From External Meeting on 3/1/2012
10/20/2011
CorporateCollateral_ACLI_CFTC_SEC_1121 PDF Image
From External Meeting on 10/20/2011
10/06/2011
Derivatives - Title VII Dodd-Frank Act PDF Image
ICBA, From External Meeting on 10/6/2011
10/05/2011
Documents from 10/5 meeting PDF Image
JP Morgan, From External Meeting on 10/5/2011
07/07/2011
FCM Capital Requirements - Discussion Points PDF Image
UBS Securities LLC, From External Meeting on 7/7/2011
07/06/2011
American Securitization Forum Discussion Points, Swap and Margin Rules PDF Image
American Securitization Forum, From External Meeting on 7/6/2011
06/28/2011
Re: Margin and Capital Requirements for Covered Swap Entitles/File numbers RIN: 1557-D43; RIN: 7100 AD74; RIN: 3064-AD79; RIN 2590-AA45; RIN: 3052-AC69. PDF Image
Ford Motor Credit Company, From External Meeting on 6/28/2011
05/20/2011
Cross-Collateralizing Hedged Loans PDF Image
Chatham Financial, From External Meeting on 5/20/2011
04/22/2011
OTC Swap Market Rulemaking PDF Image
Riverside Risk Advisors, From External Meeting on 4/22/2011
04/12/2011
Transcript of Open Meeting on the Thirteenth Series of Proposed Rulemakings Under the Dodd-Frank Act PDF Image
CFTC
04/12/2011
Transcript: Open Meeting on the Thirteenth Series of Proposed Rulemakings Under the Dodd-Frank Act PDF Image
CFTC
04/08/2011
April 11 Mtg. Summary with Rabobank_752 PDF Image
From External Meeting on 4/8/2011
03/10/2011
Financial Services Rountable participants PDF Image
Financial Services Roundtable, From External Meeting on 3/10/2011
02/11/2011
Wall Street Reform and Consumer Act & Regulatory Implementation PDF Image
Noble Energy, From External Meeting on 2/11/2011
02/04/2011
Margin requirements on oil contracts PDF Image
Chris Gulve
01/26/2011
Cargill’s Pre-proposal Comments on Capital Requirements for Non-bank Dealers PDF Image
Sue Cochran
01/10/2011
Collateral Used by Life Insurers in Derivatives Transactions-Implementation of Dodd-Frank Act PDF Image
Diaz, Thelma
12/10/2010
Transcript of Joint SEC/CFTC Roundtable to on Capital and Margin for Swaps and Security-Based Swaps PDF Image
CFTC
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Hanman Tilla Hanumandham Hanumand
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Arya Satish
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Maurya Richa
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Maurya Himanshu
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Gyanwati Maurya
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Ram Karan Maurya
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Hanman Tilla Hanumandham Hanumandh
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Arya Satish
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Maurya Himansh
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Maurya Richa
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Gyanwati Maury
12/09/2010
17 CFR Parts 39 and 140 RIN 3038-AC98,3038-AD02 for refund amount noted form 30 PDF Image
Ram Karan Maury
12/02/2010
Pre-NOPR Comments on Regulatory Capital and Margin Requirements PDF Image
Barron, Melody R.
12/01/2010
Guidance for Capital and Margin Rulemaking Team PDF Image
Cargill
11/24/2010
Re: Rulemakings for Capital and Margin Requirements under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act PDF Image
Working Group of Commercial Energy Firms
11/23/2010
Comment on Capital Margin and Segregation Requirements PDF Image
SIFMA
11/23/2010
SIFMA Comment on Capital Margin and Segregation Requirements_354 PDF Image
SIFMA, From External Meeting on 11/23/2010
11/12/2010
Meeting with Commodity Futures Trading Commission Staff PDF Image
Coalition of Physical Energy Companies
11/12/2010
cope_317 PDF Image
Coalition of Physical Energy Companies (COPE), From External Meeting on 11/12/2010
10/27/2010
Capital, Margin and Segregation Requirements PDF Image
SIFMA
10/25/2010
Master Agreements, Netting, Credit and Collateral in Bilateral Energy Markets PDF Image
Edison Electric Institute
10/25/2010
Master Agreements Netting Credit and Collateral in Energy Markets 10 25 10_227 PDF Image
Edison Electric Institute, From External Meeting on 10/25/2010
10/13/2010
Potential Questions PDF Image
Financial Services Forum
10/13/2010
Potential_questions.10.8.10_189 PDF Image
Financial Services Forum, From External Meeting on 10/13/2010
09/29/2010
Natural Gas Supply Association PDF Image
Natural Gas Supply Association
09/29/2010
NGSA CFTC Comments_09.28.2010_100 PDF Image
Natural Gas Supply Association (NGSA), From External Meeting on 9/29/2010
09/16/2010
Delegate List - 2010 ISDA Regional Conference PDF Image
Delegate List - 2010 ISDA Regional Conference
09/16/2010
ISDA 2010 Regional Conference Participants_19 PDF Image
ISDA, From External Meeting on 9/16/2010
09/15/2010
AGENDA: Meeting of the ?NFP Energy End User Coalition? PDF Image
NFP Energy End User Coalition
09/15/2010
Meeting Summary with Morgan Stanley_14 PDF Image
Morgan Stanley, From External Meeting on 9/15/2010
09/15/2010
CFTC Agenda - September 15 20101 (2)_26 PDF Image
NFP Energy End User Coalition, From External Meeting on 9/15/2010
09/14/2010
Over the Counter Derivatives PDF Image
Over the Counter Derivatives
09/14/2010
Grain Farmer/Co-op Hedging PDF Image
Grain Farmer/Co-op Hedging
09/14/2010
Dairy Farmer/Co-op Hedging PDF Image
Dairy Farmer/Co-op Hedging
09/14/2010
Farmer/Co-op Fuel Hedging PDF Image
Farmer/Co-op Fuel Hedging
09/14/2010
Co-op Fertilizer Hedging PDF Image
Co-op Fertilizer Hedging
09/14/2010
NCFC Fuel Farmer Co-op Hedging_7 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/14/2010
NCFC Hedging Fertilizer_7 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/14/2010
NCFC Hedging Dairy_7 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/14/2010
Dodd-Frank OTC Derivatives 2010_7 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/14/2010
NCFC Grain Farmer Co-op Hedging_7 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/14/2010
Docs from NCFC Meeting_8 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/01/2010
Argus Oil Market Regulation Summit 2010 PDF Image
Argus
09/01/2010
dmb argus_72 PDF Image
Argus Oil Market Regulation Summit 2010
08/23/2010
Electric Power Supply Association (ESPA) PDF Image
Daniel Dolan