October 23, 2014

CFTC Staff Issues Interpretative Guidance Regarding Customer Margin Deposits Submitted Using Automated Clearing House Payment Processing Systems

Washington, DC — The U.S. Commodity Futures Trading Commission’s (Commission) Division of Swap Dealer and Intermediary Oversight today issued an interpretation of Commission Regulations 1.22, 22.2 and 30.7 providing that a futures commission merchant (FCM) may credit a customer’s trading account for a margin payment upon the FCM’s initiation of a withdrawal from the customer’s bank account using the Automated Clearing House (ACH) payment processing system.

The interpretation is consistent with a previous staff interpretation regarding how an FCM should account for checks deposited by customers for margin payments. The interpretation also provides that an FCM may include pending ACH payments as margin funds received in computing the FCM’s undermargined capital charge under Regulation 1.17.

Last Updated: October 23, 2014