• Margin requirements for uncleared swaps: On 16 December 2015, the US Commodity Futures Trading Commission (CFTC) approved final rules on initial and variation margin requirements for certain uncleared swaps entered into by swap dealers and major swap participants not subject to regulation by US federal prudential regulators. Initial margin requirements will be phased in from 1 September 2016 for larger swap participants through to 1 September 2020 for the smallest participants. Larger swap participants will need to comply with the variation margin requirements from 1 September 2016, with the smaller swap participants complying from 1 March 2017. The rules would not impose margin requirements on commercial end users.
  • Draft technical specifications for swap data elements: On 22 December 2015, the CFTC requested comment on draft technical standards for certain swap data elements that are reportable to swap data repositories and on certain swap data elements which are currently non-reportable but which the CFTC considers might assist them if they were reported. Comments are due by 22 February 2016.