As a follow up to our earlier Foley Adviser, the compliance deadlines have been extended for mandatory clearing of European iTraxx credit default swap (CDS) indices.
Under the updated timetable, Category 1 Entities must begin clearing of such swaps by April 26, 2013. Category 2 Entities must begin clearing of such swaps by July 25, 2013, and Category 3 Entities must begin clearing of such swaps by October 23, 2013.
These extended deadlines apply only to the iTraxx CDS indices. The compliance schedule previously set forth by the CFTC remains in place for North American CDX CDS indices and all four classes of interest rate swaps.