Commodity Futures Trading Commission: Protection of Cleared Swaps Customer Contracts and Collateral; Conforming Amendments to the Commodity Broker Bankruptcy Provisions
GAO-12-469R: Feb 22, 2012
- Full Report:
GAO reviewed the Commodity Futures Trading Commission's (Commission) new rule on protection of cleared swaps customer contracts and collateral and conforming amendments to the commodity broker bankruptcy provisions. GAO found that the final rule imposes requirements on futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) regarding the treatment of cleared swaps customer contracts (and related collateral), and makes conforming amendments to bankruptcy provisions applicable to commodity brokers under the Commodity Exchange Act (the CEA); and Commission complied with applicable requirements in promulgating the rule.