Commodity Futures Trading Commission December 18, 2008 – Federal Register Recent Federal Regulation Documents
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Order: (1) Pursuant to Section 4(c) of the Commodity Exchange Act (a) Permitting Eligible Swap Participants To Submit for Clearing and ICE Clear U.S., Inc. and Futures Commission Merchants To Clear Certain Over-The-Counter Agricultural Swaps and (b) Determining Certain Floor Brokers and Traders To Be Eligible Swap Participants; and (2) Pursuant to Section 4d of the Commodity Exchange Act, Permitting Certain Customer Positions in the Foregoing Swaps and Associated Property To Be Commingled With Other Property Held in Segregated Accounts
On December 7, 2007, the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') published for public comment requests (a) to permit ICE Clear U.S., Inc. (``ICE Clear'') to clear certain over- the-counter (``OTC'') swap contracts and (b) to determine that certain ICE Futures U.S., Inc. (``ICE Futures'') floor brokers and traders are Eligible Swap Participants (``ESPs'') for the purpose of trading those OTC swaps (``Notice.'').\1\ On January 7, 2008, the comment period was extended to February 6, 2008.\2\ ICE Clear also filed a request for an order pursuant to Section 4d of the Commodity Exchange Act (``CEA'' or ``Act'') to allow ICE Clear and Futures Commission Merchants (``FCMs'') clearing through ICE Clear to commingle positions in those cleared OTC swap contracts and property supporting those positions with property and positions otherwise required to be held in customer segregated accounts. That request was published on the CFTC's Web site for public comment during the same timeframe with the same comment deadline. The Commission has reviewed the comments made in response to the requests for comment and the entire record in this matter and has determined to issue an order granting the requests.
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