Commodity Futures Trading Commission March 2009 – Federal Register Recent Federal Regulation Documents
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Order (1) Pursuant to Section 4(c) of the Commodity Exchange Act, Permitting the Chicago Mercantile Exchange to Clear Certain Over-the-Counter Agricultural Swaps and (2) Pursuant to Section 4d of the Commodity Exchange Act, Permitting Customer Positions in Such Cleared-Only Contracts and Associated Funds To Be Commingled With Other Positions and Funds Held in Customer Segregated Accounts
By petition dated April 21, 2008 (Petition), the Chicago Mercantile Exchange Inc. (CME), a registered derivatives clearing organization (DCO), and the Board of Trade of the City of Chicago, Inc. (CBOT), a designated contract market, requested permission to clear certain over-the counter (OTC) swap agreements (swaps) in corn, wheat, and soybeans. Authority for granting this request is found in Section 4(c) of the Commodity Exchange Act (Act).\1\ The Petition also requested permission pursuant to Section 4d of the Act \2\ to allow CME and futures commission merchants (FCMs) clearing through CME to commingle positions in those cleared-only OTC swaps (cleared-only contracts) and funds associated with those positions with positions and funds otherwise required to be held in a customer segregated account. The Commodity Futures Trading Commission (Commission) has reviewed public comments and the entire record in this matter and it has determined to issue an order granting the requested permission, subject to certain terms and conditions.
Concept Release on Whether To Eliminate the Bona Fide Hedge Exemption for Certain Swap Dealers and Create a New Limited Risk Management Exemption From Speculative Position Limits
In June and July of 2008, the Commodity Futures Trading Commission (''Commission'') issued a special call for information from swap dealers and index traders regarding their over-the-counter (``OTC'') market activities. In September of 2008, the Commission released a ``Staff Report on Commodity Swap Dealers and Index Traders with Commission Recommendations'' (the ``September 2008 Report'') with several preliminary Commission recommendations. Recommendation five of the September 2008 Report directs the staff to develop an advance notice of proposed rulemaking that would review whether to eliminate the bona fide hedge exemption for swap dealers and replace it with a limited risk management exemption that is conditioned upon, among other things, an obligation to report to the CFTC and applicable self- regulatory organizations when certain noncommercial swap clients reach a certain position level and/or a certification that none of a swap dealer's noncommercial swap clients exceed specified position limits in related exchange-regulated commodities.\1\
Significant Price Discovery Contracts on Exempt Commercial Markets
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is promulgating final rules to implement those provisions of the CFTC Reauthorization Act of 2008 (``Reauthorization Act'') \1\ relating to exempt commercial markets (``ECMs'') on which significant price discovery contracts (``SPDCs'') are traded or executed. In addition to promulgating regulations mandated by the Reauthorization Act, the Commission also is amending existing regulations applicable to registered entities in order to clarify that such regulations are now applicable to ECMs with SPDCs.
Federal Register Notice Requesting Nominations for the Subcommittee on Convergence in Agricultural Commodity Markets Under the Agricultural Advisory Committee
The Commodity Futures Trading Commission (CFTC or Commission) is calling for nominations to the Subcommittee on Convergence in Agricultural Commodity Markets (Subcommittee on Convergence or Subcommittee) under the auspices of the Agricultural Advisory Committee. The Subcommittee on Convergence was established to identify the causes of poor cash-futures convergence in select agricultural commodity markets and advise the Commission on actions to remedy the situation. Nominations are sought for highly qualified representatives from government agencies, industry, exchanges, and groups representing interests or organizations involved with or affected by the convergence issues. Individuals seeking to be nominated to the Subcommittee on Convergence should possess demonstrable expertise in a related field or represent a stakeholder of interest in the issue. Prospective nominees should be open to participating in an open public-private forum.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), this notice announces that the Information Collection Request (ICR) abstracted below has been forwarded to the Office of Management and Budget (OMB) for review and comment. The ICR describes the nature of the information collection and its expected costs and burden.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), this notice announces that the Information Collection Request (ICR) abstracted below has been forwarded to the Office of Management and Budget (OMB) for review and comment. The ICR describes the nature of the information collection and its expected costs and burden; it includes the actual data collection instruments.
Electronic Filing of Disclosure Documents
The Commodity Futures Trading Commission (Commission or CFTC) is amending its regulations applicable to the filing of Disclosure Documents by commodity pool operators (CPOs) and commodity trading advisors (CTAs) with the National Futures Association (NFA). In response to a petition from NFA, the CFTC is requiring that CPOs and CTAs be required to file their Disclosure Documents electronically with NFA (Amendments).
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