The CFTC’s Division of Clearing and Risk (DCR) today announced a revised compliance schedule for required clearing of iTraxx CDS Indices. The CFTC received notice from ICE Clear Credit LLC that it has begun offering customer clearing of the iTraxx CDS indices that are subject to the clearing requirement of the Commodity Exchange Act (CEA).
Adhering to the timeframe previously issued by the Commission, Clearing Requirement Determination Under Section 2(h) of the CEA, 77 FR 74284, 74319-21 (December 13, 2012), the following compliance dates shall apply to the clearing of these iTraxx swaps:
- Category 1 Entities: Friday, April 26, 2013
- Category 2 Entities: Thursday, July 25, 2013
- All other entities: Wednesday, October 23, 2013
iTraxx is the name for the family of credit default swap index products covering regions of Europe, Australia, Japan, and Asia, and are comprised of the most liquid, traded parts of the market. This group makes up a large sector of the overall credit derivatives market. The iTraxx suite of indices are owned, managed, compiled and published by Markit, who also licenses market makers.
Read more of the CFTC’s full announcement.