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Aaron Levy is special counsel in the Finance and Bankruptcy Practice Group in the firm's New York office.

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On August 12, 2022, the CFTC issued a final rule modifying its clearing requirement for interest rate swaps (“IRS”).

The final rule updates the types of IRS required to be submitted to a registered derivatives clearing organization (“DCO”) for mandatory clearing by:

  • eliminating the requirements to clear IRS referencing LIBOR and certain other interbank offered rates (“IBORs”); and
  • introducing, in their place, new requirements to clear IRS referencing the relevant replacement risk-free rates, such as the Secured Overnight Financing Rate (“SOFR”) in the case of USD LIBOR.


Continue Reading CFTC Amends Clearing Requirements

About

Aaron Levy is special counsel in the Finance and Bankruptcy Practice Group in the firm's New York office.

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