CFTC's new swap-trading requirements take effect on September 9, 2013
NEW YORK, August 7, 2013 — According to BNY Mellon and Davis Polk, regulatory complexities for pension plan asset managers will take on new urgency on September 9, 2013, when new swap-trading requirements take effect.
"Derivative reforms are well underway and significantly expanded, mandatory clearing, collateral and reporting standards come into force on September 9 for pension plan asset managers," said Kurt Woetzel, Chief Executive Officer, BNY Mellon's Global Collateral Services business. "Asset managers need to assess the implications of new reporting requirements, prepare for clearing specified interest-rate swaps and credit-default swaps, understand new modes of trade execution, and review their preparations with trading, clearing and custody partners."
According to a report jointly issued by BNY Mellon and Davis Polk, key steps asset managers should take to prepare for clearing and other regulatory requirements include:
BNY Mellon and the global law firm Davis Polk partnered on the report available from www.bnymellon.com, which is entitled "Are You Ready? New Swap-Trading Requirements for Pension Plan Asset Managers."
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