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CFTC passes rule to maintain certainty in derivatives market between US-UK in event of no-deal Brexit

( March 25, 2019, 19:08 GMT | Official Statement) -- MLex Summary: The US Commodity Futures Trading Commission today passed by unanimous vote a provision intended to provide greater certainty to the global marketplace in the event of a "no-deal" Brexit. The rule allows uncleared swaps to retain their legacy status under the CFTC margin rule if affected swap dealers and major swap participants need to perform legal transfers and the swaps were entered into before the relevant compliance dates. “Consistent with actions already taken by US prudential regulators, we are providing regulatory certainty regarding the transfer of uncleared legacy swaps to facilitate global swaps market participants’ needs in the event that the UK withdraws from the EU without a negotiated withdrawal agreement,” said CFTC Chairman J. Christopher Giancarlo.Statement follows in full. ...

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