Swap-Dealer Clearing Rules Set for Completion by CFTC Next Week
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Wall Street’s largest swap dealers, including Goldman Sachs Group Inc. and JPMorgan Chase & Co., will be required to guarantee trades at clearinghouses starting in March under a government rule set for completion next week.
U.S. Commodity Futures Trading Commission members will meet Nov. 29 to weigh final determinations of which credit and interest-rate swaps must be guaranteed at clearinghouses owned by CME Group Inc., LCH.Clearnet Group Ltd. and Intercontinental Exchange Inc., according to a statement released by the agency today. Clearinghouses accept collateral from buyers and sellers to reduce the risk from default in a trade.