The U.S. Commodity Futures Trading Commission (CFTC) said swaps clearinghouses will be duty-bound to open access to companies with a minimum $50 million in capital, Bloomberg reports. In a move aimed at lowering risk in the financial system, the governance rules under the Dodd-Frank Act will oversee clearinghouses formulating plans to cover any default by their largest member.
CFTC commissioners have voted in favor of member-funded clearinghouses’ governance, guaranteeing trade in the $601 trillion swaps market. The new rules would not bar clearers from scaling a member’s participation, contingent to the company’s capital standing above the $50 million threshold.
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Bloomberg U.S. Commodity Futures Trading Commission CFTC