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MFA supports CFTC’s proposed expansion of interest rate swap clearing

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The Managed Funds Association (MFA) has submitted a comment letter in support of the Commodity Futures Trading Commission’s (CFTC) proposed rules on the mandatory clearing of certain additional interest rate swap classes.

“We strongly support the CFTC’s proposal and its continued efforts to move sufficiently standardised and liquid swap transactions from the over-the-counter market to mandatory central clearing,” says MFA president and CEO Richard H Baker (pictured). “We believe that expanding clearing, as proposed in this rule, will further increase transparency and competition, reduce risk, enhance market integrity, and facilitate the harmonisation of clearing requirements across the globe.”
The CFTC’s proposal would expand its clearing requirement to include interest rate swaps denominated in nine additional currencies. Those currencies include: Australian dollars, Canadian dollars, Hong Kong dollars, Mexican peso, Norwegian krone, Polish zloty, Singapore dollar, Swedish krona, and Swiss franc.

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