Notion Of Treating Swaps As Futures Floated Anew

A group of industry representatives sent a report to the Fed Supervisory Committee yesterday outlining complex legal analysis targeted at clearing up concerns over buyside access to central counterparties for OTC derivatives. It specifically addresses how to protect customers’ initial margins should an entity in a clearinghouse fail and recommends that swaps be treated as commodities under the Commodity Futures Modernization Act of 2000.