CFTC 批准修改未清算掉期保证金要求的最终规则

CFTC 批准修改未清算掉期保证金要求的最终规则 |美国商品期货交易委员会
版本号 9266-26
CFTC 批准修改未清算掉期保证金要求的最终规则
2026 年 7 月 13 日
华盛顿——商品期货交易委员会今天批准了一项最终规则，修改了不受审慎监管机构保证金规则约束的掉期交易商和主要掉期参与者的未清算掉期保证金要求。这些修正案提高了市场效率，促进全球协调，支持负责任的金融创新，同时保持稳健的风险管理标准。
“从担任主席一开始，我就明确表示 CFTC 将推行优先考虑负责任创新的规则制定议程，”主席迈克尔·S·塞利格 (Michael S. Selig) 表示。 “今天与种子基金相关的最终规则通过释放资本配置者的流动性和扩大有资格作为某些衍生品交易合格抵押品的资产类型来实现这一目标，在简化监管和维护市场保护以及使美国大宗商品市场成为黄金标准的稳健风险管理标准之间取得适当的平衡。”
在最终规则中，委员会修订了“保证金附属机构”的定义，使得某些从发起人实体（种子基金）获得启动资金的集体投资工具在计算触发将初始保证金兑换为未清算掉期的要求的门槛时，不会有任何保证金附属机构或构成另一个实体的保证金附属机构。该修正案免除了受委员会未清算掉期保证金规则约束的掉期交易商和主要掉期参与者在资产管理公司开始代表基金进行投资后的三年内，根据最终规则的定义，免于向符合条件的种子基金收取和收取初始保证金。
委员会还取消了一项规定，即如果资产管理公司通过证券借贷、证券借贷、回购协议、逆回购协议和类似安排转让基金资产，则某些集合投资基金（货币市场和类似基金）发行的证券将无法用作未清算掉期的合格初始保证金抵押品。此次修订扩大了合格抵押品的资产范围。
最后，委员会通过对货币市场和类似基金采用特定百分比的削减，修订了合格保证金抵押品的削减时间表。
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CFTC Approves Final Rule Amending Margin Requirements for Uncleared Swaps | CFTC
Release Number 9266-26
CFTC Approves Final Rule Amending Margin Requirements for Uncleared Swaps
July 13, 2026
WASHINGTON — The Commodity Futures Trading Commission approved a final rule today that amends margin requirements for uncleared swaps for swap dealers and major swap participants who are not subject to prudential regulator margin rules. The amendments enhance market efficiency, promote global harmonization, and support responsible financial innovation, while maintaining robust risk management standards.
“From the outset of my Chairmanship, I have been clear that the CFTC will pursue a rulemaking agenda that prioritizes responsible innovation,” said Chairman Michael S. Selig. “Today’s final rule related to seeded funds achieves this by unlocking liquidity for capital allocators and expanding the types of assets that qualify as eligible collateral for certain derivatives transactions, striking the right balance between streamlining regulation and upholding the market protections and robust risk management standards that make America’s commodities markets the gold standard.”
In the final rule, the Commission revised the definition of “margin affiliate” such that certain collective investment vehicles that receive start-up capital from a sponsor entity (seeded funds) will not have any margin affiliates or constitute margin affiliates of another entity when calculating thresholds that trigger the requirement to exchange initial margin for uncleared swaps. This amendment relieves swap dealers and major swap participants subject to the Commission’s uncleared swaps margin rules from posting and collecting initial margin with eligible seeded funds, as defined in the final rule, for up to three years after the asset manager begins investing on behalf of the fund.
The Commission also eliminated a provision that previously disqualified securities issued by certain pooled investment funds (money market and similar funds) from being used as eligible initial margin collateral for uncleared swaps if asset managers transferred fund assets through securities lending, securities borrowing, repurchase agreements, reverse repurchase agreements, and similar arrangements. This amendment expands the scope of assets that qualify as eligible collateral.
Finally, the Commission revised the haircut schedule for eligible margin collateral by adopting specific percentage haircuts for money market and similar funds.
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