CME to clear agricultural swaps from April after CFTC approval

20 Mar 2009

CME Group will offer clearing for over-the-counter agricultural swap contracts from April 6, after winning approval from the Commodity Futures Trading Commission.

The exchange’s OTC clearing service, ClearPort, will handle corn basis swaps and calendar swaps for corn, wheat and soybeans.

CME asked the CFTC’s permission to offer the swap contracts in April 2008, and received it on...

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“At our current funding level, the Commission is under serious strain. We lack the staff and resources necessary to both implement Dodd-Frank and continue to fulfil our pre-Dodd-Frank duties under the Commodity Exchange Act. Without additional funding, the strain will only become worse in July, when much of Dodd-Frank goes into effect.”

The CFTC's Michael Dunn pleads for Congressional support over the regulator's budget.

CME to clear agricultural swaps from April after CFTC approval

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