CFTC Issues Non-Cleared Swap Margin Comparability Determinations for Australia and Japan

The Commodity Futures Trading Commission has expanded the scope of its current comparability determinations with respect to margin requirements applicable to non-cleared swap transactions for swaps subject to Margin Rules in Japan and Australia.

Specifically, on March 26, 2019, the CFTC issued an amended comparability determination that expands the current margin comparability determination for Japan’s Margin Rules, and on March 27, 2019, the CFTC issued a new margin comparability determination with respect to Australia’s Margin Rules.

As a result of these determinations, Margin Rules in Japan and Australia are deemed by the CFTC to be comparable with all aspects of the CFTC’s Margin Rules, and CFTC-registered swap dealers or major swap participants subject to both the CFTC’s and either Japan’s or Australia’s Margin Rules may satisfy their CFTC non-cleared swap margin compliance obligations by complying with Japan’s or Australia’s Margin Rules, as applicable.