March 18, 2009
FINRA Announces Pilot Program for Margining of CDSs
FINRA anounced that is has proposed a pilot program for the margining of credit default swaps (CDS) by FINRA-registered firms that clear CDS transactions on the Chicago Mercantile Exchange, other central counterparty platforms or outside of such platforms. The pilot program is detailed in a proposal FINRA has filed with the Securities and Exchange Commission (SEC), with a request for accelerated approval. The program would expire on Sept. 25, 2009 — the same day that the SEC's temporary rules providing for the establishment of central counterparties for CDS transactions expire.
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