FIA commented on the CFTC’s recent update to Part 190 of the agency’s regulations dealing with the bankruptcy of FCMs and clearinghouses. In the response, FIA generally supports the commission’s recommendations, but cautions that parts of subpart C, which would establish a new regime to govern the bankruptcy of a clearinghouse should be studied further before being approved. FIA’s members are concerned that certain of the new rules for clearinghouses will inadvertently increase legal uncertainty for FCMs, clearinghouses and other market participants. To that end, FIA urges the CFTC to hold a roundtable discussion with industry participation to be certain of the intended operation of the proposed clearinghouse rules.
