{"abstract":"The Commodity Futures Trading Commission (Commission or CFTC) is modifying its existing interest rate swap clearing requirement regulations under applicable provisions of the Commodity Exchange Act (CEA) due to the global transition from reliance on certain interbank offered rates (IBORs) (e.g., the London Interbank Offered Rate (LIBOR)) that have been, or will be, discontinued as benchmark reference rates to alternative reference rates, which are predominantly overnight, nearly risk-free reference rates (RFRs). The amendments update the set of interest rate swaps that are required to be submitted for clearing pursuant to the CEA and the Commission's regulations to a derivatives clearing organization (DCO) that is registered under the CEA (registered DCO) or a DCO that has been exempted from registration under the CEA (exempt DCO) to reflect the market shift away from swaps that reference IBORs to swaps that reference RFRs.","action":"Final rule.","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2022/08/24/2022-17736.html","cfr_references":[{"chapter":null,"citation_url":null,"part":50,"title":17}],"citation":"87 FR 52182","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"This rule is effective September 23, 2022, except for amendatory instructions 3 and 5, which are effective July 1, 2023. Specific compliance dates are discussed in the SUPPLEMENTARY INFORMATION.","disposition_notes":null,"docket_ids":[],"dockets":[],"document_number":"2022-17736","effective_on":"2022-09-23","end_page":52221,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2022/08/24/2022-17736.xml","html_url":"https://www.federalregister.gov/documents/2022/08/24/2022-17736/clearing-requirement-determination-under-section-2h-of-the-commodity-exchange-act-for-interest-rate","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2022-17736?publication_date=2022-08-24","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2022-08-24/2022-17736/mods.xml","not_received_for_publication":null,"page_length":40,"page_views":{"count":4283,"last_updated":"2026-04-04 12:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2022-08-24/pdf/2022-17736.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2022-17736.pdf?1661258715","publication_date":"2022-08-24","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2022/08/24/2022-17736.txt","regulation_id_number_info":{"3038-AF18":{"issue":"202204","html_url":"https://www.federalregister.gov/regulations/3038-AF18/swap-clearing-requirement-to-account-for-the-transition-from-libor-and-other-ibors-to-alternative-re","title":"Swap Clearing Requirement To Account for the Transition From LIBOR and Other IBORs to Alternative Reference Rates","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202204&RIN=3038-AF18&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3038-AF18"],"regulations_dot_gov_info":{"comments_count":0,"agency_id":"CFTC","document_id":"CFTC-2022-0060-0001","checked_regulationsdotgov_at":"2023-02-28T02:22:08Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":52182,"subtype":null,"title":"Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps To Account for the Transition From LIBOR and Other IBORs to Alternative Reference Rates","toc_doc":"Clearing Requirement Determination under the Commodity Exchange Act for Interest Rate Swaps to Account for the Transition from London Interbank Offered Rate and Other Interbank Offered Rates to Alternative Reference Rates","toc_subject":null,"topics":["Business and industry","Swaps"],"type":"Rule","volume":87}