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FCA issues statement on application of derivatives trading obligation to certain credit default swaps

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Published on: 30 March 2023

Published by LNB News

LNB News 30/03/2023

Document Information

Issue Date: 30 March 2023

Published Date: 30 March 2023

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Financial Conduct Authority (FCA) has published a statement on the application of the derivatives trading obligation to certain credit default swaps. On 26 September 2022 ICE Clear Europe announced the cessation of clearing for all classes of credit default swaps (CDS) contracts from 27 October 2023. The FCA statement notes that counterparties will need to close out their CDS positions on ICE Clear Europe and establish equivalent ones on other central counterparties (CCPs) before 27 October 2023.

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