The CFTC issued an Order allowing LCH SA, a registered derivatives clearing organization, to engage in the portfolio margining of both swaps and security-based swaps in a cleared swaps customer account pursuant to Commodity Exchange Act Section 4d(f) ("Requiring customer margin for cleared swaps be segregated, separately accounted for, and not commingled except in specified circumstances").
The CFTC indicated that the relief to LCH SA is the "same" as was provided in 2013 to ICE Clear Credit and ICE Clear Europe (see prior coverage).
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