The Commodity Futures Trading Commission approved rules to require swaps clearinghouses to provide access to firms with $50 million or more in capital. "This is one of the most significant rulemakings to lower risk in the financial system," said CFTC Chairman Gary Gensler. Republican commissioners opposed the rule. The CFTC backed away from a plan that would have forced systemically important financial institutions to be subjected to higher financial resource requirements. Instead, clearinghouses will be required to have enough funds to cover their largest members' default. SIFMA's primary concern is that the proposed regime may unnecessarily disrupt or limit the commodity markets. See our press release. Gensler will be a special speaker at SIFMA's 2011 Annual Meeting, Nov. 7. Register today.

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