CFTC rule sounds death knell for FIA-Isda trilateral give-ups
Final rule forbids documentation revealing identities or limiting counterparty choice
The Commodity Futures Trading Commission (CFTC) has voted to adopt rules that will prevent dealers and clients using one part of a controversial standardised clearing document published last June by the International Swaps and Derivatives Association and the Futures Industry Association (FIA).
The so-called give-up agreement was designed to tackle the risks of trades being executed but failing to clear. As part of that, an optional annex was included that made a futures commission merchant (FCM)
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