Please be advised that commencing on Monday, August 31, 2015, CME Clearing will effectuate amendments to CME Rule 8G07, “IRS Financial Safeguards and Guaranty Fund Deposit”. CME Clearing periodically reviews its requirements for clearing membership and recently determined to reduce the minimum Interest Rate Swap (“IRS”) Clearing Member contribution to the IRS Guaranty Fund from $50,000,000 to $15,000,000. The growth of IRS clearing activity at CME Clearing and corresponding growth of the IRS Guaranty Fund ensures robust financial safeguards for IRS products and thereby allows CME to implement the change. The change will encourage more entities to apply for IRS clearing membership which would further the diversification of IRS Clearing Members, reduce concentration of risk and provide additional liquidity to the default management process. No other changes to IRS clearing membership requirements are being proposed.
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