Page 37 - 期货和衍生品行业监管动态（2024年11月）

期货和衍生品行业监管动态

assets which will help to unleash rapid innovation and growth in the digital economy.

I applaud the leadership of the GMAC and the Digital Asset Markets Subcommittee

and workstreams for promoting the competitiveness of our markets and the United

States.”

Today’s recommendation by the GMAC’s Digital Asset Markets Subcommittee

was approved without objection, marking the 14th GMAC recommendation advanced

to the CFTC in the last 12 months, the most of any advisory committee ever in the

same timeframe.

Digital Asset Markets Subcommittee Recommendations to Expand Use of

Non-Cash Collateral through Use of Distributed Ledger Technology

The CFTC has consistently permitted the use of non-cash assets as collateral to

satisfy regulatory margin requirements for both cleared and non-cleared derivatives,

subject to specified conditions and limitations designed to mitigate credit, market, and

liquidity risks. Various operational challenges, however, have impeded use of

non-cash collateral, which results in adverse consequences for market efficiency. By

improving the operational infrastructure for assets already eligible to serve as

regulatory margin, blockchain or other distributed ledger technology can help reduce

or eliminate some of those challenges without requiring any changes to collateral

eligibility rules.

This recommendation provides a legal and regulatory framework for how market

participants can apply their existing policies, procedures, practices, and processes to

support use of DLT for non-cash collateral in a manner consistent with margin

requirements.

https://www.cftc.gov/PressRoom/PressReleases/9009-24

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