Advertisement The Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission has issued an interpretive letter clarifying that payments of variation margin, price alignment amounts and other payments in satisfaction of outstanding exposures on a counterparty’s cleared swap positions constitute “settlement” under the (CEA) and CFTC Regulation 39.14. The CEA and CFTC … Continue reading CFTC Clarifies That Variation Margin Constitutes Settlement