FIA filed a comment letter with the Commodity Futures Trading Commission on Dec. 17, 2014 expressing its support for the CFTC's proposed amendment to its residual interest requirements. The amendment would require the CFTC to go through a rule-making process and gather input from the industry before determining whether to accelerate the deadline for depositing residual interest. The current rules allow the deadline to be changed automatically at the end of 2018.
In its letter, FIA emphasized the importance of giving customers an opportunity to comment on changes to the deadline. FIA said that the current deadline, which is 6:00 p.m. on the business day after the trade date, "strikes the proper balance" between protecting customer funds and alleviating financial and operational burdens on customers and their clearing firms.
