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Risk management rules to impact large clearinghouses

The Chicago Mercantile Exchange will be one major clearinghouse affected by ne

The Federal Reserve on July 30 announced new risk management rules governing large financial clearinghouses, which are expected to be in place by September 14.

The rule is aimed at larger institutions that are deemed "systemically important" to the U.S. financial system, according to a Reuters analysis. These firms include the likes of the Chicago Mercantile Exchange and the Depository Trust Company, among several others. In addition to receiving stricter scrutiny from the Federal Reserve and other oversight agencies regarding risk management, these firms will have access to government backstops in the event of an emergency financial situation.

"The regulations for financial market utilities, mandated under the Dodd-Frank Act regulatory overhaul, set risk management standards for payment, clearing, and settlement activities, except clearing firms designated by the Securities and Exchange Commission or Commodity Futures Trading Commission," Bloomberg News noted.

Those firms that have already registered with the Commodity Futures Trading Commission or the Securities Exchange Commission will not be affected by the rule, Reuters said.

Another SEC-related risk management rule was announced recently. The agency is set to require companies to report whether they have dealings with warlords in unstable regions of Central Africa.