,,iib  #aae? ,,congress  #b;d ,session  
,h4 ,r4 #egdi  ,,9 ,,! ,,s5ate ,,( ,,!  
,,unit$ ,,/ates  ,july #aa1             
#bjah,receiv$2 read twice & ref]r$ to ! 
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,,an ,,act  ,to require !     
appropriate ,f$]al bank+ ag5cies to     
increase ! risk-s5sitivity ( ! capital  
treatm5t ( c]ta9 c5trally cle>$         
ex*ange-li/$ options & d]ivatives1 & =  
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,options ,m>kets       
,/ability ,act4  #b4 ,rulemak+ ,)9 #ahj 
days ( ! date ( enactm5t ( ?is ,act1 !  
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em1 ! ,f$]al ,deposit ,insurance    
,corporation1 & ! ,comptroll] ( !       
,curr5cy %all1 jo9tly1 issue a propos$  
rule1 & f9alize su* rule )9 #cfj days ( 
! date ( enactm5t ( ?is ,act1 to adopt a
 me?odology = calculat+ ! c\nt]p>ty     
cr$it risk exposure1 at default1 ( a    
depository in/itution1 depository       
in/itution hold+ company1 or affiliate  
!re( to a cli5t aris+ f a gu>antee      

provid$ by ! depository in/itution1     
depository in/itution hold+ company1 or 
affiliate !re( to a c5tral c\nt]p>ty 9  
respect ( ! cli5t's p]=mance "u an      
ex*ange-li/$ d]ivative contract cle>$   
?r\gh t c5tral c\nt]p>ty pursuant to !  
risk-bas$ & lev]age-bas$ capital rules  
applicable to depository in/itutions &  
depository in/itution hold+ companies "u
 p>ts #c1 #bag1 & #cbd ( title #ab1     
,code ( ,f$]al ,regulations4 ,9 issu+   
su* rule1 ! ,bo>d ( ,gov]nors ( ! ,f$]al
 ,res]ve ,sy/em1 ! ,f$]al ,deposit      
,insurance ,corporation1 & ! ,comptroll]
 ( ! ,curr5cy %all consid]--  7#a7 !    
availability ( liquidity provid$ by     
m>ket mak]s dur+ times ( high volatility
 9 ! capital m>kets2  7#b7 ! spread     
betwe5 ! bid & ! quote (f]$ by m>ket    
mak]s2  7#c7 ! pref]5ce = cle>+ ?r\gh   
c5tral c\nt]p>ties2  7#d7 ! safety &    
s\ndness ( ! f9ancial sy/em & f9ancial  
/ability1 includ+ ! b5efits ( c5tral    
cle>+2  7#e7 ! safety & s\ndness (      
individual in/itutions t may c5trally   

cle> ex*ange-li/$ d]ivatives or options 
on behalf ( a cli5t1 includ+            
conc5tration ( m>ket %>e2  7#f7 !       
economic value ( delta weight+ a        
c\nt]p>ty's position & nett+ ( a        
c\nt]p>ty's position2  7#g7 ! inh]5t    
risk ( ! positions2  7#h7 b>ri]s to     
entry = depository in/itutions1         
depository in/itution hold+ companies1  
affiliates !re(1 & entities n affiliat$ 
) a depository in/itution or depository 
in/itution hold+ company to c5trally    
cle> ex*ange-li/$ d]ivatives or options 
on behalf ( m>ket mak]s2  7#i7 ! impact 
any *anges may h on ! broad] capital    
regime & aggregate capital 9 ! sy/em2 & 
7#aj7 consid]ation ( o!r pot5tial       
factors t impact m>ket mak+ 9 !         
ex*ange-li/$ options m>ket1 includ+     
*anges 9 m>ket /ructure4  #c4 ,report to
 ,congress ,at ! end ( ! #e-ye> p]iod   
beg9n+ on ! date ! f9al rule is issu$ "u
 section #b1 ! ,bo>d ( ,gov]nors ( !    
,f$]al ,res]ve ,sy/em %all submit to !  
,committee on ,f9ancial ,s]vices ( !    

,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate a report detail+ ! impact ( !    
f9al rule dur+ su* p]iod on ! factors   
describ$ "u p>agraphs 7#a7 ?r\gh 7#aj7 (
 section #b4  ,pass$ ! ,h\se (          
,repres5tatives ,july #aj1 #bjah4,k>5   
,l4 ,haas1,cl]k4