17 CFR § 39.38 - Efficiency for systemically important derivatives clearing organizations and subpart C derivatives clearing organizations.

---
identifier: "/us/cfr/t17/s39.38"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 39.38 - Efficiency for systemically important derivatives clearing organizations and subpart C derivatives clearing organizations."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "39.38"
section_name: "Efficiency for systemically important derivatives clearing organizations and subpart C derivatives clearing organizations."
chapter_name: "COMMODITY FUTURES TRADING COMMISSION"
part_number: "39"
part_name: "DERIVATIVES CLEARING ORGANIZATIONS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "7 U.S.C. 2, 6(c), 7a-1, and 12a(5); 12 U.S.C. 5464; 15 U.S.C. 8325; Section 752 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, title VII, sec. 752, July 21, 2010, 124 Stat. 1749."
regulatory_source: "76 FR 69430, Nov. 8, 2011, unless otherwise noted."
cfr_part: "39"
---


# 39.38 Efficiency for systemically important derivatives clearing organizations and subpart C derivatives clearing organizations.

(a) *General rule.* In order to meet the needs of clearing members and markets, each systemically important derivatives clearing organization and subpart C derivatives clearing organization should efficiently and effectively design its:

(1) Clearing and settlement arrangements;

(2) Operating structure and procedures;

(3) Scope of products cleared; and

(4) Use of technology.

(b) *Review of efficiency.* Each systemically important derivatives clearing organization and subpart C derivatives clearing organization should establish a mechanism to review, on a regular basis, its compliance with paragraph (a) of this section.

(c) *Clear goals and objectives.* Each systemically important derivatives clearing organization and subpart C derivatives clearing organization should have clearly defined goals and objectives that are measurable and achievable, including in the areas of minimum service levels, risk management expectations, and business priorities.

(d) Each systemically important derivatives clearing organization and subpart C derivatives clearing organization shall facilitate efficient payment, clearing and settlement by accommodating internationally accepted communication procedures and standards.