---
kind: "section"
citation: "17 C.F.R. § 37.1303"
title: "17"
number: "37.1303"
heading: "Liquidity of financial resources."
url: "https://uscodex.org/cfr/17/37.1303"
---

# §37.1303. Liquidity of financial resources.


The financial resources allocated by the swap execution facility to meet the ongoing requirements of [§ 37.1301](/cfr/17/37.1301.md) shall include unencumbered, liquid financial assets (i.e., cash and/or highly liquid securities) equal to at least the greater of three months of projected operating costs, as calculated on a rolling basis, or the projected costs needed to wind down the swap execution facility's operations, in each case as determined under [§ 37.1304](/cfr/17/37.1304.md). If a swap execution facility lacks sufficient unencumbered, liquid financial assets to satisfy its obligations under this section, the swap execution facility may satisfy this requirement by obtaining a committed line of credit or similar facility in an amount at least equal to such deficiency.


## Notes

### Source

Source: 86 FR 9247, Feb. 11, 2021, unless otherwise noted.

### Authority

Authority: 7 U.S.C. 1a, 2, 5, 6, 6c, 7, 7a-2, 7b-3, and 12a, as amended by Titles VII and VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, 124 Stat. 1376.

### Source

Source: 78 FR 33582, June 4, 2013, unless otherwise noted.