---
kind: "section"
citation: "17 C.F.R. § 39.38"
title: "17"
number: "39.38"
heading: "Efficiency for systemically important derivatives clearing organizations and subpart C derivatives clearing organizations."
url: "https://uscodex.org/cfr/17/39.38"
---

# §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](/cfr/17/subpartC.md) derivatives clearing organization should establish a mechanism to review, on a regular basis, its compliance with [paragraph (a)](#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.

## Notes

### Source

Source: 78 FR 72514, Dec. 2, 2013, unless otherwise noted.

### Authority

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.

### Source

Source: 76 FR 69430, Nov. 8, 2011, unless otherwise noted.