CFTC

CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange

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On December 1, 2017, the Commodity Futures Trading Commission (“CFTC“) issued a Statement on the Self-Certification of Bitcoin Products by the Chicago Mercantile Exchange (“CME“), the CBOE Futures Exchange (“CFE“) and the Cantor Exchange (“Cantor“).

CFTC Chairman J. Christopher Giancarlo stated that “we have had extensive discussions with the exchanges regarding the proposed contracts, and CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets. The Statement also emphasized that “the Commission will continue to assess whether further changes are required to the contract design and settlement processes . . . These activities include monitoring and analyzing the size and development of the market, positions and changes in positions over time, open interest, initial margin requirements, and variation margin payments, as well as stress testing positions.” Release.

CFTC Division of Market Oversight Issues No-Action Relief from Certain Timing Requirements Regarding SEF Chief Compliance Officer Annual Compliance Reports and Fourth Quarter Financial Reports

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On November 20, 2017, the Commodity Futures Trading Commission (“CFTC“) provided “no-action relief to swap execution facilities [] from the timing requirement within CFTC regulation 37.1501(f)(2), which requires a chief compliance officer” to provide a yearly compliance document to the CFTC in a specific timeframe, in addition to other relief.  The relief “expire[s] on November 30, 2020 at 11:59 pm (EST)”.  Release.

CFTC’s Division of Market Oversight Extends Time-Limited No-Action Relief for SEFs from Certain Block Trade Requirements

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On November 14, 2017, the U.S. Commodity Futures Trading Commission’s Division (“CFTC“) of Market Oversight extended time-limited no-action relief to swap execution facilities (“SEFs“) from certain requirements under the definition of “block trade” in CFTC regulation 43.2.  The time-limited relief to SEFs is extended until November 15, 2020. The extension will, among other things, provide the Division of Market Oversight more time to review and evaluate SEF trading practices and functionalities for pre-execution credit checks. To read the full press release, click here.

CFTC Staff Extends Time-Limited No-Action Relief on the Applicability of Transaction-Level Requirements in Certain Cross-Border Situations

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On July 25, 2017, the U.S. Commodity Futures Trading Commission (the “CFTC“) “issued a time-limited no-action letter that extends relief to swap dealers [] registered with the CFTC that are established under the laws of jurisdictions other than the United States [] from certain transaction-level requirements under the Commodity Exchange Act.” Press Release.