SEFs

CFTC Unanimously Approves Final Rule Amending Swap Execution Facility Requirements

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On November 18, the CFTC unanimously approved a final rule amending certain parts of its regulations relating to the execution of “package transactions” on swap execution facilities (SEFs) and the resolution of error trades on SEFs. The final rule amends part 37 of CFTC regulations to allow the swap components of certain categories of package transactions to be executed on SEF but through flexible means of execution rather than through the required methods of execution for “required transactions.” Release.

CFTC and MAS Mutually Recognize Certain Derivatives Trading Venues in the U.S. and Singapore

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On March 13, the Commodity Futures Trading Commission (CFTC) issued an order exempting certain derivatives trading facilities regulated by the Monetary Authority of Singapore (MAS) from the requirement to register with the CFTC as swap execution facilities (SEFs), and MAS announced the issuance of regulations exempting certain derivatives trading venues regulated by the CFTC from the requirement to be a MAS-authorized approved exchange (AE) or recognized market operator (RMO) before establishing or operating an organized market. Press Release. CFTC Order of Exemption. MAS Order of Exemption.

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.