CFTC Proposal to Determine the Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades

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In December 2010, the Commodity Future Trading Commission (CFTC) proposed a rule (the initial proposal” that set forth: definitions for the terms "large notional off-facility swap" and "block trade"; a method for determining the appropriate minimum block sizes for large notional off-facility swaps and block trades; and (3) a framework for timely reporting of such transactions and trades. The initial proposal also included provisions to protect the identities of swap counterparties by limiting disclosure of information and data relevant to the swap. In December 2011, the CFTC adopted a rule (the final rule) establishing time delays for the public dissemination of block trades and large notional off-facility swaps.

Based on public comments to the initial proposal, and to implement the real-time public reporting regulatory framework established in the final rule, on February 23, 2012, the CFTC voted 3-2 to propose further rules for public comment (the proposal) that: specify the criteria for determining swap categories and methodologies for determining the appropriate minimum block sizes for large notional off-facility swaps and block trades; and protect the identities of market participants that effect these trades.

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