Commodities Exchange Act

News & Analysis as of

CFTC Provides Relief Regarding Package Transactions

On May 1, the Commodity Futures Trading Commission’s Divisions of Market Oversight and Clearing and Risk (Divisions) issued No-Action Letter No. 14-62 extending relief previously granted to market participants, swap execution...more

CME Group Issues Notice Prohibiting Transitory EFRPs

CME Group has issued an advisory notice prohibiting transitory exchange for related positions (EFRPs) on each of the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange...more

"CFTC Deadlines Approach for Swap Dealer Margin Segregation Notifications and Buy-Side Responses"

Market participants that enter into uncleared swaps should expect to receive notifications from swap dealer (SD) and major swap participant (MSP) counterparties regarding segregation of initial margin for swaps. Dodd-Frank...more

CFTC Requests Public Comment on ICE Swap Trade Packaged Transaction Rule

ICE Swap Trade, LLC, a swap execution facility temporarily registered with the Commodity Futures Trading Commission, recently self-certified amendments to its rules (ICE Rules) to allow market participants to execute...more

Sentinel Decision Prioritizes Protection of Securities and Futures Markets

On March 19, 2014, the U.S. Court of Appeals for the Seventh Circuit decided Grede v. FCStone, LLC, Nos. 13-1232, 13-1278 (7th Cir. Mar. 19, 2014), an opinion that reinforces the importance of the portability of investment...more

CFTC Certifies Available-to-Trade Determinations

In October, TW SEF LLC (TW SEF) and MarketAxess SEF Corporation submitted self-certified determinations that certain interest rate and credit default swaps are made available to trade (MAT) for purposes of the Commodity...more

First MAT Determinations Are Deemed Certified

In October 2013, Javelin SEF, LLC (Javelin) and trueEX, LLC (trueEX) self-certified their determinations that certain interest rate swaps are made available to trade (MAT) for purposes of the Commodity Exchange Act (CEA) and...more

U.S.: Draft legislation aimed at prohibiting internet gambling

Over the weekend, a draft of the “Internet Gambling Control Act” surfaced on the internet. This proposed legislation, attributed by industry websites to the Coalition to Stop Internet Gambling, seeks to expand the scope of...more

CFTC Again Charges Civil Perjury – This Time for Statements Made in an Off-the-Record Interview

On January 2, 2014, the US Commodity Futures Trading Commission (CFTC) ordered a Russian foreign national to pay a $250,000 civil penalty for making false and misleading statements to CFTC staff in an interview during an...more

The World in US Courts: US Laws Discussed - Fall 2013

We provide below alphabetically very brief summaries of key US laws addressed by cases summarized in this edition. Please note that these summaries provide a very simplified overview of the statutes and are not intended to...more

CFTC Allows Non-U.S. Entities to Comply with Home Jurisdiction Swap Requirements in Lieu of Certain U.S. Regulations

The CFTC has determined that certain entity-level swap requirements of six non-U.S. jurisdictions are generally “comparable” to those of the Commodity Exchange Act and CFTC regulatory regime. ...more

FERC And CFTC Reach Agreement On Information Sharing And Jurisdiction

After a fair amount of back-channel arm-twisting, the two agencies with principal (and sometimes overlapping) jurisdiction over energy commodities have reached agreement on two memoranda of understanding (“MOUs”) required by...more

CFTC Faces Court Challenge to Cross-Border Guidance

The Securities Industry and Financial Markets Association (“SIFMA”), International Swaps and Derivatives Association (“ISDA”), and Institute of International Bankers (“IIB”) filed a suit against the CFTC in the U.S. District...more

CFTC Issues Time-Limited No-Action Letter on Transaction-Level Requirements in Certain Cross-Border Situations

On November 26, the CFTC issued a time-limited no-action letter that provides relief to swap dealers registered with the CFTC that are established under the laws of jurisdictions other than the United States from certain...more

Trade Associations File Lawsuit Over CFTC’s Cross-Border Guidance

The Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association, Inc. and the Institute of International Bankers (collectively, Trade Associations) filed a complaint challenging...more

Second Recent CFTC “Banging The Close” Case Results In Various CEA Violations, Fines, Trading Bans

On November 25, 2013, the Commodity Futures Trading Commission (CFTC) settled with Daniel Shak and SHK Management LLC (collectively Respondents) for violating the Commodity Exchange Act (CEA). ...more

CFTC Issues Revised Position Limits Rule Proposal and Proposes Related Aggregation Standards

The CFTC voted on Tuesday to propose a new position limits rule that would establish limits on speculative positions in physical commodity futures contracts. The CFTC’s previous position limits rule was vacated last year by...more

"CFTC Expands Large Trader Reporting and Increases Customer Account Protection Requirements"

The Commodity Futures Trading Commission (CFTC or Commission) recently adopted several rules to improve large trader reporting, facilitate segregation of customer swap margin and enhance customer protections for futures and...more

CFTC Adopts Rules for Segregation of Initial Margin for Uncleared Swaps

On October 31, the Commodity Futures Trading Commission adopted final rules with respect to the segregation of initial margin for uncleared swaps. The rules impose new obligations on swap dealers (SDs) and major swap...more

Financial Services Bulletin: Action At The CFTC

CFTC Proposes New Position Limit Rules - On Tuesday, November 5, 2013, the Commodity Futures Trading Commission (the “CFTC”) proposed two sets of position limit related rules pursuant to Section 4a of the Commodity...more

CFTC Seeks Comments on TW SEF Available-to-Trade Certification

On October 29, the Commodity Futures Trading Commission requested public comment on a made-available-to-trade certification submitted by TW SEF, LLC, a temporarily registered swap execution facility (SEF)...more

CFTC Staff Responds to FAQs Regarding Commodity Options

On September 30, CFTC staff issued responses to several frequently asked questions (FAQs) related to commodity options. Pursuant to Section 1a(47) of the Commodity Exchange Act, which defines the term “swap” to include an...more

Lie To Protect Yourself Or Your Employer In CFTC Investigations And You Will Be Punished

Section 753 of the Dodd-Frank Act added a new section to the Commodity Exchange Act to make it unlawful “for any person to make any false or misleading statement of a material fact to the Commission … or to omit to state in...more

CFTC Extends Certain SEF Reporting, Confirmation, and Documentation Compliance Dates

commoThe Division of Market Oversight (“Division”) of the U.S. Commodity Futures Trading Commission (“CFTC”) on September 27 and 30, 2013 issued several no-action letters to temporarily registered swap execution facilities...more

September 2013 Update - Dodd-Frank and Swap Guarantees

The Commodity Futures Trading Commission (the “CFTC”) has issued a rule jointly with the Securities Exchange Commission further defining the term “swap” and “security-based swaps”. In that rule, CFTC has taken the view that...more

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