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

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

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 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

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

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

Financial Services Bulletin: Action At Federal Agencies

CFTC Approves Final Cooperative Swap Clearing Exemption Rule and Issues Time-Limited No-Action Relied - On Tuesday, August 13, 2013, the Commodity Futures Trading Commission (the “CFTC”) issued a final rule to exempt...more

CFTC Approves Final Interpretative Guidance With Respect To The Cross-Border Application Of Certain Swap Provisions Of The...

Introduction - On July 12, 2013, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) approved final interpretative guidance (the “Final Guidance”)1 regarding the cross-border application of...more

CFTC Cross-Border Guidance Frequently Asked Questions

Section 722(d) of the Dodd-Frank Act amended the Commodity Exchange Act (“CEA”) by adding section 2(i), which provides that the provisions of the CEA relating to swaps shall not apply to activities outside the United States...more

CFTC Issues Cross-Border Swaps Regulation Guidance and Exemptive Order

The U.S. Commodity Futures Trading Commission (“CFTC”) recently approved and issued its eagerly anticipated: i. final interpretive guidance and policy statement on the cross-border application of the swap regulation...more

Landmark Swap Rules Adopted By CFTC

At its Twenty-Ninth Meeting to consider rulemaking under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2012 (Dodd-Frank) on May 16, 2013, the U.S. Commodities Futures Trading Commission (CFTC) adopted three...more

The New CFTC Regulatory Regime For Private Fund Managers; First Quarter 2013 Update

The enactment of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and its implementation by the Commodity Futures Trading Commission (“CFTC”) has ushered in a new era of...more

CFTC Approves Final Regulations Governing Exemption From Required Clearing For Inter-Affiliate Swaps

The CFTC has issued a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under the Commodity Exchange Act, or CEA, and CFTC regulations. ...more

Burr Alert: CFTC Issues New Guidelines Concerning Eligibility Of Swap Guarantors

In secured lending transactions, lenders frequently allow, and even require, borrowers to enter into swap agreements and other financial derivatives to hedge against different business risks, including fluctuations in...more

Dodd-Frank News: January 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Monthly Update

In This Issue: - RECENT CASES . Dodd-Frank Challenges Under the Administrative Procedure Act and Commodity Exchange Act . Preemption . Whistleblower Protection Under the Dodd-Frank Act . Arbitration...more

CFTC Final Interpretative Guidance on Applicability of Indemnification and Confidentiality Obligations under CEA Section 21(d) to...

Derivatives Insight - New section 2(a)(13)(G) of the Commodities Exchange Act ("CEA"), promulgated pursuant to the Dodd-Frank Act, requires all swaps to be reported to swap data repositories ("SDRs"). Under CEA...more

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