Swap Execution Facilities

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Financial Regulatory Developments Focus - February 2016

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

CFTC Approves Registration to 18 Swap Execution Facilities

The Commodity Futures Trading Commission has issued orders granting permanent registration to 18 swap execution facilities (SEFs) that had been operating under temporary registration status. The SEFs approved for registration...more

Corporate and Financial Weekly Digest - Volume XI, Issue 4

SEC/CORPORATE - Crowdfunding Portals Can Now Register With the SEC - As discussed in the November 6, 2015 edition of the Corporate and Financial Weekly Digest, on October 30, 2015, the Securities and Exchange...more

Bridging the Week - January 2016 #4

Kraft Foods Seeks to Appeal Trial Court Ruling on CFTC Manipulation Theories: Kraft Foods Group, Inc. and Mondelez Global LLC requested permission from the federal court hearing the enforcement action by the Commodity Futures...more

CFTC Provides Relief to SEFs From Audit Trail Requirements Related to Post-Trade Allocation Information

The Division of Market Oversight of the Commodity Futures Trading Commission has issued temporary no-action relief to swap execution facilities (SEFs) from certain audit trail requirements related to post-trade allocations....more

CFTC Amends Recordkeeping Rules

The Commodity Futures Trading Commission has amended Regulation 1.35(a) to ease recordkeeping obligations for certain entities with respect to commodity interest transactions and related cash or forward transactions....more

Bridging the Week - January 2016

Former MF Global CEO Claims CFTC Charges Against Him Are Meritless. Jon Corzine, former chief executive officer of MF Global Inc. (MFG), objected to a proposed motion for summary judgment to be filed by the Division of...more

U.S. Commodity Futures Trading Commission Divisions Issue Time-Limited No-Action Letter Extending Relief from Certain...

On December 8, 2015, the U.S. Commodity Futures Trading Commission’s (the “CFTC”) Division of Swap Dealer and Intermediary Oversight and Division of Market Oversight issued a time-limited no-action letter extending the relief...more

CFTC Proposes Cybersecurity Testing for DCOs, DCMs, SEFs and SDRs

The Commodity Futures Trading Commission has proposed rules that would require all derivatives clearing organizations (DCOs), swap data repositories (SDRs), designated contract markets (DCMs) and swap execution facilities...more

Financial Regulatory Developments Focus - November 2015 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

CFTC Extends Time-Limited Relief to SEFs for Block Trades

The Division of Market Oversight of the Commodity Futures Trading Commission has extended no-action relief for swap execution facilities (SEFs) from certain block trade requirements. Specifically, CFTC Letter No. 15-60...more

CFTC Extends Time-Limited No-Action Relief for Swap Execution Facilities from Certain “Block Trade” Requirements

On November 2nd, the U.S. Commodity Futures Trading Commission (“CFTC”) extended no-action relief to Swap Execution Facilities (“SEFs”) from the “occurs away” requirement in the definition of “block trade” under CFTC...more

Corporate and Financial Weekly Digest - Volume X, Issue 43

SEC/CORPORATE - SEC Proposes Amendments to Rules 147 and 504 - On October 30, the Securities and Exchange Commission proposed amendments to modernize: (1) Rule 147, promulgated under the Securities Act of 1933...more

CFTC Further Extends No-Action Relief for Certain Package Transaction Swaps

The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) has issued CFTC Letter No. 15-55, extending until November 15, 2016, time-limited no-action relief for certain swaps executed as part of a package...more

"CFTC Asserts Jurisdiction in Bitcoin Markets"

The Commodity Futures Trading Commission (CFTC) recently took a series of actions confirming views expressed late last year by CFTC Chairman Timothy Massad that "[d]erivatives contracts based on a virtual currency represent...more

3…The Number of Weeks in a Row for Bitcoin Related CFTC Guidance…CFTC Settles With Bitcoin SEF Over Wash Sales / Prearranged...

On September 24th, the U.S. Commodity Futures Trading Commission (CFTC) settled charges against TeraExchange LLC, a provisionally registered bitcoin swap execution facility (SEF). The charges stem from a non-deliverable...more

Bridging the Week - September 2015 #2

CFTC Says Virtual Currencies Are a “Commodity” Under Federal Law, Files Charges Against Coinflip for Operating an Unregistered Bitcoin Options Trading Platform - The Commodity Futures Trading Commission filed and...more

Cryptocurrencies Are Commodities: CFTC’s First Bitcoin Enforcement Action

In the absence of specific CFTC regulations regarding Bitcoin, the order helps clarify the CFTC’s positions on cryptocurrency derivatives. On September 17, 2015, the US Commodity Futures Trading Commission (CFTC) issued...more

CFTC Staff Issues No-Action Letters Relating to Swaps Trading Platforms in Australia

On May 19, the Commodity Futures Trading Commission issued two no-action letters granting relief to certain swaps trading platforms in Australia and participants executing swaps transactions on such platforms....more

The Financial Report - Volume 4, No. 9 • May 2015 (Global)

Discussion and Analysis - Securities and investment advisory services offered through . . . That phrase is ubiquitous among small and “independent” financial services firms, regularly appearing in 6-point or...more

Financial Regulatory Developments Focus - April 2015 #4

In this issue: - Federal Deposit Insurance Corporation Seeks Comment on Potential New Deposit Account Records Requirements for Banks with a Large Number of Deposit Accounts - Basel Committee Removes Selected...more

CFTC Issues No-Action Relief to SEFs and DCMs in Connection with Swaps with Operational or Clerical Errors

On April 22, the Commodity Futures Trading Commission’s Division of Market Oversight and Division of Clearing and Risk (Divisions) issued CFTC Letter No. 15-24 to provide no-action relief to enable swap execution facilities...more

CFTC Provides Guidance on Calculating Projected Operating Costs by SEFs

On April 23, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) provided guidance to swap execution facilities (SEFs) regarding the calculation of projected operating costs and expenses for purposes...more

CFTC Issues No-Action Relief for SEF Confirmation and Recordkeeping Requirements and Confirmation Data Reporting Requirements

On August 14, 2014, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) granted no-action relief to swap execution facilities (SEFs) from the confirmation and recordkeeping requirements set forth in...more

CFTC Issues Guidance for Swap Execution Facilities on the Calculation of Projected Operating Costs

On April 23, the CFTC issued guidance regarding the calculation of projected operating costs or expenses for the purpose of meeting the financial resource requirements under SEF Core Principle 13 in Section 5h(13) of the...more

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