Swap Dealers

Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own account, or engage in any activity causing the individual or entity to be come commonly known in the trade as a dealer or market maker of swaps." Swap Dealers are defined under the Commodity and Exchange Act and must register as such under the Commodity Futures Trading Commission's Final Rules.

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News & Analysis as of May 24, 2013

CFTC Staff Issues No-Action Letters

by Kevin M. Foley, Adam J. Spector | Katten Muchin Rosenman LLP on 5/7/2013

Commodity Futures Trading Commission staff recently released two no-action letters providing relief relating to the application of business conduct standards to prime brokers and swap dealers and disclosure of pre-trade...more

CFTC Provides Foreign Exchange Prime Brokers Relief

by Felix Shipkevich | Shipkevich PLLC on 5/7/2013

The Commodity Futures Trading Commission (CFTC) gave last-minute relief to Foreign Exchange prime brokers after listening to complaints that the market could be threatened by new business conduct rules....more

SEC Issues Proposal Regarding Cross-Border Security-Based Swap Activities

by James M. Brady, Ross Pazzol | Katten Muchin Rosenman LLP on 5/7/2013

On May 1, the Securities and Exchange Commission proposed rules and interpretive guidance with respect to cross-border security-based swap activities. Under this proposal, the requirements of Title VII of the Dodd-Frank Wall...more

ISDA: Be Ready For May 1 And Standard Swap Confirmation

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/24/2013

By May 1, all counterparties must have provided their registered swap dealers with legal classifications and representations to allow the swap dealers to comply with the CFTC’s External Business Conduct Rule (EBCR). After the...more

New Swap Business Conduct and Record-Keeping Regulations Kick in for Municipal Bond Issuers and Borrowers

by Nicholas Bentley, Meghan Burke, Charles Carey, Steve Ganis, Gregory Sandomirsky, Len Weiser-Varon | Mintz Levin - Public Finance on 4/18/2013

Beginning May 1, 2013, many new business conduct regulations adopted by the Commodity Futures Trading Commission (“CFTC”) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) will begin to...more

CFTC Staff Issues No-Action Letters

by Kevin M. Foley, Ross Pazzol, Adam J. Spector | Katten Muchin Rosenman LLP on 4/16/2013

Commodity Futures Trading Commission staff recently released three no-action letters providing relief relating to swap data reporting requirements with respect to trade options, inter-affiliate swaps and real-time reporting...more

CFTC Issues Proposed Rule to Clarify Responsibilities of Clerical Employees of SDs and MSPs

by Kevin M. Foley, Adam J. Spector | Katten Muchin Rosenman LLP on 4/16/2013

In general, Commodity Futures Trading Commission Regulation 23.22 prohibits a swap dealer (SD) or major swap participant (MSP) from permitting an associated person (AP) of the SD or MSP to effect or be involved in effecting...more

Corporate and Financial Weekly Digest - April 12, 2013

by Katten Muchin Rosenman LLP on 4/15/2013

In this issue: - SEC and CFTC Adopt Joint Rules to Help Protect Investors from Identity Theft - CME Block Trade Advisories Clarify Nonpublic Information Restrictions - CFTC Staff Issues No-Action...more

The Extraterritorial Reach of Derivative Regulation Under Dodd-Frank

by Eileen Bannon | Holland & Knight LLP on 4/15/2013

In the wake of the financial crisis, global regulators have endeavored to undertake significant regulatory reform of the swaps markets. In 2009, the members of the G-20 agreed that: (i) the OTC derivatives contracts should be...more

Financial Services Bulletin: Action At The CFTC, SEC, And Fed

by Perkins Coie on 4/12/2013

On Thursday, March 28, 2013, the Commodity Futures Trading Commission (the "CFTC") approved a final order that exempts certain non-financial energy derivative transactions between and amongst government-owned electric...more

Skadden, Arps, Slate, Meagher & Flom LLP

"CFTC Delays April 10 Compliance Date for Many Swap Data Reporting Requirements"

by Maureen A. Donley, Elizabeth Doyle, Ryan Elsey, Joyce Penn Farnsworth, Ann Hawkins, Theodore M. Kneller, Daniel S. Konar II, Yossi Vebman, Mark D. Young | Skadden, Arps, Slate, Meagher & Flom LLP on 4/11/2013

On April 9, 2013, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight, responding to requests from multiple interested parties, issued a no-action letter (the No-Action Letter) extending the April...more

2013 Mutual Funds and Investment Management Conference

by Ropes & Gray LLP on 4/10/2013

In this presentation: - General Counsel’s Address - Keynote Address - General Session — It’s a Small World After All: How Non-U.S. Regulators Affect Your Business - General Session — Closer to...more

CFTC Staff Issues No-Action Letters

by Blake Brockway, Kevin M. Foley | Katten Muchin Rosenman LLP on 4/10/2013

The Commodity Futures Trading Commission staff recently released a series of letters relating to a variety of regulatory issues, including registration relief for certain entities and recordkeeping requirements for certain...more

CFTC Issues Rule Regarding Persons Associated with Multiple Swap Dealers or Major Swap Participants

by Blake Brockway, Kevin M. Foley | Katten Muchin Rosenman LLP on 4/10/2013

On April 1, the Commodity Futures Trading Commission issued a final rule clarifying that each swap dealer (SD), major swap participant (MSP) or other CFTC registrant with whom an associated person (AP) is associated is...more

CFTC Finalizes Rule On Persons Associated With Swap Dealers

by Elan Mendel | Shipkevich PLLC on 4/9/2013

The Commodity Futures Trading Commission (CFTC) announced today their plan to finalize regulations to clarify rules concerning persons associated with swap dealers....more

Corporate and Financial Weekly Digest - April 5, 2013

by Katten Muchin Rosenman LLP on 4/8/2013

In this issue: - SEC Advisory Committee on Small and Emerging Companies Makes Recommendations - SEC Provides Guidance Regarding Social Media and Regulation Fair Disclosure (Regulation FD) - SEC Amends...more

CFTC Regulations on Associated Persons of Swap Dealers and Major Swap Participants

by Orrick - Structured Finance Group on 4/4/2013

On March 29, the CFTC approved final regulations governing dual and multiple associations of associated persons of swap dealers, major swap participants and other CFTC registrants....more

DF Protocol Deadline is May 1, 2013

by Jeffrey D. Collins, Diana W. Lo | Foley Hoag LLP on 4/3/2013

Managers Who Use Swaps Should Act Now - Managers of funds and separately managed accounts that use swaps are reminded that they (or their clients) must complete the DF Protocol Adherence Letter and DF Protocol...more

CFTC’s Division Of Swap Dealers Issue Time-Limited No-Action Relief

by Felix Shipkevich | Shipkevich PLLC on 4/2/2013

The CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a time-limited no-action relief for swap dealers and major swap participants. The no action relief concerns certain recordkeeping obligations...more

Orrick's Financial Industry Week In Review - April 2, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/2/2013

In This Issue: *Financial Industry Developments - CFTC No-Action Relief for Commodity Trader Advisor Registration - CFTC Regulations on Associated Persons of Swap Dealers and Major Swap Participants -...more

Oil Industry Avoids Swaps Rules

by Elan Mendel | Shipkevich PLLC on 3/28/2013

Oil industry companies have largely managed to avoid the scrutiny of derivatives trading and registration as swap dealers, according to Reuters. In January of this year, the CFTC required that companies register as dealers if...more

An Update on SEF, IDB and Swap Regulation from Chris Ferreri of ICAP [Video]

by MarketsReformWiki on 3/26/2013

Chris Ferreri is a managing director at ICAP North America, where he oversees ICAP ETC, the company’s hybrid brokered OTC solution. He was the first chairman of the Wholesale Markets Brokers’ Association Americas Inc. (WMBA...more

Dodd-Frank Swap Data Overlooked In JPMorgan Whale Mess

by Felix Shipkevich | Shipkevich PLLC on 3/20/2013

Dodd-Frank derivatives rules have failed to give regulators a complete perspective of the swaps market, which includes the recent loss similar to the JPMorgan Chase & Co.’s London Whale trades....more

CFTC Reminds Market Participants of Swap Data Reporting Requirements

by Orrick - Structured Finance Group on 3/19/2013

On March 8, the CFTC issued an Advisory reminding market participants that swap dealers were required to begin reporting data regarding equity, foreign exchange, and other commodity swaps, under Parts 43 and 45 of the CFTC’s...more

Mandatory Clearing Of Swaps Begins

by Ethan Mark | Leonard, Street and Deinard - Dodd-Frank and... on 3/18/2013

Swap dealers, major swap participants and private funds active in the swaps market are required to begin clearing certain index credit default swaps, or CDS, and interest rate swaps that they entered into on or after March...more

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Swap Dealers

CFTC Staff Issues No-Action Letters

CFTC Provides Foreign Exchange Prime Brokers Relief

SEC Issues Proposal Regarding Cross-Border Security-Based Swap Activities

ISDA: Be Ready For May 1 And Standard Swap Confirmation

New Swap Business Conduct and Record-Keeping Regulations Kick in for Municipal Bond Issuers and Borrowers

CFTC Staff Issues No-Action Letters

CFTC Issues Proposed Rule to Clarify Responsibilities of Clerical Employees of SDs and MSPs

Corporate and Financial Weekly Digest - April 12, 2013

The Extraterritorial Reach of Derivative Regulation Under Dodd-Frank

Financial Services Bulletin: Action At The CFTC, SEC, And Fed

"CFTC Delays April 10 Compliance Date for Many Swap Data Reporting Requirements"

2013 Mutual Funds and Investment Management Conference

CFTC Staff Issues No-Action Letters

CFTC Issues Rule Regarding Persons Associated with Multiple Swap Dealers or Major Swap Participants

CFTC Finalizes Rule On Persons Associated With Swap Dealers

Corporate and Financial Weekly Digest - April 5, 2013

CFTC Regulations on Associated Persons of Swap Dealers and Major Swap Participants

DF Protocol Deadline is May 1, 2013

CFTC’s Division Of Swap Dealers Issue Time-Limited No-Action Relief

Orrick's Financial Industry Week In Review - April 2, 2013

Oil Industry Avoids Swaps Rules

An Update on SEF, IDB and Swap Regulation from Chris Ferreri of ICAP [Video]

Dodd-Frank Swap Data Overlooked In JPMorgan Whale Mess

CFTC Reminds Market Participants of Swap Data Reporting Requirements

Mandatory Clearing Of Swaps Begins

An Update on SEF, IDB and Swap Regulation from Chris Ferreri of ICAP [Video]

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