Swap Execution Facilities

News & Analysis as of

A CFTC Potpourri

Toward the end of 2015 and in the first few months of 2016, the Commodity Futures Trading Commission (“CFTC”) took action on several issues of interest to investment management firms that had been pending for quite some time....more

Financial Services Weekly News - January 2016 #4

Regulatory Developments - Under Review: Deposit Insurance Assessments for Small Banks - On Jan. 21, the FDIC approved revised proposed rules on risk-based federal deposit insurance assessments for small banks...more

CFTC Extends No-Action Relief for Swaps Executed as Part of Certain Package Transactions

On October 14, 2015, the Division of Market Oversight (“DMO”) for the U.S. Commodity Futures Trading Commission (“CFTC”) issued an additional extension of no-action relief for swaps executed as part of “package” transactions....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

CFTC not planning on anonymity for swaps market

CFTC Chairman, Timothy Massad, spoke on changes regulators are working on surrounding swap execution facilities. He said CFTC is not planning to force trading to be anonymous on new trading platforms for swaps....more

Financial Services Weekly News - September 2015 #5

Regulatory Developments - SEC Proposes to Amend Administrative Proceedings Rules: On Sept. 24 the SEC announced that it had voted to propose amendments to rules governing its administrative proceedings. The...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

Bitcoin Week in Review 09.19.15 – 09.25.15

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

CFTC Moves Against Bitcoin Transactions

In the space of just seven days, the CFTC has brought two enforcement actions regarding Bitcoin transactions. Coinflip, Inc. In the first action, the CFTC issued an order filing and simultaneously settling charges...more

CFTC Brings First Enforcement Action Against Unregistered Bitcoin Options Trading Platform

On September 17th, the Commodity Futures Trading Commission (“CFTC”) announced an enforcement order and settlement against an unregistered bitcoin options trading platform. The order is notable for six reasons: 1) It is...more

Bitcoin Week in Review: 09.04.15 – 09.11.15

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Financial Services Weekly News - September 2015 #3

Regulatory Developments: CFTC Grants Temporary Registration as SEF to LedgerX Bitcoin Options Exchange and Clearing House - On Sept. 10 the CFTC announced that it had issued an Order of Temporary Registration as a...more

Financial Regulatory Developments Focus - September 2015 #3

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

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

CFTC Division of Market Oversight Holds Roundtable to Assess the Made Available to Trade Process

On Wednesday, July 15, 2015, the Commodity Futures Trading Commission’s (“CFTC”) Division of Market Oversight (“DMO”) hosted a public roundtable to discuss the process to determine whether a swap must be executed on an...more

CFTC Provides Time-Limited Relief to SEFs for Block Trades

On September 19, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) provided time-limited no-action relief to swap execution facilities (SEFs) from the requirement in CFTC Regulation 43.2 that block...more

CFTC Provides Limited Relief to SEFs from Certain Confirmation and Recordkeeping Requirements

On August 18, the Commodity Futures Trading Commission’s Division of Market Oversight issued No-Action Letter No. 14-108, which provides time-limited conditional relief to swap execution facilities (SEFs) from certain...more

CFTC Extends Expiration of MTF Relief

On February 12, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued relief from registration as a swap execution facility (SEF) to multilateral trading facilities (MTFs) regulated within the...more

CFTC Guidance Relating to Trading on SEFs and DCMs

The Commodity Futures Trading Commission and the CFTC’s Division of Market Oversight (DMO) have issued the following guidance relating to the trading of swaps on swap execution facilities (SEFs) and designated contract...more

Initial Swap Trading Requirements Come into Effect—Limited Relief for Packaged Trades and Some EU Facilities

The Commodity Futures Trading Commission has imposed for the first time a requirement that certain swaps be traded on a regulated market. Beginning February 15, 2014, certain cleared interest rate swaps and index credit...more

Legal Alerts: CFTC Certifies Additional “Available to Trade” Designation: Certain Interest Rate Swaps Must Be Executed on a SEF...

On Thursday, January 23, 2014, the Commodity Futures Trading Commission (CFTC) certified a second available to trade determination (the Second MAT Determination) in response to an application submitted by trueEX, LLC. ...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’s Mandatory Exchange Trading For Certain Interest Rate Swaps Starts February 15, 2014"

On January 16, 2014, staff of the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) announced that the first “made-available-to-trade” determination (MAT Determination) will become...more

Open for Business: SEFs Navigate the New Regulatory Environment  [Video]

Swap execution facilities (SEFs) were given life by the Dodd-Frank Act, which requires over-the counter (OTC) swaps to be cleared and traded on this new type of regulated platform. The CFTC published its final SEF rules in...more

Update Regarding Trade Execution Mandate for Certain Interest Rate Swaps

The Commodity Futures Trading Commission (“CFTC”) Division of Market Oversight (the “Division”) announced yesterday that Javelin SEF, LLC’s (“Javelin”) self-certification of available-to-trade determinations (“MAT...more

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