The Commodity Futures Trading Commission has published certain FAQs prepared by the Division of Market Oversight (DMO) in response to questions from market participants on the post-trade name give-up rule prior to the November 1 compliance date.
Continue Reading New FAQs Published Regarding the Post-Trade Name Give-Up Rule in CFTC Regulation 37.9(d)
CFTC Staff Provides Reporting Relief for Swaps Related to Certain Upcoming DCO Auctions
By Kevin M. Foley & Elizabeth Organ on
Posted in CFTC, Derivatives
On October 13, the Division of Market Oversight (DMO) of the Commodity Futures Trading Commission issued two no-action letters that provide limited relief from swap transaction and pricing data reporting requirements for specific derivatives clearing organizations (DCOs) and market participants that take part in upcoming DCO auctions intended to assist in transitioning certain cleared swaps…
CFTC Extends No-Action Relief for Certain Reporting Obligations under the OCR Final Rule
By Kevin M. Foley & Timothy D. Kertland on
Posted in CFTC
On September 25, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) extended relief from certain reporting obligations under the ownership and control reports final rule (OCR Final Rule).
Continue Reading CFTC Extends No-Action Relief for Certain Reporting Obligations under the OCR Final Rule
CFTC Further Extends Certain No-Action Relief to Market Participants in Response to COVID-19
Posted in CFTC
On September 11, the Commodity Futures Trading Commission (CFTC) announced that the Division of Swap Dealer and Intermediary Oversight (DSIO) and the Division of Market Oversight (DMO) had issued CFTC Letter No. 20-26, further extending certain elements of the temporary no-action relief issued in response to the COVID-19 pandemic that are set to expire on September 30. The extended relief expires on January 15, 2021.
Continue Reading CFTC Further Extends Certain No-Action Relief to Market Participants in Response to COVID-19
CFTC Staff Provides No-Action Relief to Registrant from SEF Reinstatement Requirements
Posted in CFTC
On September 15, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) granted no-action relief to Tassat Derivatives LLC, a CFTC-registered swap execution facility (SEF), from SEF reinstatement requirements under CFTC Regulation 37.3(d). The no-action relief set out in CFTC Letter No. 20-27 is subject to certain conditions.
Continue Reading CFTC Staff Provides No-Action Relief to Registrant from SEF Reinstatement Requirements
CFTC No-Action Letter 20-24: CFTC Provides Relief from the Trade Execution Requirement
By Gregory A. Uffner & Kevin M. Foley on
Posted in CFTC
On August 31, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) issued a no-action letter (No-Action Letter 20-24) providing time-limited relief from the trade execution requirement for certain swaps.
Continue Reading CFTC No-Action Letter 20-24: CFTC Provides Relief from the Trade Execution Requirement
CFTC Extends No-Action Relief to Registrants In Response to COVID-19 Pandemic
By Kevin M. Foley & Gregory A. Uffner on
Posted in CFTC
On June 9, at the request of the Futures Industry Association, the International Swaps and Derivatives Association, and the Securities Industry and Financial Markets Association, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) and Division of Market Oversight (DMO) announced that they have extended no-action relief that was set to expire on June 30.
Continue Reading CFTC Extends No-Action Relief to Registrants In Response to COVID-19 Pandemic
CFTC Staff Issues Advisory Addressing Current Market Conditions
Posted in CFTC, Derivatives
The Commodity Futures Trading Commission Divisions of Market Oversight (DMO), Swap Dealer and Intermediary Oversight (DSIO), and Clearing and Risk (DCR) (together, the Divisions) issued CFTC Letter 20-17 to remind Designated Contract Markets (DCMs), Futures Commission Merchants (FCMs) and Derivatives Clearing Organizations (DCOs) of their obligations to prepare for extreme market volatility, low liquidity and possibly negative pricing for certain contracts. The Divisions issued the advisory in light of unusually high volatility and negative pricing experienced in the May 2020 West Texas Intermediate (WTI), Light Sweet Crude Oil Futures contract on April 20 (the penultimate day of trading and expiration of the contract), although the guidance also applies to trading in other commodities.
Continue Reading CFTC Staff Issues Advisory Addressing Current Market Conditions
CFTC Grants Market Participants LIBOR-Transition Relief
Posted in CFTC, Derivatives
On December 18, the Division of Swap Dealer and Intermediary Oversight (DSIO), the Division of Market Oversight (DMO) and the Division of Clearing and Risk (DCR) each issued a no-action letter providing relief to market participants in preparation for the transition away from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (collectively with LIBOR, IBORs). The letters identify the terms and conditions pursuant to which counterparties may be eligible for relief in connection with amending swaps to replace provisions referencing discontinued IBORs with alternative benchmarks.
Continue Reading CFTC Grants Market Participants LIBOR-Transition Relief
CFTC’s Division of Market Oversight Extends No-Action Relief from Position Aggregation Requirements
By Kevin M. Foley, Leonard Licht & Carl E. Kennedy on
Posted in CFTC
On August 1, 2019, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) issued a letter extending prior no-action relief, which suspended the need for certain persons otherwise required to aggregate positions to proactively file formal written notice for position limits purposes. The prior relief, CFTC No Action Letter 17-37, was set to expire on August 12, 2019.
Continue Reading CFTC’s Division of Market Oversight Extends No-Action Relief from Position Aggregation Requirements