On March 13, the Commodity Futures Trading Commission and the Monetary Authority of Singapore (MAS) issued a joint statement announcing their mutual recognition of certain derivatives trading venues in the United States and Singapore. The CFTC issued an order exempting certain derivatives trading facilities regulated by the MAS from the registration requirements for swap execution facilities (SEFs). Similarly, the MAS issued regulations exempting certain CFTC-regulated derivatives trading venues from the requirement that such trading venues be a MAS-authorized approved exchange or recognized market operator before establishing or operating an organized market. The approval of the exemption requests was the result of the CFTC and MAS jointly determining that these platform categories meet the comparability standards under their respective laws and regulations.
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The Commodity Futures Trading Commission has amended its order granting an exemption from swap execution facility (SEF) registration to include four additional multilateral trading facilities: Creditex Brokerage LLP; Currenex; FX Connect; and Thomson Reuters. The order, which was originally issued by the CFTC in December 2017 and discussed in the December 15, 2017 edition of

On November 5, the Commodity Futures Trading Commission held an open meeting to consider the following matters relating to swaps and swap execution facilities:

  • Final Rule: Amending the De Minimis Exception to the Swap Dealer Definition
  • Proposed Rule: Amendments to Regulations on Swap Execution Facilities and Trade Execution Requirement
  • Request for Comment Regarding the Practice of “Post-Trade Name Give-Up” on Swap Execution Facilities


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On October 1, Commodity Futures Trading Commission Chairman J. Christopher Giancarlo released a white paper addressing the regulation of cross-border swaps. The white paper, titled “Cross-Border Swaps Regulation Version 2.0: A Risk-Based Approach with Deference to Comparable Non-U.S. Regulation,” sets forth various proposed changes to the CFTC’s current cross-border approach.

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On May 21, the Commodity Futures Trading Commission released a staff advisory that provides guidance to designated contract markets (DCMs) and swap execution facilities (SEFs) that plan to list virtual currency derivatives for trading and clearing organizations (DCOs) intending to clear virtual currency derivatives. The advisory notes that the CFTC’s recommendations are informed by the unique characteristics of virtual currencies that make obtaining information about the spot market difficult, including the fact that the commercial uses for virtual currencies are less developed than the commercial uses of other products underlying derivatives, and there is less price verification. The advisory addresses the need for enhanced market surveillance, coordination and communication with CFTC staff, large trading reporting, outreach to relevant stakeholders and risk management of DCOs.
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On January 9, the Commodity Futures Trading Commission announced it had unanimously approved final rules that update Parts 3 (Registration) and 9 (Review of Exchange Disciplinary, Access Denial or Other Adverse Actions). These updates integrate existing advisory guidance, incorporate swap execution facilities, and update provisions currently applicable to designated contract markets. The CFTC also approved

On December 8, in response to a request by the European Commission (EC), the Commodity Futures Trading Commission issued an order exempting certain multilateral trading facilities (MTFs) and organized trading facilities (OTFs) authorized within the European Union (EU) from the requirement to register with the CFTC as swap execution facilities (SEFs).
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As contemplated by announcements last month, the European Commission (EC) and the Commodity Futures Trading Commission (CFTC) took action this week to implement mutual recognition of derivatives trading venues in advance of the January 3, 2018 compliance date for the Markets in Financial Instruments Directive (MiFID II) requirement that the most liquid derivative instruments that are subject to mandatory clearing must be traded on regulated trading venues.
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