On 10 March 2014, the CFTC confirmed the validity of the ‘made available to trade’ (MAT) determinations of Bloomberg SEF LLC made in January 2014. Pursuant to the Bloomberg MAT determinations, the following contracts became subject to the requirement that they be executed on a designated contract market (DCM) or swap execution facility (SEF):

More hard-lifting from ISDA as the association busies itself preparing yet more documentation to assist the industry’s efforts to comply with the Dodd-Frank Act.  This time it’s CFTC rule 23.701 which requires Swap Dealers (SDs) and Major Swap Counterparties (MSPs) to notify counterparties of their right to require the segregation of initial margin (IM) posted […]

The CFTC’s perennial underfunding problem just got worse. In a largely symbolic move, yesterday the White House proposed a 2015 budget for the agency of $280m., a shortfall of $35m. from its 2014 number. In contrast, the relatively well-funded SEC benefits from a small increase. Commissioner Bart Chilton was the first to respond in a […]

The CFTC’s Third Law of Motion was in evidence again yesterday as CFTC Acting Chairman Mark Wetjen and EU Commissioner Michel Barnier announced continued “progress” regarding the treatment of multilateral trading facilities (MTFs), as contemplated under the “Path Forward” statement published in July 2013. Under the Dodd-Frank Act, swap provisions (including the requirement to register […]

“Our dealings with the CFTC have been good over the last few weeks, better than before,” said an unnamed European official, commenting on a number of meetings between the EU and the CFTC. While referring to concerns over SEF-driven market fragmentation and extra-territorial fiat by footnote (513), the remarks are the latest indication that the […]

A short update on developments in the Footnote 513 Guidance case filed by ISDA, SIFMA and the IIB (the “Plaintiffs”) against the CFTC in early December 2013. A win for the Plaintiffs on the issue of cross-border guidance will render a large proportion of the CFTC’s rules and consequent enforcement actions open to substantive legal […]

In a speech whose title begins, as if actually imparting news, “We can do better..”  the Republican CFTC Commissioner Scott O’Malia focussed his critical attention on three main areas: data problems and progress, SEF’s and protecting end-users. Data Without investment in technology “major oversight functions will be severely impaired”. Improvements are being made in the […]

The CFTC announced yesterday that it has certified Tradeweb Markets’ Made Available to Trade (MAT) submission. This is the first determination to include credit default swaps and also triggers the trade execution requirements in respect of GBP IRS and some additional maturities for USD and EUR IRS. The new requirements are effective as of the […]

The CFTC yesterday announced that it has certified Javelin SEF’s Made Available to Trade Submission (“MAT” Submission) for USD and EUR interest rate swaps.  This is an important milestone for the $400trn swaps market, as it triggers mandatory trading on SEF’s. The MAT certification begins a 30-day countdown, after which the certified swaps must be […]