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On February 10, the Commodity Futures Trading Commission and the European Commission (EC) announced that they had reached an agreement on a harmonized approach to central clearing counterparties (CCPs). The agreement ensures that EU market participants will be able to continue to use CFTC-registered CCPs without incurring substantial capital changes.…
On January 15, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued CFTC letter 16-03 (“Letter”) providing a conditional, time-limited extension of the relief provided in CFTC Letter 13-41, issued on June 28, 2013, regarding the masking of certain identifying information required to be reported in connection with swaps required to be reported to a swaps data repository. The CFTC had previously authorized the masking of certain identifying information in response to concerns…
The Commodity Futures Trading Commission has authorized the National Futures Association (NFA) to receive, review, maintain and serve as the official custodian of records for notices of swap valuation disputes in excess of US $20 million (or its equivalent in other currencies) provided by swap dealers (SDs) and major swap participants (MSPs), pursuant to its Regulation 23.502(c ), effective March 1.…
On January 21, the Commodity Futures Trading Commission launched its Whistleblower Program’s new website, www.whistleblower.gov. The new website has a user-friendly interface to help educate the public regarding the Whistleblower Program, including whistleblower rights and protections, the process for filing a tip and applying for an award. Users also can submit tips on potential Commodity Exchange Act violations and apply for monetary awards on the website. To see the press release, click here.…
On August 28, the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange and Commodity Exchange, Inc. (Exchanges) notified the Commodity Futures Trading Commission that they have adopted a new Rule 575 to prohibit certain disruptive trading practices. Among other things, Rule 575 prohibits activity identified by the CFTC as “spoofing” (bidding or offering with intent to cancel before execution), “quote stuffing practices” (submitting or canceling bids or offers to overload the quotation…