News & Analysis as of

Financial Markets Swap Execution Facilities

Cadwalader, Wickersham & Taft LLP

A Decade-Long Death of Footnote 195

Sometimes a small footnote (which technically is not even a part of the official Federal rule) may have an outsize impact on the rule itself. In 2013, subsequent to the enactment of the Dodd Frank Act of 2010, the Commodity...more

Jones Day

The CFTC Proposes Expansive Business and Governance Rules for Registered Derivatives Markets

Jones Day on

The Commodity Futures Trading Commission ("CFTC") recently proposed new and modified conflicts of interest, fitness, and governance regulations for swap execution facilities ("SEFs") and designated contract markets ("DCMs")....more

Cadwalader, Wickersham & Taft LLP

Expanding Regulatory Reach over Intermediaries That May Constitute Regulated Exchanges

In response to changes in business practices, regulations and laws eventually change, too.  During the past few years derivatives markets are witnessing this change as it applies to trading facilities as well as to entities...more

Cadwalader, Wickersham & Taft LLP

Live from FIA L&C: Redefining the Scope of a “Trading Facility”

This week, attendees at the FIA L&C conference are gathered in Washington, D.C., for the first time in three years to discuss several issues with significant potential impact on the markets. One such issue is redefining the...more

Polsinelli

Who Would Have Predicted It? Polymarket Settles for Operating Unregistered Swap Execution Facility

Polsinelli on

On January 3, 2022, the Commodity Futures Trading Commission (CFTC) announced an order against and settlement with Polymarket, a blockchain-enabled prediction market that allows users to “bet” on the occurrence of certain...more

Kramer Levin Naftalis & Frankel LLP

Decoding Derivatives – Q1 2021

Europcar Drives CDS Down a Familiar Path - When Europcar defaulted on its debt, buyers of approximately $100 million of credit default swap (CDS) protection expected significant payouts due to the anticipated low recovery on...more

Morgan Lewis

Final CFTC Rules Prohibit Post–Trade Name Give-Up for Swaps

Morgan Lewis on

The US Commodity Futures Trading Commission adopted final rules on June 25 prohibiting post–trade name give-up for anonymously executed and intended-to-be-cleared swaps effected on swap execution facilities....more

Cadwalader, Wickersham & Taft LLP

Swap Execution Facilities, the Sequel

The Commodity Futures Trading Commission (the “CFTC”) issued a release (the “SEF Proposing Release”) that would make significant revisions to the regulatory requirements that apply under Part 37 of the CFTC Rules (the...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

CFTC Approves Amendments to Rules on Intermediary Registration and Review of Adverse Actions - On January 9, 2018, the U.S. Commodity Futures Trading Commission (the "CFTC") approved final rules that update Parts 3 and 9...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC and European Commission Implement Common Approach on Certain Derivatives Trading Venues

Both U.S. and European Union (EU) law require that certain swaps and derivatives trades take place only on approved trading platforms. On October 13, 2017, Commodity Futures Trading Commission (CFTC or Commission) Chairman J....more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - Fee Rate Advisory #3 for Fiscal Year 2017 - On May 31, 2017, the Securities and Exchange Commission ("Commission") announced that starting July 4, 2017, the fee rates applicable to most...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Proposed Rules Addressing Application of Certain CEA Regulations to Cross-Border Transactions - On October 11, 2016, the U.S. Commodity Futures Trading Commission...more

Stinson - Corporate & Securities Law Blog

CFTC Supplemental Proposal Would Authorize Exchanges to Administer More Flexible Approach to Bona Fide Hedge Exemption to Position...

The CFTC has published a proposed supplement to its December 2013 proposed rule on position limits* that would, among other things, authorize designated contract markets and swap execution facilities (“exchanges”) to...more

K&L Gates LLP

A CFTC Potpourri

K&L Gates LLP on

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

Perkins Coie

3…The Number of Weeks in a Row for Bitcoin Related CFTC Guidance…CFTC Settles With Bitcoin SEF Over Wash Sales / Prearranged...

Perkins Coie on

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

Stinson - Corporate & Securities Law Blog

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

Perkins Coie

CFTC Brings First Enforcement Action Against Unregistered Bitcoin Options Trading Platform

Perkins Coie on

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

Cadwalader, Wickersham & Taft LLP

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

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