Today, the U.S. Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (DMO) and the Division of Clearing and Risk (together, the Divisions) issued a no-action letter providing time-limited relief to swap execution facilities (SEFs) and designated contract markets (DCMs) from Commission regulations to allow trades voided as a result of clerical or operational errors or errors discovered after a trade has been cleared to be corrected (Error-Trade No-Action Letter). Separately, DMO issued a no-action letter providing relief to SEFs from certain requirements concerning trade confirmations required from SEFs for non-cleared swaps (Confirmation No-Action Letter). The no-action letters, described in more detail below, are intended to support the development of SEFs and the trading of swaps on SEFs and DCMs.
More information via press release: http://www.cftc.gov/PressRoom/PressReleases/pr7158-15
