The Commodity Futures Trading Commission’s (CFTC or Commission) Divisions of Market Oversight (DMO) and Clearing and Risk (DCR) announced today further implementation of the trade execution requirement for certain interest rate and credit default swaps. Beginning May 16, 2014, market participants executing swaps subject to the trade execution requirement that are part of a so-called “package transaction” must be traded on a Swap Execution Facility (SEF) or Designated Contract Market (DCM), pursuant to a phased compliance timeline. DMO previously provided no-action relief for certain swaps that otherwise were required to be traded on a SEF or DCM to the extent that those swaps were part of a package transaction.
More information via press release: http://www.cftc.gov/PressRoom/PressReleases/pr6918-14
