Release Number 6732-13

September 30, 2013

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief Regarding the Treatment of Swap Transactions by Persons Engaging in Floor Trader Activities, for Purposes of Making Calculations Under the Swap Dealer Definition

Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited no-action letter that provides relief for persons engaging in floor trader activities.

The relief provided in the letter expires on November 1, 2013. During that limited time period, DSIO will not recommend that the Commission take an enforcement action against an entity for failure to include, in its calculation of the aggregate gross notional amount of swaps connected with its swap dealing activity for purposes of Commission Regulation 1.3(ggg)(4), a swap that is submitted for clearing to a registered derivatives clearing organization, provided that: (1) the entity does not have a registered swap dealer affiliate; (2) the entity entered into the swap using proprietary funds for its own account; and (3) the entity complies with the requirements set forth in Commission Regulations 1.3(ggg)(6)(iv)(D)-(H).

The time-limited relief provided in the no-action letter extends the time-limited relief previously provided by DSIO in CFTC Letter No. 13-37, which was issued on June 27, 2013, and in CFTC Letter No. 12-60, which was issued on December 19, 2012.



Last Updated: September 30, 2013