GFMA Submits Comments to the CFTC Requesting Time-Limited Relief Relating to SEF's and Reporting
25 September 2013
The Global Foreign Exchange Division (GFXD) of GFMA provides comments to the Commodity Futures Trading Commission (CFTC) request time-limited relief certain provisions of CFTC regulations: (1) Part 37 relating to swap execution facilities (SEFs); (2) Part 43 (real-time reporting); or (3) Part 45 (trade reporting) – in each case, as may be applicable to the trading of FX products on these platforms solely in connection with FX products which are not currently subject to a clearing requirement so long as such entity complies with an alternative compliance schedule.
GFMA supports continued discussions between the CFTC and swaps market participants on the best manner to timely effect the migration of swaps trading activity from existing venues to regulated SEF platforms. However, in light of the fast approaching compliance date and the many technological, operational and legal hurdles that still need to be overcome within this short timeframe, we believe time-limited relief is warranted.
SIFMA AMG Submits Comments to the CFTC Requesting Relief Relating to SEF Implementation and Swap Trade Execution (23 September 2013)