The Futures Industry Association Principal Traders Group ("FIA PTG") criticized the CFTC Final Staff Report on the Swap Dealer De Minimis Exception for failing to address whether certain swaps should be excluded from an entity's de minimis calculation.
FIA PTG stated:
It's disappointing that, after months of review, the staff report indicated that still more time is necessary to determine whether cleared swaps and/or those executed on a [Swap Execution Facility] or [Designated Contract Markets] should be excluded from an organization's de minimis calculation.
According to FIA PTG, such an exemption would "help reduce barriers that make it difficult for FIA PTG members to provide much-needed liquidity in these markets." FIA PTG argued that regulations must be established in order to achieve the G20's commitment to "central clearing and open, transparent trading of swaps in order to mitigate risk" instead of "simply attempting to achieve these objectives through [a] mandate."
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