The CFTC Division of Market Oversight extended time-limited no-action relief to Swap Execution Facilities ("SEFs") from the requirement in CFTC Rule 43.2 that a swap block trade must occur "away from the registered [SEF's] . . . trading system or platform."
This action extends relief originally granted in CFTC Letters 14-118 and 15-60 and is subject to a series of conditions, as previously highlighted in the Cabinet's summary of CFTC Letter 15-60.
Commentary / Nihal Patel
As previously noted by Robert Zwirb, this is a case where the CFTC needs to revisit existing regulations to make sure they make practical sense when viewed as a whole.
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