CFTC Proposes Revised Rules for SEFs, Requests Comment on Post-Trade Name Give-up, and Retains $8b Swap Dealer <em>De Minimis</em> Threshold

CFTC Proposes Revised Rules for SEFs, Requests Comment on Post-Trade Name Give-up, and Retains $8b Swap Dealer De Minimis Threshold


By: William J. Breslin, Darren A. Littlejohn, Robert M. McLaughlin, David S. Mitchell, Victoria T. Mazgalev

On November 5, 2018, the Commodity Futures Trading Commission (“CFTC” or “Commission”) held its first meeting with a full roster of commissioners since May 2013. At the meeting, the Commission (1) proposed a significant overhaul of the rules governing swap execution facilities (“SEFs”), including the trade execution requirement; (2) requested public comment on whether it should prohibit the practice of identifying counterparties to cleared SEF swap trades after such trades have been executed; and (3) voted in favor of permanently retaining the current $8 billion de minimis threshold for swap dealer registration, which was otherwise scheduled to drop to $3 billion on January 1, 2020.

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