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

Client memorandum | December 4, 2018

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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