The proposed CFTC amendments to Rules Part 36 ("Trade Execution Requirement"), Part 37 ("Swap Execution Facilities") and Part 43 ("Real-Time Public Reporting") were published in the Federal Register. Comments must be submitted by April 20, 2020.

As previously covered, the proposed amendments would, among other things:

  • permit swap components of certain categories under "package transactions" to be carried out on swap execution facilities ("SEFs") through "flexible means of execution" rather than "required methods" (see CFTC Letter 17-55);
  • establish a "principles-based" approach for SEF error trade policies to allow for methods of execution other than those currently permitted under CFTC rules (see CFTC Letter 17-27); and
  • amend the definition of "block trade" to permit non-order book methods of execution to execute on SEF block trades (see CFTC Letter 17-60).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.