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CFTC Adopts Final SEF, "Available to Trade" and Block Trade Rules - Implications for End-Users

by Sutherland Asbill Brennan LLP - Washington Office

July 5, 2013

Previously published on July 3, 2013

The Commodity Futures Trading Commission (CFTC) recently adopted three final rules pursuant to Title VII of the Dodd-Frank Wall Street Reform and Customer Protection Act that impact the manner in which end-users’ cleared swaps will be executed. These rules (i) set forth a regulatory framework for swap execution facilities (SEFs) (the SEF Final Rule), (ii) establish a process for a designated contract market (DCM), typically referred to as an exchange, or a SEF to make a swap that is subject to mandatory clearing and trade execution “available to trade” (the Available to Trade Final Rule), and (iii) establish a process for determining which large swap transactions can qualify as “block trades” (the Block Trade Final Rule). This Legal Alert provides a high-level summary of each of the three final rules as they relate to trading entities in the swap markets.


The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.

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