FIA Seeks No-Action Relief from CFTC Part 46 Reporting Requirements

The Futures Industry Association ("FIA") submitted a letter to the CFTC's division of market oversight seeking limited relief from reporting requirements under CFTC Rules Part 46 ("Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps"). The relief would only apply to so-called "contingent" swaps, which are either immediately transformed into futures or terminated as if they had never existed. The relief requested would be available for trades occurring in the contingent EFS and EOO markets for CME Group Clearport and ICE contracts, and for energy swaps executed contingent upon being promptly submitted to and accepted for clearing as swaps by ICE Clear Europe. In the letter, FIA stated that, due to the contingent nature of the trades, CME Clearing and ICE Clear Europe already have relevant trade data that provides market transparency and is available to the CFTC for market surveillance purposes.

FIA further noted that, absent relief, "market participants are incurring (and will continue to incur) substantial costs to achieve a duplicative result that offers no discernible regulatory improvement over that existing trade data."

Click here to view letter in full (links externally to FIA website).