MFA Submits Request to CFTC for No-Action Relief from Trade Execution Requirement for Package Transactions

MFA submitted a request to the CFTC for no-action relief for the three categories of package transactions described in Letter 14-62 for which relief from the CFTC's trade execution requirement on swap execution facilities ("SEFs") expires on November 15, 2014 ("Package Transactions").

Specifically, MFA requested no-action relief that would permit each swap component of a Package Transaction that has been "made available to trade" and is subject to the trade execution requirement, to be executed off-SEF, albeit subject to the rules of an SEF.

MFA seeks time-limited no-action relief from the trade execution requirement for Package Transactions until February 15, 2015, in order to "allow market participants a reasonable period of time to implement the proposed new execution paradigm."

See: MFA Request for Relief. Related news: CFTC Provides No-Action Relief for "Package Transactions" (CFTC Letter 14-62) (with Patel Comment) (May 1, 2014).