Federal Register: CFTC Sets Phase-in Termination Date for Swap Dealer Registration de Minimis Exception
The CFTC approved an order establishing December 31, 2018 as the termination date for the swap dealer ("SD") registration de minimis threshold phase-in, which will lower the threshold for registration from $8 billion to $3 billion (assuming no additional delay). The final order was published in the Federal Register.
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The CFTC approved an Order establishing December 31, 2018 as the termination date for the swap dealer registration de minimis threshold phase-in.
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University of Houston Finance Professor Pirrong argues that the swap de minimis threshold is "a classic analysis of inefficient law."
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CFTC Chair Timothy Massad will recommend a one-year delay of the swap de minimis threshold. The threshold will determine when an entity's swap-dealing activity triggers registration as a swap dealer.
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The Futures Industry Association Principal Traders Group criticized the CFTC for failing to address whether certain swaps should be excluded from an entity's de minimis calculation.
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Responding to the CFTC "Swap Dealer De Minimis Exception Preliminary Report," the Futures Industry Association Principal Traders Group stated that it hoped the findings will lead to the removal of barriers to entry to the SEF and DCM market and allow its members to "become active providers of liquidity in those markets."
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