CFTC Issues No-Action Relief from Dealer De Minimis Test for Swaps Entered into by Persons Registered as Floor Traders (CFTC Letter 13-80)

The CFTC Division of Swap Dealer and Intermediary Oversight issued a no-action letter providing additional relief from the aggregation requirement of CFTC Rule 1.3(ggg)(4)(i) and certain conditions under Rule 1.3(ggg)(6)(iv). The relief is intended to permit the execution of swaps by floor traders without requiring them or their affiliates to register as swap dealers by reason of exceeding the de minimis tests.

See: CFTC Letter 13-80.