A number of trade associations jointly submitted a letter to the CFTC's Director of the Division of Swap Dealer and Intermediary Oversight requesting that the Division grant relief to permit sponsors of registered investment companies and privately offered investment funds to net certain uncleared swaps held by a fund when applying the net notional test in amended CFTC Rules 4.5 or 4.13(a)(3). Specifically, the associations request that a fund be permitted to net uncleared swaps for purposes of the net notional test, provided that: (1) the termination dates of offsetting swaps are the same
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The Institute of International Bankers ("IIB") has published a comment letter in which it offers suggestions across three key topics: (i) the aggregation rule, (ii) the “U.S. person” definition, and (iii) matters relating to the transition from the Final Order. In the letter, the IIB states that it supports the CFTC's adoption of a modified version of the Final Exemptive Order Regarding Compliance with Certain Swap Regulations (78 FR 858), which it believes addresses two key elements of the Title VII regulatory regime: the aggregation of affiliates' swaps for purposes of the de minimis
Futures Industry Association Principal Traders Group ("FIA PTG") Chair Rob Creamer stated that FIA PTG will carefully review the CFTC's proposed rules on automated trading and analyze their potential implications. He said that FIA PTG will pay "particularly close attention" to the issue of access to proprietary algorithms and the intellectual property concerns raised by Commissioner Christopher Giancarlo. In a statement released following the CFTC's open meeting held November 24th, Mr. Creamer said: "the Commissioners have emphasized a data-driven approach and have referenced standards that
SIFMA AMG and IAA asked the CFTC to permit foreign intermediaries to enter into uncleared swaps on behalf of non-U.S. customers without being required to register with the CFTC.
The Futures Industry Association Principal Traders Group urged the CFTC to "protect innovation in markets" in its proposed regulation on automated trading by limiting access to algorithmic source code.