CFTC Amends Letter 13-48 Regarding Block Reporting Exemption for Off-Exchange Swaps

The CFTC's Division of Market Oversight has issued an amendment to CFTC No-Action Letter No. 13-48, which grants relief from the aggregation prohibition in 43.6(h)(6) ("Block Trades of Large Notional Off-Facility Swaps") of the CFTC Rules for certain CTAs and IAs with respect to large notional off-facility swaps. The relief has an October 1 end date for swaps that are traded on a CFTC-regulated market and an indefinite extension for swaps not traded on a market. The letter emphasizes that the relief is only available where the aggregated swaps are executed in a single transaction.

See: Amended No-Action Letter.See also: CFTC No-Action Letter 13-48 Involving Relief from the Prohibition of Aggregation for Large Notional Off-Facility Swaps (July 30, 2013).