CFTC Issues No-Action Relief to trueEx from the Requirement to Record Oral Communications (CFTC Letter 14-33)

The CFTC Division of Market Oversight ("DM") issued time-limited no-action relief to trueEX, a designed contract market ("DCM") and temporarily registered swap execution facility ("SEF") from the oral communication recordkeeping requirements of CFTC Rule 1.35(a) ("Records of Commodity, Interest and Related Cash or Forward Transactions").

The letter provides relief to the extent that such requirements apply to commodity trading advisors ("CTAs") that are members of trueEX’s designated contract market (“trueEX DCM”) in connection with the execution of swaps on the trueEX DCM. The relief will expire on May 1, 2014.

See: CFTC Letter 14-33.Related News: CFTC Issues No-Action Letter on Applicablity of Oral Recording Requirements for Certain Members of SEFs (CFTC Letter 13-77) (December 23, 2013); trueEX Certifies Available-to-Trade Determinations for Certain Interest Rate Swaps (with Lofchie Comment) (October 22, 2013); CFTC Seeks Public Comment on trueEX LLC Request for an Amended DCM Order to Allow Intermediated Trading on Its Platform (February 5, 2013).