CFTC No-Action Letter 13-48 Involving Relief from the Prohibition of Aggregation for Large Notional Off-Facility Swaps

The CFTC issued a time-limited (through October 1) no-action relief from the aggregation prohibition in § 43.6(h)(6) ("Block Trades and Large Notional Off-Facility Swaps") for certain CTAs and IAs with respect to large notional off-facility swaps where the swaps are listed on a facility. In addition, the no-action letter provided indefinite relief for aggregating swaps that are not listed or offered for trading on a SEF and DCM. The letter provided the CFTC's Division of Market Oversight's rationale for relief in both cases.

See: CFTC Letter 13-48; CFTC Press Release.