CFTC Extends Relief to SEFs and DCMs to Fix Trade Confirmation Errors (CFTC Letter 16-58)

The CFTC Division of Market Oversight and Division of Clearing and Risk (collectively, "the Divisions") extended no-action relief so that swap execution facilities ("SEFs") and designated contract markets ("DCMs") could correct trades that were rejected for clearing due to operational and clerical errors. The Divisions noted that they will continue to consider a permanent solution to these errors and will extend the no-action relief until this is achieved.

The relief is extended until the earlier of: (i) 11:59 p.m. (Eastern Time) June 15, 2017; or (ii) the effective date of revised CFTC regulations that establish a permanent relief.