A Decade-Long Death Of Footnote 195

Sometimes a small footnote (which technically is not even a part of the official Federal rule) may have an outsize impact on the rule itself. In 2013, subsequent to the enactment of the Dodd Frank Act of 2010, the Commodity Futures Trading Commission ("CFTC") had implemented its rules and guiding principles for swap execution facilities ("SEFs") – i.e., the platforms where swaps must be traded if they are available for execution between multiple trading participants. If a platform qualifies as a SEF, it must register with the CFTC and must meet a number of requirements, such as (i) limiting participation on SEFs to only eligible contract participants ("ECPs"), as defined in the Commodity Exchange Act, (ii) ensuring competitive execution of transaction either through a request for quote ("RFQ") or central limit order book ("CLOB") functionality, (iii) preventing fraud and manipulation on the SEFs, and (iv) facilitating clearing and reporting of transactions executed