CFTC Order Extends Application Of Current De Minimis Threshold Until December 2019

Last week the Commodity Futures Trading Commission ("CFTC") issued an order (the "De Minimis Order")¹ that pushes back by one year the date on which the CFTC may lower its swap dealer de minimis threshold, the amount of swap dealing activity in a 12-month period that may require a swap market participant to register as a swap dealer. The De Minimis Order has the effect of preserving the de minimis threshold at its current level, $8 billion in aggregate gross notional amount, until December 31, 2019. The order means that, at least until the end of 2019, no swap dealing entities will likely be required to register as regulated swap dealers on the basis of dealing activity of less than $8 billion in notional amount over a 12-month period.