CFTC Prohibits "Post-Trade Name Give-up"

By a unanimous vote, the CFTC adopted a rule prohibiting "post-trade name give-up" at swap execution facilities ("SEFs").

The final rule, which is substantially similar to the proposed rule, would add sub-paragraph (d) to Regulation 37.9 to prohibit "post-trade name give-up" practices for swaps that are anonymously executed on a SEF that are intended to be cleared ("ITBC"). Specifically, new Regulation 37.9(d) will prohibit a SEF from "directly or indirectly disclosing the identity of a counterparty to any such swap, and requires a SEF to establish and enforce rules that prohibit any person from doing so" (p. 4). The CFTC noted that the final rule includes an exception to the prohibition for package transactions with a component transaction that is something other than an ITBC swap.