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ARTICLE · 24 MAY 2013

CFTC Staff Finalizes Guidance On Anti-Disruptive Trading Practices

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The Commodity Futures Trading Commission has issued final interpretive guidance on prohibitions on certain disruptive trading practices added by the Dodd-Frank Act.

United StatesFinance and Banking
Paul M. Architzel
Paul M. Architzel
Gail Bernstein
Gail Bernstein
Mahlet Ayalew
Mahlet Ayalew
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The Commodity Futures Trading Commission (CFTC or Commission) has issued final interpretive guidance1 (Guidance) on prohibitions on certain disruptive trading practices added by the Dodd-Frank Act.2 The Guidance is applicable to all persons who trade on futures markets or on the coming swap execution facilities (SEFs). In particular, persons trading on these facilities should be aware that certain trading practice prohibitions may be violated without a finding of intent.

What are the New Trading Prohibitions?

New Section 4c(a)(5) of the Commodity Exchange Act (Act) makes it unlawful for any person to engage in any trading, practice, or conduct on or subject to the rules of a registered entity that:

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