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ARTICLE · 18 FEBRUARY 2014

Update On SEF Trading—CFTC Issues Relief From SEF Trading For Package Transactions

Jones Day
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As we mentioned in our January 2014 "Update on SEF Trading—Bunched Orders, Standby Clearing, and Allocation Agreements," the CFTC has been considering providing relief to the market from certain aspects of the mandatory swap execution facility trading requirement that becomes effective on February 15.

United StatesFinance and Banking
Joel Telpner
Joel Telpner
Jonathan Ching
Jonathan Ching
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As we mentioned in our January 2014 " Update on SEF Trading—Bunched Orders, Standby Clearing, and Allocation Agreements," the CFTC has been considering providing relief to the market from certain aspects of the mandatory swap execution facility ("SEF") trading requirement that becomes effective on February 15. In response to various concerns raised during the comment period to the "Made Available to Trade" ("MAT") process, the CFTC issued no-action letter 14-12 ("NAL 14-12") on February 10.

NAL 14-12 provides market participants with relief until May 15 from mandatory trading of certain swaps executed as part of "package transactions."

Definition of "Package Transaction"

For purposes of the relief, a "package transaction" is a transaction involving two or more instruments:

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