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CFTC establishes trade execution phase-in timeline for package transactions
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Derivatives
Wednesday, May 7, 2014
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The Commodity Futures Trading Commission announced further implementation of Dodd-Frank’s trade execution requirement for certain interest rate and credit default swaps. Beginning May 16, market participants executing swaps subject to the trade execution requirement that are part of a so-called “package transaction” must be traded on a swap execution facility or designated contract market under a phased compliance timeline. The agency had previously provided no-action relief for certain swaps that otherwise were required to be traded on a SEF or DCM if those swaps were part of a package transaction.
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