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    CFTC Proposes Rules on Derivative Position Limits and Swap Execution

    February 27, 2020

    CFTC approved a proposed rule on position limits for derivatives and a proposed rule amending requirements for certain Swap Execution Facilities and real-time reporting. Comments on the proposed rule on position limits for derivatives must be received before April 29, 2020. The proposed rule that amends the requirements for certain Swap Execution Facilities and real-time reporting has a comment period until April 20, 2020. CFTC also published a fact sheet on the proposed rule on position limits for derivatives.

    Proposed rule on Position Limits for Derivatives. CFTC is proposing amendments to regulations concerning speculative position limits to conform to the Dodd-Frank Act amendments to the Commodity Exchange Act. Among other amendments, CFTC proposed:

    • New and amended federal spot month limits for 25 physical commodity derivatives
    • New and amended definitions for use throughout the position limits regulations, including a revised definition of “bona fide hedging transactions or positions” and a new definition of “economically equivalent swaps”
    • Amended rules governing exchange-set limit levels and grants of exemptions therefrom
    • A new streamlined process for bona fide hedging recognitions for purposes of federal limits
    • New enumerated hedges
    • Amendments to certain regulatory provisions that would eliminate Form 204, enabling CFTC to leverage cash-market reporting submitted directly to the exchanges

    Proposed Rule on Amendments to Swap Execution Facility Requirements and Real-Time Reporting Requirements. CFTC proposed to amend certain parts of its regulations related to the execution of package transactions on swap execution facilities; the execution of block trades on swap execution facilities; and the resolution of error trades on swap execution facilities. These matters are currently the subject of relief in certain no-action letters from the CFTC staff.

     

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    Comment Due Date: April 29, 2020/April 20, 2020

    Keywords: Americas, US, Banking, Securities, Position Limits, Swap Execution Facility, Reporting, Hedging, Dodd-Frank Act, Derivatives, Swaps, CFTC

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