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CFTC issues amendment regarding large notional off-facility swaps

The Commodity Futures Trading Commission’s (CFTC) division of market oversight has issued an amendment to CFTC No-Action Letter No 13-48, which grants relief from the aggregation prohibition for certain commodity trading advisors (CTAs) and investment advisors (IAs) with respect to large notional off-facility swaps. 

The no-action letter provides that until 1 October 2013 at 11:59 pm EST, the division will not recommend that the Commission take enforcement action against CTAs and IAs that aggregate orders for the purpose of executing large notional off-facility swaps, provided they meet specified conditions.
The letter also grants relief from the aggregation prohibition aggregating orders for swaps that are not listed on a swap execution facility (SEF) or a designated contract market (DCM).
The amended letter acknowledges that while there are in fact DCMs that currently offer swaps, those offerings are fairly limited, and the division intends to maintain the no-action position as originally stated up until 1 October 2013.

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