The CFTC has announced that Bloomberg SEF’s available-to-trade determinations (MAT determinations) for certain interest rate swap (IRS) and credit default swap (CDS) contracts are now self-certified.
This self-certification involves only certain IRS and CDS contracts made available to trade via earlier determinations that were self-certified on 16 January, 22 January and 27 January 2014, respectively.
These determinations became effective on 15 February, 21 February and 26 February 2014 meaning that the CDS contracts and IRS contracts in this MAT determination, whether listed or offered by Bloomberg or any other SEF or designated contract market (DCM), are subject to the trade execution requirement under section 2(h)(8) of the Commodity Exchange Act.
All transactions involving swaps that are subject to the trade execution requirement must be executed through a DCM or a SEF. To the extent swaps subject to the trade execution requirement are executed on a SEF, they must be executed in accordance with the execution methods prescribed by CFTC regulations.