Tag Archives: recordkeeping

Upcoming CFTC Roundtables: CPO Risk Management and End Users

By Andrew Cross and Tom Watterson We want to let everyone know about two upcoming CFTC Roundtables, the dates and topics are below. March 18th– Risk management procedures for CPOs, including managing investment risk, operational risk, and compliance or regulatory risk. April 3rd– Dodd-Frank issues for end-users of swaps, including recordkeeping under CFTC Rule 1.35, forward … Continue Reading

CFTC Provides Time Limited Relief to Oral Recordkeeping Requirements for CTAs — UPDATE to: One Consequence of Becoming a SEF Member – Increased Recordkeeping Requirements

By Andrew Cross and Tom Watterson In our November 1, post “One Consequence of Becoming a SEF Member – Increased Recordkeeping Requirements” we sought to raise awareness regarding increased recordkeeping requirements for SEF members under CFTC Rule 1.35(a). CFTC Rule 1.35(a) generally requires “members” of a SEF (or an exchange) to maintain oral records (i.e., … Continue Reading

One Consequence of Becoming a SEF Member – Increased Recordkeeping Requirements

We wanted to raise awareness on a point that has not received much attention to date: increased recordkeeping requirements for SEF members. At the outset, many SEFs use the term “participant” synonymously with “member.” So, if you are one of the many swap market participants who have received a “Participant Agreement” in the past month, then this … Continue Reading

The CFTC Staff Recommends that ELX Futures (and the NFA) Take a Closer Look at EFRPs.

By Tom Watterson The CFTC Division of Market Oversight (the “Division”) released a review of the rule enforcement of ELX Futures, L.P. ELX Futures, however, contracted with the NFA to perform certain market surveillance functions and the review included recommendations for the NFA. The Division recommended that the NFA take a closer look at Exchange … Continue Reading

Getting Ready for Dodd-Frank: A Checklist for Non-Swap Dealers and Non-Major Swap Participants

Checklist: Non-Swap Dealers / Non-MSPs Getting Ready For Dodd-Frank WHAT TO DO WHEN Obtain your LEI / CICI by going to www.ciciutility.org and following applicable instructions By April 10, 2013 Report all swaps for which you are the reporting counterparty, as required by Parts 43, 45 and 46 of the CFTC Rules Beginning on April 10, 2013 Maintain all records … Continue Reading

CFTC to hold Public Meeting on December 1st on Sixth Series of Proposed Rules

Reminder: Public Meeting December 1st WHAT: CFTC to hold Public Meeting on Sixth Series of Proposed Rules.  Topics  to be discussed Core principles and other requirements for designated contract markets; General regulations for derivatives clearing organizations; Information management requirements for derivatives clearing organizations; Reporting, recordkeeping and daily trading records requirements for swap dealers and major swap participants; … Continue Reading

A Q&A (UPDATED 10_15) with TSR about CFTC Interim Final Rule Part 44: Reporting Pre-enactment Swap Transactions

Here is what you need to know about the CFTC’s “Interim Final Rule for Pre-Enactment Swap Transactions”  –  by anticipation, we have included a question “SHOULD I PAY ANY ATTENTION TO THIS INTERIM RULE IF I AM AN END-USER COUNTERPARTY WHO HAS NO INTENTION OF BECOMING REGISTERED AS A SWAP DEALER OR MAJOR SWAP PARTICIPANT?” You know … Continue Reading