TechFlow News: On May 14, the Market Surveillance Division and the Clearing and Risk Division of the U.S. Commodity Futures Trading Commission (CFTC) issued a “no-action” letter regarding swap data reporting and recordkeeping requirements for event contracts. Specifically, the two divisions stated that they would not recommend enforcement action by the CFTC against designated contract markets (DCMs), derivatives clearing organizations (DCOs), and their participants if such entities fail to report relevant data for fully collateralized event contract transactions to a swap data repository or fail to comply with certain swap recordkeeping requirements. This no-action position applies to all beneficiaries previously covered under similar no-action letters; entities seeking to list or clear similar contracts in the future may apply to be added to the list in the letter’s appendix.
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