SEF Registration

SEF Registration Requirements and Core Principle Rulemaking, Interpretation & Guidance

The Commission has issued proposed rules to implement the SEF Registration Requirements and Core Principle rules, Interpretations, and Guidance under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Additional information regarding SEF Registration Requirements and Core Principle Rulemaking, Interpretation & Guidance is provided below, including factsheets for each proposed rule, and details of meetings held between CFTC staff and outside parties.

Related Federal Register Releases

Final Rule: 86 FR 9224 // PDF Version
02/11/2021
17 CFR Part 37
Swap Execution Facilities
Effective Date: Wednesday, May 12, 2021

See also:

83 FR 61946,  11/30/2018 // PDF Version
17 CFR Parts 9, 36, 37, 38, 39, and 43
Swap Execution Facilities and Trade Execution Requirement

84 FR 3350,  2/12/2019 // PDF Version
17 CFR Parts 9, 36, 37, 38, 39, and 43
Swap Execution Facilities and Trade Execution Requirement

Proposed Rule: 85 FR 9407 // PDF Version
2/19/2020
17 CFR Parts 36, 37, and 43
Swap Execution Facility Requirements and Real-Time Reporting Requirements
Comment File – Closing Date: 4/20/2020

Proposed Rule: 84 FR 72262 // PDF Version
12/31/2019
17 CFR Chapter 37
Post-Trade Name Give-Up on Swap Execution Facilities
Comment File - Closing Date: 3/2/2020

See also:

83 FR 61571, 11/30/2018  //  PDF Version  
17 CFR Chapter I Post-Trade Name Give-Up on Swap Execution Facilities

84 FR 3350, 2/12/2019  //  PDF Version
17 CFR Chapter I Post-Trade Name Give-Up on Swap Execution Facilities

Proposed Rule:  84 FR 3350 // PDF Version
02/12/2019
17 CFR Parts 9, 36, 37, 38, 39, and 43
Swap Execution Facilities and Trade Execution Requirement
Extension of comment period
Comment File - Closing Date: 03/15/2019

See also:

83 FR 61946 // PDF Version
11/30/18
17 CFR Parts 9, 36, 37, 38, 39, and 43
Swap Execution Facilities and Trade Execution Requirement

Final Rule: 78 FR 36606 // PDF Version
6/04/2013
17 CFR Parts 37 and 38
Process for a Designated Contract Market or Swap Execution Facility To Make a Swap Available to Trade, Swap Transaction Compliance and Implementation Schedule, and Trade Execution Requirement Under the Commodity Exchange Act
Effective Date: Monday, August 05, 2013

Final Rule: 78 FR 33476 // PDF Version
06/04/2013
17 CFR Part 37
Core Principles and Other Requirements for Swap Execution Facilities
Effective Date: Monday, August 05, 2013

See also:

78 FR 47154 // PDF Version
8/05/2013
17 CFR Part 37
Correction:  Core Principles and Other Requirements for Swap Execution Facilities; Correction

Proposed Rule: 76 FR 77728 // PDF Version
12/14/2011
17 CFR Parts 37 and 38 Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade under Section 2(h)(8) of the Commodity Exchange Act
Comment File -  Closing Date: 2/13/2012

Proposed Rule: 76 FR 58186 // PDF Version
9/20/2011
17 CFR Parts 37, 38, and 39 Swap Transaction Compliance and Implementation Schedule: Clearing and Trade Execution Requirements under Section 2(h) of the CEA
Comment File - Closing Date: 11/4/2011

Proposed Rule: 76 FR 1214 // PDF Version
1/7/2011
17 CFR Part 37 Core Principles and Other Requirements for Swap Execution Facilities
Comment File - Extended Date: 6/3/2011

Additional Information

Fact Sheet:  Notice of Proposed Rulemaking on Swap Execution Facilities and the Trade Execution Requirement

Event:  CFTC to Hold an Open Commission Meeting on November 5

Fact Sheet: Final Rulemaking Regarding Core Principles and Other Requirements for Swap Execution Facilities

Questions & Answers: Core Principles and Other Requirements for Swap Execution Facilities

Event: CFTC to Hold Open Meeting to Consider Trade Execution Rules; Anti-Disruptive Trading Practices Guidance

Fact Sheet: Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade under Section 2(h)(8) of the Commodity Exchange Act

Q&A: Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade under Section 2(h)(8) of the Commodity Exchange Act

Event: Open Meeting to Consider Two Final Rules and One Proposal

Fact Sheet: Proposed Rule on Core Principles and Other Requirements for Swap Execution Facilities

Q&A: Core Principles and Other Requirements for Swap Execution Facilities

Event: Open Meeting on Eighth Series of Proposed Rules under the Dodd-Frank Act

Date
SUBMISSION
05/16/2013
Transcript: Open Meeting on the 29th Series of Rulemakings Under the Dodd-Frank Act PDF Image
CFTC
03/01/2013
SIFMA Asset Management Group_2064 PDF Image
From External Meeting on 3/1/2013
01/31/2013
Transcript: Public Roundtable to Discuss Futurization of Swaps PDF Image
CFTC
01/17/2013
Additional ex parte comment_2007 PDF Image
From External Meeting on 1/17/2013
07/16/2012
INFX SEF Meeting Agenda and diagram_1781 PDF Image
From External Meeting on 7/16/2012
05/14/2012
SEF Cost Summary_1659 PDF Image
From External Meeting on 5/14/2012
03/14/2012
Evercore 2012 Boca Dinner Attendees_1440 PDF Image
From External Meeting on 3/14/2012
03/12/2012
AFR March 12 2012 Meeting Agenda_1433 PDF Image
From External Meeting on 3/12/2012
03/12/2012
AFR March 12 2012 Handout 2012_03_16_12_03_16_1433 PDF Image
From External Meeting on 3/12/2012
12/05/2011
Transcript: Open Meeting on Two Final Rule Proposals Under the Dodd-Frank Wall Street Reform and Consumer Protection Act PDF Image
CFTC
05/26/2011
Discussion Points for Meeting with CFTC Chairman Gensler PDF Image
FXall, From External Meeting on 5/26/2011
05/19/2011
Re: OTC Derivative Market Integrity & Real-time Trade Processing Requirements for Processing, Clearing, and Transfer of Customer Positions PDF Image
Swaps & Derivatives Market Association, From External Meeting on 5/19/2011
05/19/2011
Re: RIN No. 3038-AC98: Notice of Proposed Rulemaking on Requirements for Processing, Clearing, and Transfer of Customer Positions PDF Image
Managed Funds Association, From External Meeting on 5/19/2011
05/19/2011
OTC Derivative Implementation Discussion Points PDF Image
Javelin, From External Meeting on 5/19/2011
04/05/2011
Swap and Security-Based Swap Execution Facilities; File Number $7-06-11; R1N Number 3038-AD18; RIN Number 3038-AD26; R1N Number 3038-AD25 PDF Image
Colin D Lloyd
02/21/2011
Introducing ODEX PDF Image
Raymond May
02/04/2011
Barclays Capital comment letter on the phase-in of clearing, execution and reporting requirements for swaps and security based swaps mandated by the Dodd Frank Act PDF Image
Dmitry Binkevich, Barclays Capital
12/16/2010
Transcript of Open Meeting on the Eighth Series of Proposed Rulemakings Under the Dodd-Frank Act PDF Image
CFTC
12/15/2010
Comment Letter re: SEFs and the trade execution requirements of Dodd-Frank PDF Image
Bert Fuqua
12/15/2010
Comments regarding the definition, structure and core principles of a SEF and the PDF Image
Brad Flaster
12/07/2010
Comment Letter - Registration Requirement for "Processing of Swaps" PDF Image
Raymond J. Dorado
12/06/2010
Tradeweb Comment Letter re SEFs for the Pre-Comment Period PDF Image
Douglass Friedman
12/06/2010
Blackbird Interactive Trading Overview PDF Image
Blackbird Holdings
12/06/2010
Blackbird Presentation Materials 12-06-10_378 PDF Image
Blackbird, From External Meeting on 12/6/2010
12/02/2010
Self-Regulation and Swap Execution Facilities PDF Image
Julian Harding
11/24/2010
Re: Swap Execution Facility (SEF) Registration Requirements PDF Image
State Street
11/24/2010
SEF Letter PDF Image
SIFMA
11/19/2010
WMBAA Letter to the Honorable Gary Gensler and the Honorable Mary Schapiro 11-19-10 PDF Image
Julian Harding
11/19/2010
Rulemakings for Swap Execution Facilities Under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act PDF Image
Michael Sweeney
11/04/2010
Re: The Definition of Swap Execution Facility in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (File No. S7-16-10) PDF Image
Morgan Stanley
10/28/2010
Letter re Swap and Security-Based Swap Execution Facilities PDF Image
Cleary Gottlieb Steen and Hamilton LLP
10/25/2010
Letter re Swap and Security-Based Swap Execution Facilities PDF Image
Cleary Gottlieb Steen & Hamilton LLP
10/22/2010
Swap Execution Facilities (SEFs) PDF Image
Melrose PLC
10/20/2010
Re: Regulatory rule writing regarding Sec 727 and Sec 763 entitled ?Public reporting of Swap Transaction Data? and with specific regard to Block Trade exemptions. PDF Image
Javelin Capital Markets
10/19/2010
Swap Execution Facility (SEF) discussion PDF Image
BlackRock
10/19/2010
(10-19-10) Presentation Materials - BlackRock_182 PDF Image
BlackRock, From External Meeting on 10/19/2010
10/15/2010
Re: Definition of Swap Execution Facility PDF Image
FXall
10/13/2010
Potential Questions PDF Image
Financial Services Forum
10/13/2010
Potential_questions.10.8.10_189 PDF Image
Financial Services Forum, From External Meeting on 10/13/2010
10/06/2010
Javelin: Presentation to the CFTC PDF Image
Javelin
10/06/2010
(10-06-10) Presentation Materials - Javelin_140 PDF Image
Javelin, From External Meeting on 10/6/2010
10/05/2010
Bloomberg's Trading Options PDF Image
Bloomberg
10/05/2010
(10-04-10) Presentation Materials - Bloomberg_148 PDF Image
Bloomberg, From External Meeting on 10/5/2010
10/01/2010
Re: Statutory Analysis of the Definition of ?Swap Execution Facility? and the Trading Determination PDF Image
ISDA
09/28/2010
Discussion with the CFTC; Execution Requirement and Swap Execution Facilities PDF Image
Goldman Sachs
09/28/2010
Discussion with the CFTC - Execution Requirement and Swap Execution Facilities PDF Image
Goldman Sachs Group, Inc., From External Meeting on 9/28/2010
09/22/2010
SEF Registration Requirements and Core Principle Rulemaking, Interpretation & Guidance PDF Image
Mark D. Young - Skadden, Arps, Slate, Meagher & Flom LLP -
09/22/2010
Re: Comments on Swap Execution Facility Issues PDF Image
Bloomberg
09/16/2010
Delegate List - 2010 ISDA Regional Conference PDF Image
Delegate List - 2010 ISDA Regional Conference
09/16/2010
ISDA 2010 Regional Conference Participants_19 PDF Image
ISDA, From External Meeting on 9/16/2010
09/15/2010
Transcript of Joint SEC/CFTC Roundtable to Discuss Swap Execution Facilities and Security-Based Swap Execution Facilities PDF Image
CFTC
09/09/2010
Discussion on Bloomberg's interest in registering as a Swaps Execution Facility PDF Image
Bloomberg
09/09/2010
(September 9, 2010) Presentation Materials PDF Image
SurfacExchange
09/07/2010
Regulation of Derivatives Trading - Presentation Materials - Sep 07 Team XIII Meeting PDF Image
Tradeweb
09/07/2010
OTC Derivatives: Electronic Trading Solutions - Presentation Materials - Sep 07 Team XIII Meeting PDF Image
MarketAxess
09/01/2010
Argus Oil Market Regulation Summit 2010 PDF Image
Argus
09/01/2010
dmb argus_72 PDF Image
Argus Oil Market Regulation Summit 2010
08/31/2010
Possible Role for NFA as a Utility for Swap Transactions - August 31st Meeting PDF Image
NFA
08/24/2010
CFTC Presentation re: SEFs PDF Image
MarkitSERV
08/24/2010
TABB Group SEF Submission PDF Image
Tabb Group
08/23/2010
SEF Functionalities Under DFA PDF Image
MarkitSERV
08/05/2010
Derivatives Market Structure Changes PDF Image
BlackRock
08/03/2010
Title VII Rulemakings PDF Image
SEC/CFTC and ISDA/SIFMA
07/29/2010
Proposed Core Principles for Swap Execution Facilities PDF Image
WMBA
07/23/2010
What is SEF stands for? PDF Image
Hao Ying