Release Number 6845-14

January 31, 2014

CFTC’s Division of Market Oversight to Host Public Roundtable Regarding the Trade Execution Requirement and Package Transactions

Washington, DC — The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) will hold a public roundtable on February 12, 2014, from 9:00 a.m. to 12:30 p.m., to discuss the application of the Commodity Exchange Act’s (CEA) trade execution requirement to so-called “package transactions.”

In announcing the trade execution requirement for certain interest rate swaps on January 16, 2014, the Division clarified that the inclusion of a swap subject to the trade execution requirement in a multi-legged transaction would not per se relieve market participants of the obligation to trade such swap through a DCM or SEF.

The roundtable will discuss the following items with respect to transactions involving at least one swap subject to the trade execution requirement: 1) the definition of package transactions; 2) whether such transactions pose challenges in clearing or execution that are distinct from those applicable to the clearing or execution of stand-alone swaps subject to the trade execution requirement; and 3) potential solutions for trading package transactions on or pursuant to the rules of a DCM or SEF.

The roundtable will be held in the Conference Center at the CFTC’s headquarters at Three Lafayette Centre, 1155 21st Street, N.W., Washington, D.C. The roundtable discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone and should be prepared to provide their first name, last name and affiliation.

Listening Information: The CFTC has made available the following options to access the meeting:

 

Call in to a toll-free telephone line to connect to a listen-only audio feed. Call-in participants should be prepared to provide their first name, last name, and affiliation.

Domestic Toll Free: 1-866-844-9416

International Toll and Toll Free: International Dial-In Numbers

Pass Code/Pin Code: CFTC

Agenda for the Public Roundtable Discussion:

9:00 a.m.

Introduction

Session 1

Scope of Package Transactions

Session 2

Challenges with Clearing Package Transactions and Package Transaction Workflow

Session 3

Methods of Execution for Package Transactions and Other Package Transaction Issues

12:30 p.m.

Roundtable Concludes

Members of the public wishing to submit their views on the topics addressed at the roundtable may do so via:

  • Paper submission to Melissa Jurgens, Secretary, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, N.W., Washington, DC 20581; or
  • Comments may be submitted electronically through the CFTC’s Comments Online process. All comments will be posted on the CFTC’s website.

All submissions to the CFTC in either electronic form or on paper may be published on the Commission’s website without review or removal of personally identifying information.

Last Updated: February 10, 2014