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Abstract: 

In 2020, the CFTC made permanent and codified previously informal fixes to rules governing Swap Execution Facilities (“SEF”). In this article, after an introduction, the authors discuss these fixes, including: exemption from required trade execution; block trades away from SEF; error trades; and impartial access. They then turn to uncleared swap confirmations; the embargo rule; name give-ups; and three operational issues: audit trail data; financial resources; and the CCO position. They close noting that the SEC has finalized a package of rules for security-based swaps and that other rules regarding security-based SEFs have been proposed but are not yet final.

Keywords: CFTC SEF Framework; Block Trades; Error Trades; Uncleared Swap Confirmations; Name Give-Up

Affiliations:  1: Wilmer Cutler Pickering Hale; 2: Wilmer Cutler.