On November 2nd, the U.S. Commodity Futures Trading Commission ("CFTC") extended no-action relief to Swap Execution Facilities ("SEFs") from the "occurs away" requirement in the definition of "block trade" under CFTC regulation Section 43.2. The definition of "block trade" includes publicly reportable swap transactions that occur, "away from the registered [SEF's] or [Designated Contract Market's] trading system or platform and is executed pursuant to the registered [SEF's] or [Designated Contract Market's] rules and procedures". CFTC Letter 15-60 extends no-action relief from the "occurs away" requirement through November 15, 2016. Press Release. CFTC Letter 15-60.
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