Packaged swaps get three-month Sef reprieve from CFTC

Mark Wetjen
Acting CFTC chair, Mark Wetjen

Swap packages made up of multiple legs were last night given an extra three months before they would have to be traded on swap execution facilities (Sefs), allowing the industry time to fix a problem that has become increasingly controversial as the February 15 deadline approaches. After that date, swaps subject to a made-available-to-trade (Mat) ruling from the Commodity Futures Trading Commission (CFTC) must trade on a Sef, but package swaps often include legs that are not subject to a Mat