CFTC guidance means FIA-Isda contract 'no longer needed'

Execution agreements that have taken years of work cannot be used on Sefs - and a big change is needed if they are to survive at all

landfill and birds

Thousands of contracts drawn up as the over-the-counter derivatives market prepared for the shift to central clearing will need to be torn up or amended, lawyers and dealers say, following guidance from the Commodity Futures Trading Commission (CFTC).

In a letter published on November 14, the regulator barred market participants from using the contracts – which cover the breakage costs of a trade failing to clear – when using a swap execution facility (Sef). That could leave the contracts with a

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