Lawyers slam CFTC's "mindboggling" probe of EFS market it helped set up
Sometime around the turn of the year, the US Commodity Futures Trading Commission (CFTC) quietly started investigating the exchange of futures for swaps (EFS) market – in which over-the-counter swaps are executed bilaterally before being converted into cleared energy or metal futures contracts. A series of ‘special call’ notices were sent to major dealers, asking for information on trades dating back to at least the start of 2012, and – as a side-effect – baffling the recipients.
The notices
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