Sef execution of package trades to be postponed

CFTC's Massad says no-action relief will be extended as market unprepared

CFTC chairman Timothy Massad

The Commodity Futures Trading Commission (CFTC) is to postpone the migration of the most complex package transactions into swap execution facility (Sef) trading after recognising that US swap market participants are not prepared to execute them on the trading venues.

Speaking at the Futures Industry Association conference in Chicago yesterday, CFTC chairman Timothy Massad announced that the November 15 deadline for the expiration of no-action relief allowing package trades to continue to trade

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