Page 14 - 期货和衍生品行业监管动态（2022年10月）

期货和衍生品行业监管动态

“Failing to register as required by the CEA impairs the CFTC’s ability to
monitor swap markets and threatens the integrity of the industry,” said Acting

Director of Enforcement Gretchen Lowe. “The Division of Enforcement will continue

to bring actions against firms that are operating unregistered swap execution facilities,

including those offering non-electronic methods of trading.”

Case Background

The order finds that from approximately September 2017, ARM operated an

unregistered SEF that provided clients the ability to execute swaps by accepting bids

and offers made by multiple participants on a trading system or platform in various

swap tenors and volumes. To communicate with clients and counterparties and

execute the swaps, ARM used various means of interstate commerce including phone,

instant messaging, and email.

During the relevant period, ARM often recommended that clients execute swap
transactions in which the underlying commodity was natural gas, natural gas liquids,

or crude oil. In a typical swap transaction, ARM received a request for swap pricing

from a client and then submitted the pricing request (and sometimes other terms) to

counterparties with whom the relevant client had an ISDA agreement. After potential

swap counterparties responded to ARM with a proposed price, ARM, if authorized by

the client, would approve or reject a price based on the client’s pre-approved

threshold, including by communicating “done” via chat or email. ARM would then

separately confirm the swap execution with the client. If ARM did not have authority

to execute the swap on behalf of the client, ARM would typically join the client on a

phone call with the relevant counterparty, during which ARM’s client would agree to

the terms.

https://www.cftc.gov/PressRoom/PressReleases/8596-22

3. 美国商品期货交易委员会命令威斯康星州公民和其公司因其未按规定注册为

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