Page 25 - 期货和衍生品行业监管动态（2022年11月）

期货和衍生品行业监管动态

continue to assess the appropriate response for applying the trade execution
requirement to swaps in certain types of package transactions. This no-action position

will expire at 11:59 pm (ET) on the earlier of: (i) November 15, 2025, or (ii) the

applicable effective date or compliance date of a CFTC action, including without

limitation a rulemaking or order, that provides a permanent solution.

The summary of the no-action position provided, as explained below, is for

reference only.

Package Transaction Category No-Action Positions

MAT/Futures: At least one No-action position regarding

individual swap component is subject to Commodity Exchange Act (CEA) Section

the trade execution requirement and all 2(h)(8) for MAT/Futures Package

other components are contracts for the Transactions. Under this no-action

purchase or sale of a commodity for position, the swap components subject to
future delivery, i.e., futures the trade execution requirement are not

contracts. This category may include: required to be executed on a SEF or

DCM.
 MAT swap v. Treasury futures

No-action position regarding CFTC
 MAT swap v. Eurodollar futures
Regulation 37.9 and CEA Section 5(d)(9)

for MAT/Futures Package

Transactions. Under this no-action

position, a SEF or DCM may offer any

method of execution for the swap

components.

No-action position regarding CFTC

Regulation 37.3(a)(2) for MAT/Futures

Package Transactions.Under this
no-action position, a SEF may not offer

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