Page 514 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

or dealer to at least a 15-second delay between the entry of the orders. tpSef failed to
comply with this requirement and failed to enforce its own rule related to the

15-second delay requirement.

The order requires tpSEF to cease and desist from violating the CFTC time delay

regulation, pay a $850,000 civil monetary penalty, and to comply with undertakings

requiring tpSEF to review all transactions on the SEF from August 2020 to the present

for compliance with the SEF’s own rule related to the 15-second delay requirement,

and review its policies and procedures designed to deter and detect future violations

of that rule. The order further requires tpSEF to report its findings to the CFTC within

180 days of the date of the order.

“The CFTC’s time delay requirement is important to ensure a competitive

regime on swap execution facilities, and the CFTC will act to ensure that registered
entities comply with CFTC regulations and their own rules,” said Division of

Enforcement Acting Director Gretchen Lowe.

Case Background

The order finds that tpSEF provides execution services across a full range of

asset classes, including interest rate swaps and credit default swaps. The majority of

swaps executed on tpSEF involve transactions in which a broker or dealer executes

two customers’ orders against each other. According to the order, from October 2016

to July 2020, tpSEF permitted execution of 301 swap transactions that did not comply

with the requirement of a 15-second delay between the entry of each side of the

transaction as required under CFTC regulations and tpSEF’s rulebook. As a

self-regulatory organization, tpSEF has oversight obligations for conduct on the SEF

and is required to enforce its rules. tpSEF, however, failed to enforce compliance with

the CFTC’s regulation as well as its own rule in connection with the requirement that
orders for these required transactions be subject to at least a 15-second delay.

https://www.cftc.gov/PressRoom/PressReleases/8601-22

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