September 21, 2021

Volume XI, Number 264

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September 20, 2021

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Commodity Futures Trading Commission (CFTC) Requests Public Comment on Made Available to Trade (MAT) Filings by Javelin and trueEX

The Commodity Futures Trading Commission has requested public comment on determinations by Javelin SEF, LLC (Javelin) and trueEX, LLC (trueEX) to make certain interest rate swaps “available to trade.” Once those determinations become effective, market participants that are not eligible for the “end-user” exception in Section 2(h)(7) of the Commodity Exchange Act would only be able to trade swaps that have been made available to trade (MAT) on a swap execution facility or a designated contract market.

Javelin’s MAT filing covers a broad range of interest rate products, including fixed-to-floating and floating-to-floating swaps referencing US dollar London Interbank Offered Rate (LIBOR), British pound sterling LIBOR and Euro Interbank Offered Rate (EURIBOR). The tenors for such swaps range from 1 month to 51 years. 

In contrast, trueEX’s MAT filing covers a much narrower set of interest rate swaps, including fixed-to-floating par coupon and Standard Coupon Standard Maturity swaps referencing US dollar LIBOR. The tenors for such swaps are set at 2, 3, 5, 7, 10, 15, 20 and 30 years or 1, 2, 3, 5, 7, 10, 15, 20 and 30 years, respectively. 

Javelin and trueEX filed their respective MAT determinations as rule certifications subject to a 10-day review period. Pursuant to CFTC Regulation 40.6(c), the CFTC issued a 90-day stay on both MAT filings, which includes a 30-day public comment period for each filing. 

The comment period for Javelin’s filing closes on November 19, 2013; the comment period for trueEX’s filing closes on November 21, 2013. Comments may be submitted electronically through the CFTC’s website comment submission portal. 

Javelin’s MAT filing is available here

trueEX’s MAT filing is available here.

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume III, Number 298
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About this Author

Guy Dempsey Jr., Bank Regulations Legal Specialist, Katten Muchin
Partner

Guy C. Dempsey Jr. concentrates his practice on derivatives and structured products and on bank regulation. He advises clients on derivatives transactions of all types across all asset classes, as well as on the corporate governance, regulatory, collateral, compliance, insolvency and litigation issues associated with such products.

Much of Guy’s work involves helping bank and non-bank clients analyze the details and impact of the Dodd-Frank Act. He maintains deep knowledge of the banking laws and regulations relating to capital markets activities....

212-940-8593
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