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Tuesday, June 26, 2012

CFTC Approves Proposed Rule on Block Sizes Requirements

The CFTC is requesting comments on an approved Notice of Proposed Rulemaking which re-proposes adding certain provisions to Part 43 of the CFTC's Regulations pertaining to block trades in swap contracts.

The provisions contained in the proposed rulemaking would:
  • Prohibit the aggregation of orders for different trading accounts in order to satisfy the minimum block size or cap size requirements, except for orders aggregated by certain commodity trading advisors, investment advisers and foreign persons, if such qualifying persons have more than $25 million in total assets under management; 
  •  Provide that parties to a block trade must individually qualify as eligible contract participants, except where a designated contract market allows certain commodity trading advisors, investment advisers and foreign persons to transact block trades for customers who are not eligible contract participants; and 
  • Require that persons transacting block trades on behalf of customers must receive prior written instructions or consent from the customer.
Comments will be accepted for 30 days after publication in the Federal Register.

Read more.

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