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Wednesday, December 26, 2012

Federal Register Update: CFTC Swaps-Record of Transaction Requirements

The CFTC has published in the Federal Register a final rule requiring futures commission merchants (FCMs), certain introducing brokers (IBs), retail foreign exchange dealers (RFEDs) and certain other registrants that are members of designated contract markets (DCMs) or swap execution facilities (SEFs) to record all oral communications provided or received concerning quotes, solicitations, bids, offers, instructions, trading, and prices, that lead to the execution of a transaction in a commodity interest, whether communicated by telephone, voicemail, mobile device, or other digital or electronic media, and to keep those records for one year.

The final rule also requires FCMs, IBs, RFEDs, and all members of a DCM or SEF to record and keep all written communications provided or received concerning quotes, solicitations, bids, offers, instructions, trading, and prices, that lead to the execution of a transaction in a commodity interest or related cash or forward transactions, whether communicated by telephone, voicemail, facsimile, instant messaging, chat rooms, electronic mail, mobile device, or other digital or electronic media, and to keep those written records for five years.

The final rule will be effective February 19.
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