The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited no-action letter that provides swap dealers and major swap participants with relief from compliance with External Business Conduct Standards rules in connection with certain foreign exchange transactions that have a settlement cycle of no more than seven local business days.
The relief provided in the no-action letter is applicable to all swap dealers and major swap participants, subject to the conditions and limitations set forth in the letter. The relief provided in the no-action letter applies only to transactions executed prior to September 1, 2013.
