On May 2nd, the CFTC's Division of Swap Dealer and Intermediary Oversight issued a time-limited no-action letter that provides swap dealers ("SDs") and major swap participants ("MSPs") 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 applies only to transactions executed prior to September 1, 2013. CFTC Letter No. 13-13.