On May 1st, the CFTC's Division of Swap Dealer and Intermediary Oversight issued a no-action letter that provides SDs and MSPs with relief from certain disclosure requirements prescribed under Commission Regulation 23.431 for certain transactions in foreign exchange swaps and foreign exchange forwards. The relief allows SDs and MSPs, under certain circumstances, to enter into certain foreign exchange swaps and foreign exchange futures transactions without disclosing a pre-trade mid-market to non-SD or non-MSP counterparties. CFTC Letter No. 13-12.