On April 29, 2013, the CFTC’s Division of Clear-ing and Risk published an interpretative letter concerning the applicability of the term “executing firm” set forth in CFTC Reg. 1.73(a)(2)(iv) to introducing brokers. In particular, the Di-vision clarified that, in this context, the term “executing firm” refers to IBs or FCMs that exe-cute orders for customers. The Division further clarified that an FCM that merely provides an executing firm with access to a market, as op-posed to acting as the clearing FCM, is not obli-gated under Reg. 1.73 to conduct the required or-der screening of the executing firm’s customers. Rather, only the clearing firm would be required to conduct such screening. The interpretative let-ter is available here.