On April 23, 2015, the CFTC’s Division of Market Oversight issued guidance to SEFs concerning the calculation of projected operating costs for the purpose of complying with the financial resource requirements under SEF Core Principle 13 and CFTC Regulation 13.1303. This guidance follows two no-action letters providing relief for erroneous swap trades and swap trade confirmations issued on April 22, 2015. The guidance provides that the cost of variable commissions that a voice-based SEF might pay its employee-brokers does not need to be included in a SEF’s calculation of projected operating costs. However, any fixed salaries or compensation payable to the SEF’s employee-brokers must be included in the calculation of projected operating expenses.

The CFTC guidance to SEFs is available at: