On May 16th, the CFTC voted to adopt three new final rules concerning the trading of swaps. The three rules address:

  • Block Sizes and Identity Protection. This rule will specify the criteria for determining swap categories and methodologies for determining the appropriate minimum block sizes for large notional off-facility swaps and block trades. It will also provide increased protections for the identities of swap counterparties to large swap transactions and certain other commodity swaps. Block Size Fact Sheet; Block Size Q&A.
  • Making a Swap Available to Trade. This rule will establish the process for Designated Contract Markets and Swap Execution Facilities to make a swap "available to trade;" and establish a schedule to phase in compliance. Availability to Trade Fact Sheet; Availability to Trade Q&A.
  • Core Principles. This rule provides the regulations, guidance, and acceptable practices governing the registration and operation of swap execution facilities. Core Principles Fact Sheet; Core Principles Q&A. As adopted, the rule initially requires traders to obtain only two quotes prior to executing a trade. That number will be raised to three after a phase-in period. See e.g., Reuters; DealBook.