On June 26th, the CFTC's Division of Swap Dealer and Intermediary Oversight issued a no-action letter applicable to swap dealers and major swap participants that addresses "Intended-To-Be-Cleared Swaps." The letter provides relief with respect to the swap trading relationship documentation requirement under CFTC Regulation 23.504 and certain external business conduct standards requirements. CFTC Letter No. 13-33.