The Commodity Futures Trading Commission’s Division of Market Oversight has issued no-action relief from the prohibition in CFTC Regulation 43.6(h)(6) on the aggregation of orders for different accounts to satisfy minimum block size or cap size requirements. In order to qualify for such relief, which is applicable only to off-facility swaps, the person aggregating the orders must, among other things, (i) be a commodity trading advisor (CTA), investment advisor (IA) or foreign equivalent of a CTA or IA and (ii) have more than $25,000,000 in total assets under management (collectively, Eligible Advisers). In addition, the Eligible Adviser must execute the aggregated orders as one swap transaction and report the aggregated transaction pursuant to Parts 43 and 45 of CFTC Regulations.

Such relief is available for all swaps through October 1, 2013. Beginning October 2, 2013, such relief will only be available for swaps that are not listed or offered for trading on a swap execution facility or designated contract market.

CFTC Letter No. 13-48 is available here.