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Clifford Chance

Clifford Chance


CFTC requires more swap market intermediaries to become NFA members

25 September 2015

The U.S. Commodity Futures Trading Commission has adopted a rule that will require each person registered with the CFTC as:

  • an introducing broker,
  • a commodity pool operator, or
  • a commodity trading advisor (subject to a limited exception)

to become and remain a member of at least one registered futures association. This new membership requirement has the effect of subjecting these CFTC-registered entities to the rules and oversight of the National Futures Association.

All persons subject to this new rule must comply by no later than December 31, 2015.

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