The CFTC extended the public comment time period on a certification from Javelin SEF, LLC to implement available-to-trade determinations for certain interest rate swap contracts. On October 31, 2013, Javelin submitted amended available-to-trade determinations to the CFTC on a self-certified basis.
The CFTC is extending the comment period to December 2, 2013.
Lofchie Comment: It is good that the CFTC is extending the comment period, however, the bar for a “made available to trade” determination is set at such a low level that it is not clear what firms can comment on. The question is whether the market, the regulators, the technology and the rules are ready. The answer seems to be no. Market readiness should be made part of the “made available to trade” determination.
See: CFTC Press Release.
Related news: SEF Seeks Determination of Mandatory Exchange Trading of Swaps (October 21, 2013).