My thanks to Profit -Loss for quickly posting a correction and clarification to the report they carried yesterday stating that the CFTCs ‘No Action’ letter to Prime Brokers granted exemption for rolling spot trades and thereby releasing firms from their obligations under Dodd-Frank. My Sigh of relief from Prime Brokers post yesterday was partly based on their coverage.
According to Profit-Loss, the CFTC has explicitly told Profit & Loss that yesterday’s letter does not refer to the rolling spot question – bank lawyers are also telling their clients the same thing; however, several sources continue to point out that this does not yet mean rolling spot is included – rather that clarification is still needed. CFTC did not return further calls and emails seeking clarification on the question of rolling spot.
Full article from Profit-Loss here
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Filed under: CFTC, FX, Paul Blank |
SingleDealerPlatforms.Org 
[…] It came down to the wire, but sense seems to have prevailed, as the Commodity Futures Trading Commission (CFTC) has issued a time limited ‘No Action’ letter that exempts Prime Brokers and rolling spot trades from certain aspects of Dodd-Frank rules. ** CORRECTION, CFTC has NOT provided exemption to rolling spot, see latest coverage here** […]
[…] Correction to yesterday’s post on rolling spot exemption According to Profit-Loss, the CFTC has explicitly told Profit & Loss that yesterday’s letter does not refer to the rolling spot question – bank lawyers are also telling their clients the same thing https://singledealerplatforms.org/2013/05/02/correction-to-yesterdays-post-on-rolling-spot-exemption/ […]