Buy-Side Associations Submit Requests to CFTC on Foreign Exchange Swaps and Forwards

MFA jointly with several other buy-side trade associations (the “Associations”), sent CFTC Chairman Gensler a letter requesting that the CFTC provide relief by deferring the effective date of FX Products becoming “swaps”.  The Associations are concerned that market participants may need to register as CTAs, CPOs or MSPs because of their activity in FX Products, prior to the Treasury making a determination that would exempt FX Products from swaps regulation.