Comment Letter on Proposed Interpretive Order for Antidisruptive Practices Authority Contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act

MFA submitted comments to the CFTC in response to its request for comment on its Proposed Interpretive Order on Antidisruptive Practices Authority (Proposed Order). While MFA was pleased that some of our comments submitted for the advanced notice of proposed rulemaking were reflected in the Proposed Order, we continue to believe that the CFTC should: (1) delegate in the first instance supervisory and disciplinary authority in the area of market disruption to swap execution facilities and designated contract markets; (2) continue to refine the definitions of violates bids or offers, closing period and orderly, and spoofing so these terms specifically and narrowly describe the conduct proscribed by the Dodd-Frank Act; and (3) provide an intent requirement for Section 4c(a)(5)(A), and heighten the intent requirement for Sections 4c(a)(5)(B) and 4c(a)(5)(C).