The Commodity Futures Trading Commission recently issued a no-action letter that offers swap dealers and major swap participants a reprieve from providing counterparties on some foreign-exchange transactions a pre-trade, mid-market mark. However, market participants say the no-action letter is too late. SIFMA's Asset Management Group raised concerns with the CFTC about the business conduct rules, saying they were impeding normal operations. Read the comments from SIFMA AMG to the CFTC.
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