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February 02, 2016
CFTC authorizes NFA to receive notices of swap valuation disputes in excess of $20 million filed by swap dealers and major swap participants
In January, the CFTC issued an order authorizing NFA to receive notices of swap valuation disputes in excess of $20 million filed by swap dealers (SD) and major swap participants (MSP) pursuant to Regulation 23.502(c).
These notices are currently submitted directly to the CFTC. Effective March 1, 2016, NFA will receive and maintain the notices on behalf of the CFTC and provide summaries and reports regarding these notices to the CFTC. The CFTC will continue to have access to the firm's original documents on the day they are submitted to NFA.
Beginning March 1, SDs and MSPs will file the required notices of swap valuation disputes through WinJammer™1, NFA's online filing application. Only authorized users of WinJammer™ will have the capability to submit these notices.
Filing notices of swap valuation disputes in WinJammer™
To create a new notice of a swap valuation dispute in WinJammer™, authorized users should follow the following steps:
Starting from the WinJammer™ filing index.
- Create a new filing.
- Select "Swap Valuation Dispute" from the form drop-down menu.
- Ensure "Swaps" is selected as the filing type.
- Enter the current date into the "End Date" field.
- Click "Save", which will take you to a screen where you will be able to upload relevant documents. On this screen, the first and last name of the individual logged in will be automatically populated. Enter the title of the individual filing the notice of a swap valuation dispute.
- Click browse to select supporting documents to upload. Once the document is selected, click "Save Attachment" to add it to the filing. Uploaded documents must be one of the following file types: PDF, XML, DOC, DOCX, XLSX, XLS, or TXT. The submitter must upload at least one document.
- Click "Next" or "Submit" to submit the notice of a swap valuation dispute. Once submitted, this filing will be automatically transmitted to NFA and the CFTC.
Only one new "Swap Valuation Dispute" filing may be created each business day. However, one filing can include multiple notices of swap valuation disputes. If a firm must file more than one notice of a swap valuation dispute in a day, it should amend the submitted filing by using the "File an Amendment" link associated with the submitted filing, which is found in the far-right column of the filing index.
Please note: In the fall of 2016, NFA plans to update its systems to require firms to provide standardized information on the swap valuation dispute. NFA will keep Members apprised of system changes, so that SDs and MSPs can modify their processes accordingly.
If you have questions on WinJammer™, please contact NFA's Information Center by calling 312-781-1410 or 800-621-3570, or emailing firstname.lastname@example.org. If you have questions about notices of swap valuation disputes, please contact Richard Taylor, Senior Risk Analyst II (email@example.com or 212-346-5640) or David Mengle, Senior Risk Advisor (firstname.lastname@example.org or 212-513-6023).
1WinJammer™ can be accessed by clicking on the "Electronic Filings" tab on NFA's website, then clicking the link to WinJammer™ under "Swap Dealers and Major Swap Participants". Once logged in, authorized users will see the WinJammer™ filing index. For login assistance, please contact NFA's Information Center.