Taylor-Brill, Barry - 2022
In 1987, the Commodity Futures Trading Commission (CFTC) began analyzing whether swaps were futures under the Commodity … Exchange Act (CEA). If yes, over-the-counter (OTC) swaps would violate the CEA’s exchange trading requirement. Rather than … address this in a proposed rulemaking, the CFTC chose instead to issue its 1989 swaps policy statement, establishing a no …