For cleared swaps, the facility may use an ex post facto review process in which the counter-parties determine that an error has occurred and correct the error.
Offsetting trade and correct transaction must be executed and submitted for clearing as quickly as technologically practicable, no later than 24 hours after swap executed.
Participant must notify the facility in writing promptly after error trade was discovered.
Will conduct ex post facto review of error trade, offsetting trade, correcting trade on a T+1 basis, consider if cancellation, price adjustment adversely impact market integrity
Facility will also consider if it facilitates market manipulation, other illegitimate activity, or otherwise violate CEA, SEA, Commission regulations, or the SBSEF’s rules.
SEF must make affirmative finding that there was error as part of ex post facto review.
Effectiveness
Amendments to rulebook effective 10 business days after filing, i.e. Jul. 15, 2025.
Regulators
GFI SEF
Entity Types
B/D; Corp; Exch
Reference
RF 2025-02, 6/30/2025; Citation: *GFI SEF Rule* 539(e)(i), 541(e)(i);
