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Comment for Industry Filing IF 13-004

  • From: Simon Raykher
    Organization(s):
    Kepos Capital LP

    Comment No: 59386
    Date: 11/25/2013

    Comment Text:

    Kepos Capital LP

    November 25, 2013

    Via Electronic Submission: http://comments.cftc.gov

    Ms. Melissa Jurgens
    Secretary of the Commission
    Commodity Futures Trading Commission
    Three Lafayette Centre
    1155 21st Street NW
    Washington, DC 20581


    RE: Industry Filings: IF 13-004 , IF 13-005 , and IF 13-007
    Certifications to Implement Made Available-to-Trade Determinations for Certain Interest Rates Swaps from each of Javelin SEF, trueEX, and TW SEF

    Dear Ms. Jurgens:

    Kepos Capital LP is pleased to provide comments to the Commodity Futures Trading Commission on the certifications from each of Javelin SEF, trueEX, and TW SEF to implement Made Available-to-Trade (“MAT”) determinations for certain Interest Rate Swaps (“IRS”).

    We endorse the recommendations made in the Managed Funds Association’s November 21st comment letter, and believe that the Commission should adopt a phased implementation of the MAT determinations that focuses initially on the benchmark tenors in the relevant classes of swaps and uses a data-driven approach to prioritize the inclusion of non-benchmark tenors as well as package transactions in subsequent implementation phases. A similar phased implementation approach successfully facilitated the market’s transition to mandatory central clearing, and is warranted again to ensure a smooth and seamless transition to the mandatory trading of certain IRS on swap execution facilities and designated contract markets.


    We appreciate the opportunity to provide comments on the MAT certifications. Please feel free to contact the undersigned at [email protected] with any questions regarding these comments.

    Respectfully,


    /s/ Simon Raykher
    General Counsel and Chief Compliance Officer