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BGC Derivative Markets, L.P. 

RULES 

BY ACCESSING, OR ENTERING ANY ORDER INTO, THE BGC DERIVATIVE 

MARKETS, L.P. FACILITY, AND WITHOUT ANY NEED FOR ANY FURTHER ACTION, 

UNDERTAKING OR AGREEMENT, A PARTICIPANT, AND ITS CUSTOMERS, 

INCLUDING ITS AUTHORIZED CUSTOMERS, EACH REPRESENT THAT IT IS AN 

ELIGIBLE CONTRACT PARTICIPANT AS DEFINED IN SECTION 1A(18) OF THE 

COMMODITY EXCHANGE ACT AND SUCH PERSONS, AND THEIR AUTHORIZED 

TRADERS, AGREE: 

(I) TO BE BOUND BY, AND COMPLY WITH, THE RULES OF BGC DERIVATIVE 

MARKETS, L.P., AND APPLICABLE LAW, IN EACH CASE TO THE EXTENT 

APPLICABLE TO IT OR THEM, AND 

(II) TO BECOME SUBJECT TO THE JURISDICTION OF BGC DERIVATIVE 

MARKETS, L.P. WITH RESPECT TO ANY AND ALL MATTERS ARISING FROM, 

RELATED TO, OR IN CONNECTION WITH, THE STATUS, ACTIONS OR 

OMISSIONS OF SUCH PARTICIPANT AND THE PARTICIPANT’S AUTHORIZED 

TRADERS, ITS CUSTOMERS AND THEIR AUTHORIZED TRADERS. 

Copyright © 2013 by BGC Derivative Markets, L.P. All Rights Reserved. 

Version as of October 1, 2014
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101. Definitions. 

 “BGC BrokerExecution Specialist” means an employee of the Facility using 

telephonic or other means of electronic communication devices: 1) to assist Participants 

in the entry or withdrawal of Orders to be matched through the operation of the Trading 

System and the negotiation and execution of Block Trades provided under Rule 510, and 

2) to facilitate Voice Trading. BGC BrokerExecution Specialists also act function as 

members of the Control Desk in connection with the operation of various Trading

Facility sessions of the Trading System. 

 “Control Desk” means the designated group of employees that is responsible for 

Facility market operations, real-time market monitoring, customer support and 

surveillance. BGC Brokers may carry out certain of the Control Desk functions. 

“Customer Match Trading Facility” means a Trading Facility which is an auction 

operated by the Facility pursuant to Rule 602(e) where prices are determined by the 

interaction of multiple Participants entering Orders into the Trading System.

“Execution Specialist” means an employee of the Facility using telephonic or other 

means of electronic communication devices: 1) to assist Participants in the entry or 

withdrawal of Orders to be matched through the operation of the Trading System and the 

negotiation and execution of Block Trades provided under Rule 510, and 2) to facilitate 

Voice Trading. Execution Specialists also act in connection with the operation of 

various Trading Facility sessions of the Trading System

“Participant Agreement” means the agreement between a Participant and the Facility in 

accordance with which the Participant is authorized to trade on the Trading System or 

otherwise provided access to the Trading System.

“Regular Voice Trading Facility” means a Voice Trading Session that remains open 

throughout the Business Day and in which an BGC BrokerExecution Specialist stands 

ready to facilitate the execution of Orders in accordance with these Rules. 

“Request for Quote (‘RFQ’) Matching Trading Facility” means a Trading Facility 

which is an auction operated by the Control Desk pursuant to Rule 602(e) where prices 

are determined by the interaction of multiple Participants entering Orders into the 

Trading System.

 “Technology-Assisted Voice Trading Facility” means a Voice Trading Session in 

which the BGC BrokerExecution Specialist is assisted by an automated functionality.

 “Voice Functionality” means a physical Trading Facility, which provides a nonautomated method for trading facilitated by an BGC BrokerExecution Specialist that 

enables multiple participants to offer Bids or Offers to multiple participants through the 

use of telephone, electronic messaging or other communications devices. 
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“Voice Trading” is one Voice Functionality whereby an BGC BrokerExecution 

Specialist makes known to Participants the existence of trading interest in a Swap, 

facilitates the communication of Bids or Offers among Participants, and assists in orderly 

trading on the Facility.

 “Volume Match Trading Facility” means a Trading Session separate and distinct from 

the Electronic Order Book Trading Session. A Volume Match Trading Session is an 

auction operated by the FacilityControl Desk pursuant to Rule 602 where all transactions 

will be executed at a single price and in time order of priority. 

206. Prohibition on Admission as Participant. 

No officer or employee of the Facility shall be admitted as a Participant; provided 

however, nothing in this rule limits or precludes an BGC BrokerExecution Specialist

from carrying out his or her functions. 

207. Restrictions on Directors, Officers, Committee Members, 

Employees and Consultants. 

(b) Restrictions on Trading by Officers and Employees. If any officer or employee of 

the Facility, or of any corporate affiliate performing functions for the Facility that has 

access to material non-public information concerning any commodity interest, such 

person shall not trade, directly or indirectly, in that commodity interest traded on any 

registered entity operated by the Facility or cleared by any one of the Facility’s clearing 

organizations; in such commodity interest traded on any other Swap market or cleared 

by any other clearing organization; or in any related commodity interest. 

(c) Eligibility for Service on Boards and Committees.

(i) A person shall be ineligible to serve on the Board of Directors, a 

disciplinary committee, arbitration panel or, oversight panel who: 

(A) Was found within the prior three years by a final decision of a selfregulatory organization, an administrative law judge, a court of 

competent jurisdiction or the Commission to have committed a 

disciplinary offense; 

(B) Entered into a settlement agreement within the prior three years in 

which any of the findings or, in the absence of such findings, any 

of the acts charged included a disciplinary offense; 

(C) Currently is suspended from trading on any contract market, is 

suspended or expelled from membership with any self-regulatory 
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organization, is serving any sentence of probation or owes any 

portion of a fine imposed pursuant to either: 

(1) A finding by a final decision of a self-regulatory 

organization, an administrative law judge, a court of 

competent jurisdiction or the Commission that such person 

committed a disciplinary offense; or, 

(2) A settlement agreement in which any of the findings or, in 

the absence of such findings, any of the acts charged 

included a disciplinary offense. 

(D) Currently is subject to an agreement with the Commission or any 

self-regulatory organization not to apply for registration with the 

Commission or membership in any self-regulatory organization; 

(c)(d) Restrictions on Participation on Board and Committees. 

(i) no person shall vote, participate in deliberations or take any action involving 

the regulatory functions of the Facility as a member of the Board of Directors 

of the Facility or any committee of the Facility on any matter involving a 

Named Party in Interest if such member: 

(A) is a Named Party in Interest as defined in Rule 209(a)(iv); 

(B) is associated with a named party in interest through a “broker 

association” as defined in Commission Rule 156.1;

(C) is an employer, employee, or fellow employee of a Named Party in 

Interest; 

(D) has any other significant, ongoing business relationship with a 

Named Party in Interest; including but not limited to, employment 

with or acting as a Director of an entity that either: 

(1) employs, directly or indirectly through ownership or 

control, the Named Party in Interest, or 

(2) is owned or controlled, directly or indirectly, by the Named 

Party in Interest; or 

(E) has a family relationship as defined in Rule 209(a) with a Named 

Party in Interest. 

(ii) prior to the consideration of any matter involving a Named Party in 

Interest, each member of the Board of Directors of the Facility or a 

committee (as the case may be) must disclose to the Chief Compliance 

Officer Executive Officer of the Facility, or the designee of the Chief 
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Executive Officer, whether he or she has one of the relationships listed in 

paragraph (d)(i) of this section with a Named Party in Interest. The Chief 

Compliance Officer Executive Officer or such designee shall determine 

whether any such member of the Board of Directors or the committee is 

subject to the restrictions set forth in paragraph (d)(i) in any matter 

involving a Named Party in Interest, which determination, taking into 

consideration the exigency of the action to be taken, shall be based upon: 

(iv) prior to the consideration of any Significant Action, each member of the 

Board of Directors of the Facility or a committee of the Facility (as the case 

may be) must disclose to the Chief Compliance Officer, Executive Officer, 

or the designee of the Chief Executive Officer, the following information 

that is known to him or her, unless such member chooses to abstain from 

deliberations and voting on the Significant Action in question: 

(v) the Chief Compliance Officer Executive Officer, or the designee of the Chief 

Executive Officer,shall determine whether a member of the Board of 

Directors or a committee is subject to the restrictions contained in this 

paragraph (d) in any Significant Action after a review of the information 

described in paragraph (d)(iv) above. Taking into consideration the exigency 

of the Significant Action, such determination should be based upon: 

208. Reserved.Restrictions on Participants with an Ownership Interest.

(d) No Participant with an ownership interest in the Facility shall use or disclose, for any 

purpose other than the performance of such Participant’s official duties as a 

shareholder, any material non-public information obtained by such Participant as a 

result of such Participant’s ownership; provided, however, that if any such Participant 

who effects any transactions after having received any such material, non-public 

information so obtained can show that such transaction was effected in the ordinary 

course of the Participant’s business, such Participant shall not be deemed to have used 

such information in violation of this section, unless it can be shown that such 

Participant would not have effected such transaction in the absence of such information. 

(b) For the purposes of this Section, the terms “material” and “non-public information” 

shall each have the meaning set forth in Section 1.59(a) of the Commission 

Regulations.
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209. Conflicts of Interest. 

(b) Named Party in Interest Conflict. 

(i) Prohibition. No Officer, Chief Compliance Officer or member of the Board 

or any standing committee shall knowingly participate in such body’s 

deliberations or voting in any matter involving a named party in interest 

where such person (A) is a named party in interest, (B) is an employer, 

employee or fellow employee of a named party in interest, (C) is associated 

with a named party in interest through a broker association, (D) has a family 

relationship with a named party in interest or (E) has any other significant, 

ongoing business relationship with a named party in interest, excluding 

relationships limited to executing Swaps opposite each other or to clearing 

Swaps through the same Clearing ParticipantPrivilege Holders. 

(iv) Procedure and Determination. The Chief Executive Officer, or his or her 

designee, shall determine whether any member of the relevant deliberating 

body is subject to a conflicts restriction under this paragraph (b). Such 

determination shall be based upon a review of the following information: 

(A) information provided by such member pursuant to clause (iii) 

above and any additional information requested by the Chief 

Executive Officer or his or her designee; and 

(B) any other source of information that is held by and reasonably 

available to the self-regulatory organization.relevant information 

that is held by the Facility or obtained from a reasonably available 

source that the Chief Executive Officer or his or her designee 

reasonably believes to be accurate. 

(c) Financial Interest in a Significant Action Conflict. 

(ii) Procedure for Determination.Disclosure. Prior to consideration of any 

significant action, each member of the deliberating body who does not 

choose to abstain from deliberations and voting shall disclose to the Chief 

Executive Officer,The Facility shall follow the following procedure for 

determining whether any member of its governing board, disciplinary 

committees or oversight committees is subject to a conflicts restriction 

under this section in any significant action. Such a member shall seek the 

review of the Chief Compliance Officer, whose determination must include 

a review of: 

(A) Gross positions held at the Facility in the member's personal 

accounts or “controlled accounts,” as defined in Commission Rule 

1.3(j); 
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(B) Gross positions held at the Facility in proprietary accounts, as 

defined in Commisison Rule 1.17(b)(3), at the member's affiliated 

firm; 

(C) Gross positions held at the Facility in accounts in which the 

member is a principal, as defined in Commission Rule 3.1(a); 

(D) Net positions held at the Facility in “customer” accounts, as 

defined in Commission Rule 1.17(b)(2), at the member's affiliated 

firm; and, 

(A) Any other types of positions, whether maintained at the Facility or 

elsewhere, held in the member's personal accounts or the 

proprietary accounts of the member's affiliated firm that the 

Facility reasonably expects could be affected by the significant 

action. or his or her designee, position information known to such 

member with respect to any particular month or months that are 

under consideration, and any other positions which the deliberating 

body reasonably expects could be affected by the significant 

action, as follows: 

(B) gross positions held at the Facility in such member’s personal 

accounts or “controlled accounts,” as defined in Commission 

Regulation 1.3(j); 

(C) gross positions held at the Facility in accounts of any entity in 

which such member is a “principal”, as defined in Commission 

Regulation 3.1(a); and 

(D)(E) any other types of positions, whether maintained at the Facility or 

elsewhere, held in such member’s personal accounts or the 

proprietary accounts of such member’s affiliated firm, that the 

Facility reasonably expects could be affected by the significant 

action.

(ii)(iii) Procedure and Determination. The Chief Compliance OfficerExecutive 

Officer, or his or her designee, shall determine whether any member of the 

relevant deliberating body is subject to a conflicts restriction under this 

paragraph (c) based upon a review of the most recent large trader reports and 

clearing records available to the Facility, information provided by such 

member with respect to positions pursuant to clause (ii) above and any other 

source of information that is held by and reasonably available to the Facility, 

taking into consideration the exigency of the significant action being 

contemplated. Unless the deliberating body establishes a lower position 

level, a member thereof shall be subject to the conflicts restriction in clause 

(i) above if the review by the Chief Executive Officer, or his or her designee, 

identifies a position in such member’s personal or controlled accounts or 
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accounts of any entity in which such Participant is a principal as specified in 

subclauses (ii)(A) and (ii)(B) above, in excess of an aggregate number of 

twice the reporting level, or a position in the accounts of such member’s 

affiliated firm as specified in subclause (ii)(C) above, in excess of an 

aggregate number of twice the reporting level.

(d) Documentation. The minutes of any meeting to which the conflicts determination 

procedures set forth in this Rule apply shall reflect the following information: 

(iii) information on the position information that was reviewed for each 

member of the relevant deliberating body.

210. Chief Compliance Officer 

(e) The Chief Executive Officer shall appoint the Chief Compliance Officer. The Chief 

Compliance Officer may only be removed by the vote of a majority of the Board of 

Directors. 

(f) The Chief Compliance Officer shall carry out the following duties: 

(i) Oversee and review the Facility’s compliance with section 5h of the Act 

and Commission Rules thereunder; 

(ii) resolve any conflicts of interest that may arise, in consultation with the 

Board of Directors or the Senior Executive Officer, including: 

(A) conflicts between business considerations and compliance 

requirements; 

(B) conflicts between business considerations and the requirement that 

the Facility provide fair, open, and impartial access as provided in 

Commission Rule 37.202; and 

(C) conflicts between the Facility’s management and members of the 

Board of Directors; 

(iii) establish and administer written policies and procedures reasonably 

designed to prevent violations of the Act and Commission Rules; 

(iv) take reasonable steps to ensure compliance with the Act and Commission 

Rules; 

(v) establish procedures for the remediation of noncompliance issues identified 

by the Chief Compliance Officer through a compliance office review, look-
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back, internal or external audit finding, self-reported error, or validated 

complaint; 

(vi) establish and follow appropriate procedures for the handling, management 

response, remediation, retesting, and closing of noncompliance issues; 

(vii) establish and administer a compliance manual designed to promote 

compliance with Applicable Laws, rules, and regulations and a written 

code of ethics designed to prevent ethical violations and to promote 

honesty and ethical conduct; 

(viii) supervise the Facility’s self-regulatory program with respect to trade 

practice surveillance, market surveillance, real-time market monitoring, 

compliance with audit trail requirements, disciplinary proceedings, audits, 

examinations, and other regulatory responsibilities with respect to 

Participants (including ensuring compliance with, if applicable, financial 

integrity, financial reporting, sales practice, recordkeeping, and other 

requirements), the effectiveness and sufficiency of services provided by the 

Regulatory Services Provider; and 

(ix) prepare and sign an annual compliance report. 

(A) Such annual compliance report for the year since the end of the 

previous review period must contain the following information: 

(1) description of the swap execution facility's written policies 

and procedures, including the code of ethics and conflict of 

interest policies; 

(2) review of applicable Commission regulations and each 

subsection and core principle of section 5h of the Act, that, 

with respect to each identifies the policies and procedures 

that are designed to ensure compliance, provides a selfassessment as to the effectiveness of these policies and 

procedures, and discusses areas for improvement and

recommends potential or prospective changes or 

improvements to its compliance program and resources; 

(3) a list of any material changes to compliance policies and 

procedures since the last annual compliance report;

(4) a description of the financial, managerial, and operational 

resources set aside for compliance including a description 

of the Facility’s self-regulatory program's staffing and 

structure, a catalogue of investigations and disciplinary 

actions taken since the last annual compliance report, and a 
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review of the performance of disciplinary committees and 

panels; and 

(5) a description of any material compliance matters, including 

noncompliance issues identified through a compliance 

office review, look-back, internal or external audit finding, 

self-reported error, or validated complaint, and an

explanation of how they were resolved. 

(B) The Chief Compliance Officer shall sign a certification that that, to 

the best of his or her knowledge and reasonable belief, and under 

penalty of law, the annual compliance report is accurate and 

complete. 

(A)(C) The Chief Compliance Officer shall submit the annual compliance 

report to the Board of Directors for its review and to the 

Commission within the time and manner specified by the 

Commission. 

301. Status of Participants. 

 (d) Notwithstanding the provisions of paragraph (c), any Person that is 

currently accepted as a customer of, and with trading privileges with, BGC 

Partners, Inc. or any of its wholly owned subsidiaries, that fails to submit 

the documents required in subparagraphs (i) through (v) but that 

nevertheless accesses the Facility, by that action represents that it satisfies 

the definition of Eligible Contract Participant and agrees to be bound by 

and comply with the rules of the Facility and Applicable Law and agrees to 

be subject to the jurisdiction of the Facility. 

304. Denial of Admission. 

(a) The Facility may deny the application of any Person (or a Person associated with the 

applicant) to become a Participant if the Person: 

(ix) if, under all of the circumstances, the Facility in its discretion determines 

that admitting the Person as a Participant would not be in the best interests 

of the Facility and the denial is otherwise consistent with the Facility’s 

obligations under the Act.”.

 
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306. Sponsored Participants, Brokers and Customers.

(b) Brokers. 

(ii) A Broker shall not submit Orders, report Off-facility Transactions, or 

submit Block Trades to the Facility, except with approval from the relevant 

Participant’s Authorized Trader or on an Order-by-Order or transaction-bytransaction basis. 

(iii) A Participant may designate one or more Brokers to: 

(A) conduct of Off-facility Transactions; 

 307. Payment of Facility Fees. 

The Facility, in its discretion and with reasonable written notice, may impose fees, 

charges and assessments upon Participants and Brokers. The Facility may honor an ongoing fee arrangement between a Participant of the Facility that was a customer of BGC 

Partners, Inc. or any of its affiliates at the time that the Facility commenced operations as 

a SEF for the remainder of the term of such agreement. Participants, or as applicable, a 

Broker registered with the Commission, trading for a Participant, shall pay any fees, 

charges and assessments in a manner prescribed by the Facility on a timely basis. The 

Facility may suspend any Participant or impose other penalties pursuant to Part 10 for 

failure to pay any such fee, charge, or assessment on a timely basis. 

309. Market Data 

(c) Unless a Participant otherwise provides written, non-electronic notice to the General 

Counsel of the Facility, such writing may be electronic, the Facility may not use for 

business or marketing purposes proprietary data or personaland information that has 

been collected or received from such Participant or from any of its Sponsored 

Participants, Brokers, employees, agents, vendors and their Affiliates and other Persons 

affiliated with any of the foregoing for the purpose of fulfilling the Facility’s 

regulatory obligations. Provided however, Tthe Facility may share such proprietary 

data or personal information with one or more registered entities (as such term is 

defined in CommissionFTC Regulations) where necessary for regulatory purposes. 

Access to the Facility will not be conditioned upon the consent to use of such 

proprietary data or personal information for business or marketing purposes and no 

Person shall be denied access to the Facility as a consequence of refusal to submitting 

such notice to the Facility. 

403. Record-keeping and Reporting Requirements. 

(a) Commission Reporting Requirement for Swaps. The Facility will report each 

Transaction to a swap data repository chosen by the Facility as soon as technologically 
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practicable after execution. The Reporting CounterpParty for each Swap executed on 

or subject pursuant to the Rules shall be established pursuant to CFTC Regulation 45.8. 

If both counterparties to a Swap executed pursuant to the Rules are equal in the 

hierarchy (for example, both are swap dealers), the Reporting CounterpParty for such 

Swap shall be determined as follows: in accordance with Dodd Frank Act - Swap 

Transaction Reporting Party Requirements (version July 15, 2013 or such successor 

version as may be adopted from time to time), published by the International Swaps and 

Derivatives Association Inc.

(i) For Credit Default Swaps, the Floating Rate Payer (the “seller”) and for 

swaptions, the seller of the underlying Swap; 

(ii) For Interest Rate Swaps, the Fixed Rate Payer when a single Fixed Rate 

Payer exists, otherwise the party with the first swap identifier when sorted 

in reverse ASCII sort order, using the LEI identifier, DTCC ID, AVOX 

ID, and no identifier, ranked in that order, and for swaptions, the option 

buyer; 

(iii) For Equity Swaps and for swaptions, the seller; 

(iv) For Commodity Swaps the seller and for swaptions, the premium receiver; 

or 

(i)(v) For FX Swaps, the seller of the currency that occurs first in the English 

alphabet; for options, the seller. 

(b) Reporting of Errors. Any errors or omissions in swap transaction and pricing data 

(except for the cancellation of trades and price adjustments made under the provisions 

of and subject to the procedures of Rule 606) that were publicly disseminated in realtime shall be corrected as follows. 

(i) If a party to the Swap becomes aware of an error or omission in the Swap 

transaction and pricing data reported with respect to such swap, such party 

shall promptly notify the other party of the error and/or correction. 

(ii) If a Reporting Party to a swap itself becomes aware of an error or omission 

in the swap transaction or pricing data which the Facility reported to a 

SDR,or such error is reported to it by the other party, the Reporting Party 

shall promptly submit corrected data to the Facility in writing, such writing 

may be electronic in the form and manner specified by the Facility. 

(iii) The Facility shall promptly submit corrected data to the SDR to which the 

transaction and pricing data was first reported for those errors of which the 

Facility becomes aware or that are reported to it. 

(ii)(iv) No Participant shall submit or agree to submit a cancellation or correction 

to the Facility for the purpose of re-reporting Swap transaction and pricing 

data in order to gain or extend a delay in public dissemination of accurate 
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swap transaction or pricing data or to otherwise evade this reporting 

requirement.

(c) Commission Record-keeping Requirements. Each Participant shall keep all 

records relating to the Facility that are required by the Commission and Applicable Law 

to be kept, in such form and manner and for such period, as required by Commission 

Rule and Applicable Law, including but not limited to records by a Participant of its 

trading, including records of its activity in the index or instrument used as a reference 

price, the underlying commodity, and related derivatives markets, and make such records 

available, upon request, to the Facility or, if applicable, its Regulatory Services Provider, 

and the Commission.

(e) Facility Record-keeping Requirements. Each Participant and as applicable, Broker, 

shall make such records relating to orders received, transactions effected and positions 

carried relating to the Facility, and shall maintain such records in such form and manner 

and for such time, as required by Commission Rule and Applicable Law. Such records 

shall at all times be open to inspection by the Facility upon reasonable prior notice and 

subject to Participant’s reasonable security policies. Such reasonable security policies 

may include a requirement that inspections be conducted by authorized personnel 

acting within the scope of their authority, that inspection be carried out on premise, that 

the inspection be on systems provided by the Participant, and that the inspecting 

personnel keep a record of all documents inspected and provide such record to 

Participant. .

(g) Employee Supervision and Training. Each Participant shall reasonably supervise all 

activities of its employees relating to transactions effected on the Trading System or 

subject to these Rules. Without limiting the generality of the foregoing: 

(i) each Participant shall continue to have at all times at least one senior 

officer who is responsible for such supervision and shall promptly advise 

the Facility of any change in the name, title, address, phone number, fax 

number or e-mail address of each such officer; 

(ii) each Participant shall be responsible for training its employees regarding 

the requirements of these Rules, the Commodity Exchange Act, and 

Commission Regulations, and the proper use of the Trading System and of 

any terminal or other device used for obtaining access to the Trading 

System; and

(iii) each Participant shall furnish the Facility with the name, location, birth 

date (or other acceptable identifier) and User ID of each Authorized 

Trader Trader; 

(iv) each Participant is responsible for ensuring that each of its Authorized 

Traders receives training regarding these Rules and in the operation and 

propose use of the Trading System. 
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(iv)(v) The Facility reserves the right to refuse or revoke access to the Trading 

System of any Authorized Trader when such action would serve the best 

interests of the Facility, and to the extent practicable under the 

circumstances, will provide notice to the Participant prior to taking such 

action. 

(h) Rules Violations by Employees. Any violation of the Rules or Participant Agreement 

by any employee of a Participant shall constitute a violation of the Rules by such 

Participant. 
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405. Cooperation in Investigations. 

Each Participant, Authorized Trader, Authorized Customer, Customer and Broker shall 

cooperate with any investigation of the Facility, its designee, the Commission, the NFA 

or the SEC. 

407. User IDs and Confidentiality. 

(d) Confidentiality of Trading System. 

(i) Without limiting anything set forth in in these Rules Rule 1203, Rule 309 

or elsewhere in these Rules, and in addition thereto, any and all non-public 

information in any form obtained by a Participant, its Sponsored 

Participants or Brokers arising out of or related to the provision or use of 

the Trading System, including but not limited to trade secrets, processes, 

computer software and other proprietary data, research, information or 

documentation related thereto (“Confidential Information”), shall be 

deemed to be confidential and proprietary information of the Facility. 

Participant, its Sponsored Participants and Brokers are required to hold 

such Confidential Information in strict confidence and the disclosure of 

such Confidential Information to third parties (other than to its employees, 

its affiliates and their employees, its agents or professional advisors) or the 

use of such Confidential Information for any purpose whatsoever other 

than as contemplated by the Rules shall be a violation of this Rule. 

410. Compliance by Participants. 

Each Participant, Authorized Trader, Authorized Customer, Customer or Broker shall, by 

making application for a User ID orand by placing any Order directly or indirectly, shall 

have agreed to (i) be bound by the Rules of the Facility, (ii) be subject to the jurisdiction 

of the Facility, (iii) comply with all applicable Rules of Facility and (iv) comply with 

Applicable Law. 

505. Pre-Execution Discussions and Cross Trades. 

(e) * * * 

(ii) the Person waits for at least 15 seconds (or such other time as the Facility 

may publish from time to time for particular contracts) after the initial 

Order is submitted to the Trading System or BGC BrokerExecution 

Specialist before submitting the opposite side; and 

 
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506. Allocation and Priority of Orders; No Withholding of Orders 

(c) No Participant shall enter an Order into the Trading System or submit an Order to an

BGC BrokerExecution Specialist for its own account, an account in which it has a 

direct or indirect financial interest or a Discretionary Account, including, without 

limitation, an Order allowing discretion as to time and price, when such Participant is in 

possession of any Order for the benefit of a Customer that the Trading System is 

capable of accepting or which is capable of being traded in a Voice Trading Session, as 

applicable. 

510. Block Trades. 

(c) Participants, Authorized Traders and Authorized Customers may elect to trade a Swap 

may enter into a Block Trade in a Swap that has been designated by the Facility as 

eligible for Block Trades as a Block Trade by entering the trade details into the trade 

entry window or by reporting such transaction to an Execution Specialist for trade 

entry. Block Trades shall comply with at a mutually agreed price if the following 

conditions are satisfied: 

(i) each Block Trade transaction must be at least for the minimum transaction 

size as determined by the Facility for that Swap. Orders may not be 

aggregated in order to achieve the minimum transaction size. 

(ii) the mutually agreed price at which a Block Trade is executed must be fair 

and reasonable in light of: 

(d) Each Block Trade must be reported by the seller to the Facility as soon as 

technologically practicable after execution but in no event later than 10 minutes within 

30 minutes immediately following execution of such Block Trade., and beginning on 

such date as the Commission determines that such reporting is required. The Facility 

will publicize information identifying the trade as a Block Trade and identifying the 

relevant Swap immediately after such information has been reported to the Facility or at 

such time as is deemed appropriate by applicable regulations to that Swap. 

511. Public Disclosure of Data. 

(b) The Facility shall disclose to all Participants on the Facility data regarding price, size 

and side of a Swap transaction executed via the Electronic Order Book, and may 

disclose such information for a transaction executed via Voice Functionality,on or 

subject to the Rules of the Facility upon transmittal of, or causing transmittal of, such 

information to the SDR. 

(c) Nothing in this rule 511 shall prohibit the Facility from disclosing: 
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(i) to all Participants on the Facility Orders, including price and side 

information, at the time that a transaction is matched but prior to a trade 

being its executionexecuted; or, 

512. Off-facility Transactions by Brokers 

 (e) If the transaction is to be cleared, each applicable Clearing Participant, in accordance 

with Commission Regulation 1.73, shall establish and apply risk-based limits in respect 

of such Participant and, as facilitated by the Facility, shall screen such Off-facility 

Transaction for compliance with the limits through an automated or non-automated 

system of risk controls reasonably designed to ensure compliance with the limits; 

602. Trade Execution via Electronic Order Book. 

(c) Volume Match Trading Facility. The Volume Match Trading Facility is an auction 

Trading Session separate and distinct from the Electronic Order Book Trading Session 

and is held periodically during the Business Day. All trades during the Volume Match 

Trading Session matched subsequent to the Opening Period will be executed at a single 

price and in time order of priority. The FacilityControl Desk shall announce a Volume 

Match Trading Session not less than five minutes before it commences. A Volume 

Match Trading Session may be held once or more during the day at set times or as 

announced in response to market demand and these timings may vary by particular 

Swap contract. 

(i) Opening Period. The Volume Match Trading Session begins by the 

Facility gathering indications of interest from potential market participants 

with respect to volume, Bids or Offers (the “Opening Period”). The 

FacilityControl Desk will announce the length of the Opening Period at its 

commencement. 

(A) During the Opening Period, Participants may enter Executable and 

Indicative Orders into the Electronic Order BookTrading System. 

Executable orders in the Electronic Order Book may immediately 

match in full or in part during the opening period. and orders 

entered during the Opening Period may be withdrawn. 

(B) The FacilityControl Desk will announce to the market the end of 

the Opening Period at least two minutes prior to its ending. 

(ii) Matching Session. Upon the close of the Opening Period, the Facility 

will announce the price that it determines in its discretion to be the proposed 

market clearing price (the “Volume Match Price”). The Volume Match Price, is 

determined by an Execution Specialist in his or her discretion, acting for the 

Facility. 

(A) In determining the Volume Match Price, the Execution Specialist 

may consider: 
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(1) prices derived from the Electronic Order Book for the same 

or economically similar Swap; 

(2) application of standard analytics; or 

(3) views of market participants; 

(B) Prices from the Electronic Trading System which the Execution 

Specialist may consider include the last price of a transaction and 

executable bids and offers in the Electronic Order Book. 

(C) Where appropriate and useful, the Execution Specialist may apply 

standard analytical analysis to determine the proposed Volume 

Match Price. 

(D) In determining the Volume Match Price, the Execution Specialist 

may also consider the views of market participants of the price 

prevailing in the market for the Swap that is the subject of the 

Volume Match Session. In considering the views of market 

participants, the Execution Specialist may not: 

(1) attempt to coerce or pressure a market participant to 

respond to a request to provide its view or alter a genuinely 

held view; or 

(2) seek or knowingly receive a view intended to favor a 

particular participant or participants. 

(3) The Facility will record all oral survey requests and 

responses thereto and retain a record of all oral or written 

responses in accordance with Commission Rule 1.31. 

(iii) Conclusion of Matching Session.Upon the close of the Opening Period, the 

Control Desk will announce the price that it determines in its discretion to 

be the market clearing price (the “Volume Match Price”)With the 

announcement of the proposed Volume Match Price and will commence

the auction will commence (the “Matching Session”). Participants may 

then submit the notional amount of Swaps they want to buy or sell at the 

Volume Match Price. Participants may withdraw any pending, 

unexecuted Orders during the Matching Session. All transactions effected 

during the Matching Session are executed at the Volume Match Price and 

are matched via a pre-determined non-discretionary automated trade 

matching system using time priority. Trades are matched in sequence of 

Order entry (except for “all-or-none” Orders which may be matched at a 

later priority in order to fulfill their size requirement) until all Orders are 

filled or market supply exhausted at the Volume Match price. Any 
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unfilled Orders are cancelled, unless expressly requested by the Participant 

to be transferred to the Electronic Order Book Trading Session as a new 

Order. 

(d) Volume Match Plus (“VM Plus”) Trading Facility The VM Plus Trading Facility is an 

auction Trading Session separate and distinct from the Regular Trading Session held 

periodically during the Business Day. A VM Plus Trading Session will be executed in 

price and time order of priority. The FacilityControl Desk shall announce a VM Plus 

Trading Session within a specified period of time before it commences. A VM Plus 

Trading Session may be held once or more during the day at set times or as announced 

in response to market demand and may vary by particular Swap contract. 

(i) Opening Period. The VM Plus Trading Session begins by the Facility 

gathering indications of interest from potential market participants with 

respect to volume, Bids or Offers (the “Opening Period”). The 

FacilityControl Desk will announce the length of the Opening Period at its 

commencement. 

(A) During the Opening Period, Participants may enter Executable and 

Indicative Orders into the Electronic Order Book Trading System. 

Notwithstanding the matching procedure in subparagraph (d)(ii), 

during the Opening Period, executable orders in the Electronic 

Order Book may immediately match in full or in part during the 

opening period. and orders entered during the Opening Period may 

be withdrawn. 

(B) The FacilityControl Desk will announce to the market the end of 

the Opening Period two minutes prior to its ending. 

(ii) Matching Session. Upon the close of the Opening Period, the 

FacilityControl Desk will announce the price that it determines in its 

discretion to be the market-clearing price (the “Volume Match Price”) ”) 

using the procedure provided in subsection (c)(ii) of this Rule 602 and will 

commence the auction (the “Matching Session”). Participants may then 

submit the notional amount of Swaps they want to buy or sell at the 

Volume Match Price. Participants may withdraw any pending, unexecuted 

Orders during the Matching Session. All transactions effected during the 

Matching Session are executed at the Volume Match Price and are matched 

using time priority. Trades are matched in sequence of Order entry (except 

for “all-or-none” Orders which may be matched at a later priority in order 

to fulfill their size requirement) until all Orders are filled or market supply 

is exhausted at the Volume Match price. 

(e) CustomerRequest for Quote (“RFQ”) Matching Trading Facility. The “CustomerRFQ 

MatchingMatch Trading Facility” is a Trading Session separate and distinct from the 

Electronic Order Book Trading Session held periodically during the Business Day 

during which prices are determined by the interaction of multiple Participants entering 
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Bids and Offers into the Trading System’s RFQ MatchCustomer Matching Session. 

For the avoidance of doubt, the RFQ Matching Trading Session is a Trading Session of 

the Trading System and is distinct from the Request For Quote System provided under 

Rule 702a. The Control FacilityDesk shall announce an RFQ MatchCustomer 

Matching Trading Session no less than five minutes before it commences. RFQ 

MatchingCustomer Match Trading Session auctions will be held at pre-established 

times during the day and/or in the discretion of the Facility in response to market 

demand, which may vary by Swap contract. 

(i) Opening Period. The RFQ MatchCustomer Match Trading Session begins 

by Participants entering indicative or executable Bids, Offers and Bid/Offer 

quotes into the Trading System’s Customer Match RFQ Trading Session. 

The FacilityControl Desk will announce the length of the Opening period at 

its commencement. All Participants are invited to quote. 

(ii) Executable Bids and Offers entered into the Customer Match Trading 

Session during the Opening Period into the RFQ Match Trading Session 

will not be matched until the end of the Opening Period if a matched or 

crossed orders result. Bids and Offers may be withdrawn at any time prior 

to the end of the Opening Period. 

(iv) Matching Session. At the beginning of the Matching Session, the Facility 

will announce the market price (“RFQ MatchCustomer Match Price”) 

ascertained at the end of the Opening Period. Where Bids and Offers that 

crossed during the Opening Period created a trade execution which 

generated the mid-price, Participants may then submit the notional amount 

of Swaps they further wish to buy or sell at the RFQ MatchCustomer 

Match Price. All trades are executed at the RFQ MatchCustomer Match

Price and matched using time priority (except for those matched during the 

Opening Period which used price and time priority). Orders may be 

withdrawn until they have been executed. The trades are matched in 

sequence of Order entry until all Orders are filled or market supply is 

exhausted. Any unfilled Orders are not disclosed and are cancelled at the 

end of the session unless expressly requested to be returned to the 

Electronic Order Book Trading Session. 

603. Orders. 

(f) In General. 

(i) Orders may be entered into the Electronic Trading System only: 

(C) or an BGC BrokerExecution Specialist acting at the direction of a 

Participant or a Sponsored Participant. 

(iv) all Orders entered into the Electronic Trading System shall remain open in 

the Electronic Trading System until executed, withdrawn, cancelled or 
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deleted. Such open Orders constitute the Electronic Order Book. Orders 

entered into the Electronic Trading System may be changed by the 

Participant, Authorized Customer, Authorized Trader or BGC 

BrokerExecution Specialist entering the Order, but any change in the price 

or increase in quantity shall be treated as a new Order for the purpose of 

time priority. 

(g) Type of Orders and Order Attributes. 

(i) the following orders may be entered by a Participant into the Electronic 

Order Book: 

(B) Limit Orders. A limit order is an order to buy or sell a stated 

amount of a Swap or strategy to be executed at the price stated in 

the order or better, such that the order will persist and not be 

removed from the System even if bettered and will remain in the 

System until executed or cancelled by the System or by the 

Participant, Authorized Customer, Authorized Trader or BGC 

BrokerExecution Specialist. 

604. Confirmations and Objections. 

The confirmation of all terms of the transaction shall take place at the same time as 

execution; provided however, specific customer identifiers need not be included for 

accounts included in bunched orders meeting the requirements of Rule 506(d) and 

Commission Rule 1.35(b)(5).

(a) Confirmation of Cleared Transactions. Upon execution, Tthe Facility shall 

immediately notify a Participant of the matching of Bids and Offers through the 

Electronic Trading System as follows. 

(i) Initial notification: Following trade matching, the Facility will send an 

initial written message, which writing may be electronic, which includes 

price and side information to both sides of a trade. or of each trade within a 

series of trades matched under Rule 702a. 

(ii) Confirmation: Upon execution of the transaction, completion of the 

transaction, the Facility will issue a written confirmation, which writing 

may be electronic, and which shall legally supersede any previous 

agreement, shall serve as a confirmation of the transaction, and that the 

counterparties agree shall confirm execution of the transaction, and which 

shall include all material economic details of the executed transaction. 
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(b) Objections to the contents of transaction confirmations must be submitted to the 

Facility, in writing, promptly upon receipt, but no later than the close of that Business 

Day. 

(b) Confirmations for Uncleared Transactions. The economic terms specific to the 

transaction agreed by the participants on the Facility with respect to an uncleared 

transaction shall be reflected by the Facility in a written communication (the "Trade 

Communication") sent to the applicable Participants. The Trade Communication, 

together with the documents and agreements (including, without limitation, ISDA 

master agreements, other master agreements, terms supplements, master confirmation 

agreements, and incorporated industry definitions) governing such transaction existing 

at the time of such commitment to which the participants are party (the “Terms 

Incorporated by Reference”) shall, taken together, comprise all of the terms of such 

transaction and serve as a confirmation of such transaction. Each Trade 

Communication is deemed to incorporate the Terms Incorporated by Reference and in 

the event of any conflict between the Trade Communication and the Terms 

Incorporated by Reference, the Trade Communication shall prevail to the extent of any 

inconsistency. The Facility shall issue a Trade Communication for uncleared 

transactions no later than 60 seconds after execution. 

(c) Objections. Objections to the contents of transaction confirmations must be submitted 

to the Facility, in writing, promptly upon receipt, but no later than the close of that 

Business Day. 

606. Trade Cancellations and Price Adjustments. 

(d) Trade Cancellation Authority. The Facility’s trade cancellation policy authorizes the 

Board, through its designee the Chief Compliance Officer (or the Chief Compliance 

Officer’s delegate) (the “Designee”), to adjust trade prices or cancel (bust) trades when 

such action is necessary to mitigate market disrupting events caused by the improper or 

erroneous use of the Electronic Order Book or by Electronic Trading System defects. 

Notwithstanding any other provision of this Rule, the Designee may adjust trade prices 

or cancel any trade executed through the Electronic Order Book if the Designee 

determines that allowing the trade to stand as executed may have a material, adverse 

effect on the integrity of the market; provided, however, that any such determination by 

the Designee (if other than the Chief Compliance Officer) will be subject to review by 

the Chief Compliance Officer if the Designee determines such review to be necessary 

or appropriate. Subject to the immediately preceding sentence, the decision of the 

Designee shall be final. Any trade price adjustment or trade cancellation shall be made 

subject to the standards of this Rule 606, such standards being clear, fair, and publicly 

available. Any determination made under this Rule 606 to adjust any trade price or 

cancel any trade shall be announced to the market by a message from the Control Desk 

or such other method as the Facility shall provide.

 
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607. Assisted Order Entry. 

An BGC BrokerExecution Specialist acting on behalf of a Participant or an Authorized

Customer using telephonic or other means of electronic communication may, upon 

request of the Participant or Authorized Customer, assist a Participant or Authorized 

Customer in the entry or withdrawal of Orders into the Electronic Trading System. Any 

BGC BrokerExecution Specialist entering an Order into the Electronic Trading System 

shall have a unique User ID paired with the Participant’s ID, (and Authorized Customer 

ID where applicable) for whom the BGC BrokerExecution Specialist is acting. 

(a) Upon receipt of a request for assistance in the entry or withdrawal of an immediately 

executable or indicative Order, the BGC BrokerExecution Specialist must enter the 

executable Order immediately into the Electronic Trading System. 

(b) Any request by a Participant for assistance in the entry of an Order that is not 

immediately executable shall be entered into the Electronic Trading System as soon as 

practicable. The BGC BrokerExecution Specialist must make a record of the time at 

which the request for assistance was first made and the time that the Order was entered 

into the Electronic Trading System.

(c) Notwithstanding any other provision of these Rules, in the event that a Participant objects 

under Rule 604(c) to the contents of a the confirmation of a transaction that has taken 

place through the assistance of an Execution Specialist under the provisions of this Rule, 

the Board, through its designee the Chief Executive Officer or the Chief Executive 

Officer’s Designee (the “Designee”), is authorized in his or her discretion to adjust trade 

prices or cancel a trade when such action is necessary to correct a clear clerical error on 

the part of the Execution Specialist in carrying out the instructions of the Participant that 

is assisted by the Execution Specialist. Any trade price adjustment or trade cancellation 

shall be made subject to the standards of this rule. Any determination made under this 

rule to adjust any trade price or cancel any trade shall be announced to the market and 

such adjustment shall be reported by the Facility to the SDR.

702. Trade Execution via Voice Functionality. 

(b)(c) Voice Trading is a Trading Facility, as defined by section 1a(51) of the Act, that 

enables multiple participants to offer Bids or Offers that are open to multiple 

participants through the use of telephone, electronic messaging or other 

communications devices acceptable to the Facility. Voice Trading is facilitated by an

BGC BrokerExecution Specialist who makes known to Participants the existence of 

trading interest in a Swap, facilitates the communication of Bids or Offers among 

multiple Participants, and assists in orderly trading on the Facility. 
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(d) Technology-assisted Voice Trading on the Facility is a Voice Trading functionality 

which enables multiple participants to make available Bids or Offers to multiple 

participants facilitated by an BGC BrokerExecution Specialist with the assistance of the 

automated functionalities provided for in this Rule. 

703. Voice Trading Facility. 

(a) Regular Voice Trading Facility. The Regular Trading Facility is a Trading Session

that remains open throughout the Business Day. 

(i) Aa Participant initiates the purchase or sale of a Swap by communicating 

an indication of interest, indicative Bid or Offer or executable Bid or Offer 

to the BGC BrokerExecution Specialist for any Swap listed on, or offered 

by, the Facility for trading using Voice Functionality. Bids and Offers 

shall be considered to be firm at the time first communicated to the BGC 

BrokerExecution Specialist and subsequently indicative unless the 

Participant confirms to the BGC BrokerExecution Specialist that the Bid or 

Offer remains firm. An initiating Participant shall be anonymous unless 

the Participant authorizes the BGC BrokerExecution Specialist to disclose 

the initiating Participant’s identity. In the discretion of the BGC 

BrokerExecution Specialist, where a new Bid or Offer is bid or offered into 

the market and it does not match a resting Offer or Bid, the Participant with 

the resting Offer or Bid that is closest in price and then oldest in time to the 

new Bid or Offer, generally has priority in hitting the new Bid or lifting the 

new Offer. 

(ii) Iin the absence of an initiating Participant, the BGC BrokerExecution 

Specialist has discretion to initiate trading by communicating with 

Participants to ascertain trading interest. 

(iii) Aa responding Participant may accept a firm Bid or Offer or counter the 

Bid or Offer or indication of interest of the initiating Participant or of any 

other responding Participant. For the avoidance of doubt, an executed 

transaction may take place between two responding Participants. 

Responding Participants shall be anonymous unless the responding 

Participant authorizes the BGC BrokerExecution Specialist to disclose the 

Participant’s identity. 

(iv) Iin order for trading to occur during a Regular Voice Trading Session there 

must be no fewer than four Participants participating. 

(b) Technology-Assisted Voice Trading Facility (“Whiteboard Trading”). The 

Technology-Assisted Voice Trading Facility is a Trading Session that remains open 

throughout the Business Day. A Participant initiates the purchase or sale of a Swap 

through the Technology-Assisted Voice Trading Facility by requesting that the BGC 

BrokerExecution Specialist enter an instrument description on the Whiteboard screen as 

an indication of interest. 
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(i) Bids and Offers. Depending upon the Swap, which may include Option

strategies or a Swap structure, the BGC BrokerExecution Specialist, or the 

Participants themselves, may enter bids and offers. Bids and Offers entered 

onto a Whiteboard are considered to be indicative because they are subject 

to subsequent trade parameterization and credit checks. 

(c) Additional Voice Trading Facilities. If, in the discretion of the BGC 

BrokerExecution Specialist, there is sufficient trading interest at any particular time, the 

BGC BrokerExecution Specialist may announce the initiation of any one of the Voice 

Trading Facility Trading Sessions provided for in sub-paragraphs (i), (ii), or (iii). 

Additional Voice Trading Facility Trading Sessions are separate from the Regular 

Voice Trading Facility Trading Session and the Technology-Assisted Voice Trading 

Facility Trading Session provided in paragraphs (a) and (b) respectively. Additional 

Voice Trading Facility Trading Sessions may be structured in the manner that, in the 

judgment of the BGC BrokerExecution Specialist, will provide for a robust exchange of 

indications of interest, or Bids and Offers by multiple parties. In order for trading to 

occur in an Additional Voice Trading Facility Trading Session, there must be no fewer 

than four participating Participants. Additional Voice Trading Facilities are as follows: 

(i) Volume Match Voice Trading Facility. A Volume Match Voice Trading 

Facility Trading Session, if initiated by the BGC BrokerExecution 

Specialist, will operate as provided in Rule 602(b), except that the BGC 

Broker carries out the functions of the Control Desk as provided under 

Rule 602(b). 

(ii) Volume Match Plus Voice Trading Facility. A Volume Match Plus 

Voice Trading Facility Trading Session, if initiated by the BGC 

BrokerExecution Specialist, will operate as provided in Rule 602(c), except 

that the BGC Broker carries out the functions of the Control Desk as 

provided under Rule 602(c). 

(iii) Request Customer for Quote Matching Voice Trading Facility. A 

Customer Match Request for 

Quote Matching Voice Trading Facility Trading Session, if initiated by the 

BGC BrokerExecution Specialist, will operate as provided in Rule 602(e)., 

except that the BGC Broker carries out the functions of the Control Desk as 

provided under Rule 602(e) and such trading sessions shall not be required 

to be carried out at pre-established times during the day.

 
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704. Confirmation of Voice Transactions and Objections. 

 The confirmation of all terms of the transaction shall take place at the same time as 

execution; provided however, specific customer identifiers need not be included for 

accounts included in bunched orders meeting the requirements of Rule 506(d) and 

Commission Rule 1.35(b)(5).

(a) Confirmation of Uncleared Transactions. 

(i) Initial notification: Upon initial indication of a match of any Permitted

Transaction matched in a Voice Trading Session under Rule 702 or in a 

Request for Quote under Rule 702a, but prior to confirmation of the 

execution of the transaction, the matched transaction will be subject to the 

agreement of the parties as to trade structure parameters and to a manual 

credit check. The Facility will send an initial written message, which 

writing may be electronic, which includes price, side and structure 

parameter information to both sides of a matched trade or of each trade 

within a series of trades. 

(ii) Confirmation: Execution of a matched Permitted Transaction only takes 

place after the credit check is satisfactorily completed and the parameters 

of any structure are agreed to by the matched counterparties. At that time, 

the matched trade is executed and the Facility will issue a written 

confirmation of the transaction, which writing may be electronic, and 

which shall legally supersede any previous agreement, shall serve as a 

confirmation of the transaction, and that which the counterparties agree 

shall confirm execution of the transaction, and which shall include all 

material economic details of the executed transaction. 

(iii) Form and Content of Confirmation for Uncleared Transactions. The 

form and content of the confirmation for uncleared Voice Transactions 

shall be the same as provided under Rule 604(c), the provisions of which 

are incorporated by reference herein. The Facility shall issue a confirmation 

of uncleared transactions no later than 60 seconds after execution.

(b) Confirmation of Cleared Transactions. 

With respect to Cleared Required Transactions matched in a Voice Trading Session 

under Rule 702 or in a Request for Quote under Rule 702a, but prior to 

confirmation of the execution of the transaction, the matched transaction will be 

subject to the agreement of the parties as to trade structure parameters and to a 

manual credit check. uUpon completion of the transaction, the BGC 

BrokerExecution Specialist will immediately key-in trade details and the Facility 

will issue a written confirmation of the executed trade, which writing may be 

electronic, and which shall legally supersede any previous agreement, shall serve 
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as a confirmation of the transaction, and that which the counterparties agree shall 

confirm execution of the transaction, and which shall include all material details, 

including all primary economic terms.

(c) Objections. 

Objections to the contents of transaction confirmations must be submitted to the 

Facility, in writing, promptly upon receipt, but no later than the close of that 

Business Day. Notwithstanding any other provision of these Rules, in the event 

that a Participant objects under this section to the contents of the confirmation of 

a transaction that has taken place through Voice Functionality under Part 7 of 

these Rules, the Board, through its designee the Chief Executive Officer (or the 

Chief Executive Offier’s delegate) (the “Designee”), is authorized in his or her 

discretion to adjust trade prices or cancel a trade when such action is necessary to 

correct a clear clerical error on the part of the Execution Specialist in facilitating 

trading via Voice Functionality. Any trade price adjustment or trade cancellation 

shall be made subject to the standards of this rule. Any determination made 

under this rule to adjust any trade price or cancel any trade shall be announced to 

the market by a message from the Control Desk or such other method as the 

Facility shall provide. and such adjustment shall be reported by the Facility to the 

SDR. 

705. Record-keeping and Reporting. 

All Voice-assisted trading shall be recorded in an unalterable format and retained as 

required under Commission Rule 1.31. All Bids and Offers entered through the 

Whiteboard functionality will be retained in an unalterable format as required under 

Commission Rule 1.31. The BGC BrokerExecution Specialist shall key-in the trade 

details of the transaction immediately upon execution. The Facility shall report publicly 

such transactions as having been executed on or subject to the rules of the Facility, 

identifying such transactions as Voice assisted transactions and, on behalf of the parties 

to the transaction, report the transaction to a Swap Data Repository as soon as 

technologically practicable after execution of the Swap pursuant to Commission Rule 

45.3. 

 
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702a. Trade Execution via RFQ Functionality. 

(a) Participants or Authorized Customers may request that Bids or Offers from 

particular Participants or Authorized Customers be solicited 

(i) for Swaps that are supported by the Electronic Trading System, by 

submitting the request directly into the Electronic Trading System or by 

requesting that an Execution SpecialistControl Desk personnel, acting as 

agent, enter the RFQ into the Electronic Trading System on the 

Participant’s behalf; or 

(ii) by requesting that the RFQ be conducted via Voice Functionality 

facilitated by an BGC BrokerExecution Specialist. 

(e) Responding Bids or Offers to the RFQ will display price and quantity and the 

identity of the responding Participants only to the requestor and/or the 

Participant’s Authorized Trader. Bids or Offers responding to an RFQ may be 

either executable or indicative. Responding Bids or Offers conducted via Voice 

Functionality facilitated by an BGC BrokerExecution Specialist may be 

communicated anonymously. 

(g) Upon execution, the price and quantities of the transactions will be reported by 

the Facility with an identification that the transaction was executed using the RFQ 

procedure. RFQ trades exceeding in quantity the Swap’s Block Trade size shall 

be reported in the time provided under Rule 510(d). Confirmations and objections 

may be made subject to the provisions of Rule 704.

(h) The request for RFQ will remain open until: 

(ii) the request is withdrawn where such withdrawal can be made at any time 

by the requestor or the Execution Specialist BGC Broker; 

(iii) the request expires within the time specified in the RFQ without trading; 

or 

(i) Duties of Execution Specialists Control Desk and BGC Broker. 

(i) the Execution Specialist Control Desk, upon receipt of a request for voice 

assistance in entering an RFQ into the Trading System, must enter the 

RFQ immediately into the Trading System. If a Participant requests 

delayed entry of a voice-assisted RFQ, the Execution Specialist Control 

Desk must make a record of the time at which the request for assistance 

was first made with respect to the request for delayed entry. 

(ii) the BGC BrokerExecution Specialist, upon receipt of a request for voice 

matching of an RFQ, must make a record of the time at which the request 

for voice matching was first made and the number of counterparties which 

were requested to respond to the RFQ. 
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802. Relation to Clearing Organization. 

(d) Margin. A Participant must comply with all margin requirements of the relevant 

Clearing Organization and its Clearing Participant, if applicable, and any applicable 

margin requirement set forth by Commission Regulation or Applicable Law. 

804. Financial Integrity for Permitted Transactions. 

(e) Voluntary Clearing of Swaps. 

Permitted Transactions executed on or subject to the rules of the Facility that are 

not required to be cleared will only be cleared if both counterparties agree, prior 

to or subsequent to execution, to submit the trade to an agreed upon Clearing 

Organization. If the counterparties elect to clear a transaction prior to execution 

or at the time of execution, it will be forwarded by the Facility to the agreed upon 

Clearing Organization directly or via a Straight-Through-Processing (STP) hub. A 

Participant electing to clear a transaction must comply with all margin 

requirements of the relevant Clearing Organization and its Clearing Participant, if 

applicable, and any applicable margin requirement set forth by Commission 

Regulation or Applicable Law. 

805. Trades Not Accepted for Clearing. 

(c) Breakage Agreements Prohibited. Participants are prohibited from requiring 

breakage agreements with other Participants as a condition of trading with them. 

(f) Submission of Rejected Trades. Until June 30, 2014 (or such later time as the 

Commission may determine), if a trade has been rejected by the Clearing Organization 

due to clerical error or omission (but not due to a breach of a credit limit), as soon as 

technologically practicable but in no event more than 30 minutes after the rejection 

notice has been sent by the Clearing Organization, the Facility may submit once to the 

Clearing Organization a new trade with the same terms as the original trade (but for the 

erroneous or omitted term and the time of execution), under the following conditions,: 

(i) Each clearing member informs the Facility that it agrees to submission of 

the new trade and that it has obtained the consent of its customer, if any, to 

the submission of the new trade, such consent being transaction-specific 

and only obtained following rejection of the original trade; 

(ii) Both the original and new trade are subject to the pre-execution credit 

check provided under paragraph (a) of this Rule and to the processing 

procedures and time-frames of Rule 501(d); 
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(iii) The Facility shall report the original trade to an SDR as having been 

cancelled and terminated as soon as technologically practicable after its 

rejection by the Clearing Organization and shall report the new trade to an 

SDR, referencing that it is being reported subject to the procedures of 

Commission Letter 13-66 (October 25, 2013). 

(iv)(i) In the event that the new trade is rejected by the Clearing Organization to 

which it has been submitted, the Facility will so inform the Participants or 

Authorized Customers that are the counterparties to the trade. The new 

trade for which the Facility has received a rejection notice from the 

Clearing Organization is void ab initio. 

901. Violation of Law. 

It shall be prohibited for any Participant, or Authorized Customer or Customer to violate 

or fail to conform to applicable provisions of the Act, Commission Regulations or any 

other law applicable to trading on the Facility. 

902. Rule Violation. 

It shall be prohibited for any Participant, or Authorized Customer or Customer to violate 

or fail to conform to the Rules and procedures of the Facility or with any decision or 

order of a committee of the Facility or any order of any officer, employee or agent of the 

Facility when acting within his, her or its jurisdiction. 

908. Abusive Trading Practices Prohibited. 

No Participant , or Authorized Customer or Customer shall engage in front-running, wash 

trading, pre-arranged trading, fraudulent trading, money passes, accommodation trading, 

any other manipulative or disruptive trading practice prohibited by the Act or 

Commission regulation, or enter into non-competitive transactions on or subject to the 

Rules of the Facility except as otherwise authorized by these Rules, or execute any such 

Order on behalf of another with such knowledge of its nature. 

1002. Investigation Report. 

After conducting an investigation, the Enforcement Staff of the Compliance Department 

shall prepare a written report including the reason the investigation was initiated, a 

summary of the complaint, if any, the relevant facts, and the Enforcement Staff’s 

conclusions, analysis and recommendation as to whether disciplinary action should be 

pursued.. This written report shall be produced within twelve months following the 

initiation of the investigation. If the Enforcement Staff has determined that a reasonable 

basis exists for finding a violation, it shall make a recommendation as to whether the 

Disciplinary Committee should proceed with the matter. The Enforcement Staff may 

also issue a warning letter to the Person being investigated or forward to the Review 

Panel of the Disciplinary Committee a recommendation that it issue a warning letter. A 
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warning letter issued to the Person under investigation under this paragraph is not a 

penalty or an indication that a finding of a violation has been made. 

The investigation report shall become part of the investigation file, which shall be 

maintained by the Compliance Department for a period of not less than five years after 

the completion of such report. The Enforcement Staff shall promptly provide the 

Disciplinary Committee with a copy of each investigation report. 

1009. Hearings 

(j) A substantially verbatim record of the hearing shall be made and shall become a part of 

the record of the proceeding. The record must be one that is capable of being 

accurately transcribed; however, it need not be transcribed unless the transcript is 

requested by Commission staff or the Respondent. The record shall be transcribed 

pursuant to Commission Rule 9.21(a) if or the decision is appealed to or reviewed by 

the Commission. In all other instances, a summary record of the hearing is permitted. 

1010. Decision. 

(d) a statement of findings and conclusions with respect to each charge, a complete 

explanation of the evidentiary and other basis for such findings and conclusions with 

respect to each charge and basis for imposing sanctions, and an indication ofincluding 

each the specific Rules which the Respondent is found to have violated; and 

1014. Minor Penalties. 

(a) The Compliance Department may summarily impose a fine against any Participant, 

Authorized Customer or Customer, as applicable: 

(b) The amounts of the fines for any category of violations which may be imposed pursuant 

to this Rule shall be set by the Facility from time to time, provided that the minimum 

fine shall not be less than $1,000 and the maximum fine for any one violation shall not 

exceed $10,000. Nothing contained in this Rule shall preclude any other action against 

a Participant pursuant to the Rules. The imposition of a fine against a Participant 

pursuant to this Rule shall be the final action of the Facility if the Participant does not 

request review as provided in paragraph (c) of this Rule. 

1016. Action Against Non-Participants. 

(b) If, after hearing, the Disciplinary Committee determines that the actions of the nonParticipant violate the Commodity Exchange Act, the Commission Rules or these 

Rules, are likely to cause a manipulation, manipulate the price of a Swap, or otherwise 

threaten the integrity or liquidity of a Swap traded on the Trading System or subject to 

the Rules of the Facility, the Disciplinary Committee may: 1) issue a censure or 

reprimand; 2) order any Clearing Participant to liquidate all or any portion of such nonParticipant’s position; 23) order that no Participant accept new positions on behalf of 

any such non-Participant; 34) deny or terminate access of such non-Participant to the 

Trading System and the Facility; or 54) order such other action as is necessary to 
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prevent a threat to the Swap or further violations of the Commodity Exchange Act or 

these Rules. 

1204. Emergency Powers. 

(a) Delegation to Chief Executive Officer. 

(i) The Chief Executive Officer or an officer of the Facility is authorized by 

the Board of the Facility under this Rule 1204 to may issue an opinion on 

behalf of the Board that anydetermine in his or her discretion whether any 

occurrence or circumstance is an Emergency constitutes an emergency that 

requires immediate action because it threatens fair and orderly trading in 

any Swap or the liquidation of or delivery pursuant to any Swap. The 

Chief Executive Officer is authorized to delegate this authority to an officer 

of the Facility to act on behalf of the Chief Executive Officer in the 

absence of the Chief Executive Officer. 

(ii) To the extent practicable under the circumstances, the Chief Executive 

Officer shall inform the Board of the occurrence or circumstance prior to 

issuing such an opinion. If it is not practicable to inform the Board prior to 

issuing taking such action, the Chief Executive Officer shall inform the 

Board as soon as practicable after taking such action. 

(iii) Notwithstanding the provisions of subparagraph (i), if the Chief Executive 

Officer believes it appropriate, the Chief Executive Officer may submit the 

matter for consideration to the Board. 

(iv) Nothing in this section prohibits the Board, at its election, from exercising 

the authority delegated under subsection (i) by it or by the Chief Executive 

Officer. 

(c)(b) An Ooccurrences or and circumstances that is an Emergency that requires immediate 

action because it threatens fair and orderly trading in any Swap or the liquidation of or 

delivery pursuant to any Swap which may be deemed to be emergencies includes, but 

are not limited to, the following: 

(d)(c) If an Emergency is determined under this rule to exist, the person exercising authority 

under paragraph (a)In the event that the Chief Executive Officer or other officer of the 

Facility determines that an emergency exists, he or she may take any or all of the 

following actions or any other action that may be appropriate under the circumstances: 

(vi) oorder the liquidation or transfer of open positions in any contract; 

(vii) transfer customer contracts and the margin; or 

(i)(viii)ralter any contract's settlement terms or conditions.

(ii)(ix) modify or suspend any provision of these Rules.
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(e)(d) If the Chief Executive Officer, (or such other Officer(s) to whom the Chief Executive 

Officer shall delegate authority to act), in his or her sole discretion, , Chief Operating 

Officer, Chief Technology Officer, or Chief Compliance Officer of the Facility, in his 

or her sole discretion, shall determine that there is a malfunction in the system for 

transmitting orders or other communications from or through any Participant into the 

Trading System and that such malfunction may impair, delay or otherwise adversely 

affect the operation of the Trading System, the Chief Executive Officer (or other 

authorized officer) may instruct such Participant to discontinue transmissions to the 

Trading System from any source and may cause such steps to be taken as will 

disconnect such Participant from the Trading System, until such time as such 

malfunction shall have been resolved in a manner satisfactory to the Chief Executive 

Officer in his or her sole discretion. In taking any such action, the Chief Executive 

Officer or other authorized officer shall endeavor to communicate with the Participant 

in question prior to taking any such action, but the inability or failure of the Chief 

Executive Officer or other authorized officer to do so shall not prevent, delay or 

otherwise affect the ability of the Chief Executive Officer to act pursuant to this 

paragraph. 

(f)(e) As soon as practicable, the Board and the Commission shall be notified of any exercise 

of emergency authority pursuant to this Rule and with respect to the Commission, the 

Facility shall comply with the requirements of Commission Regulation 40.6(a)(6). 

(g)(f) The Chief Executive Officer orThe Person exercising authority to take an emergency 

action other authorized officer taking emergency action pursuant to this Rule shall 

document the decision-making process and the reasons for taking such action. Such 

documentation shall include, but is not limited to the following: the steps taken to 

minimize conflict-of- interest, consideration of the impact of the emergency actions on 

the underlying markets and consideration of the impact of the emergency actions on the 

markets that are linked to or reference the Swaps traded on the Facility (including other 

swap execution facilities). 

1209. Enforceability 

A transaction entered into on or pursuant to the rules of the Facility shall not be void, 

voidable, subject to rescission, otherwise invalidated, or rendered unenforceable as a 

result of: 

(a) A violation by the swap execution facility of the provisions of section 5h of the Act or 

this part;

(b) Any Commission proceeding to alter or supplement a rule, term, or condition under 

section 8a(7) of the Act or to declare an emergency under section 8a(9) of the Act; or 

(c) Any other proceeding the effect of which is to: 

(i) Alter or supplement a specific term or condition or trading rule or 

procedure; or 
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(i)(ii) Require the Facility to adopt a specific term or condition, trading rule or 

procedure, or to take or refrain from taking a specific action.

1210. Audit Trail 

The Facility shall make available all audit-trail data and reconstructions to the 

Commission in a form, manner and time that is acceptable to the Commission.

1306. Swaps Listed for Trading 

The terms and conditions of the Swaps Listed for trading on the Facility shall be as 

provided on the Facility’s website from time to time. The Facility shall list for trading 

only Swaps that are not readily susceptible to manipulation, having certified such swaps 

listed for trading (or in the discretion of the Facility, having submitted such Swaps for 

voluntary approval under 17 C.F.R. 40.3) and having submitted supporting information as 

set forth in 17 C.F.R. Part 38, Appendix C.