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BGC Derivative Markets, L.P

Rule Implementation Submission 2022-02

October 17, 2022

1. The text of the proposed amendment to BGC SEF Contract Specifications Attachment A

is appended as Attachment 1. 

2. The date of intended implementation of the proposed amendment is ten business days 

following the filing of this submission.

3. Attached, please find a certification that: (1) these rules comply with the Commodity 

Exchange Act (“Act”), and the Commission’s regulations thereunder; and (2) concurrent 

with this submission, BGC Derivative Markets, L.P. (“BGC”) posted on its website: (i) a 

notice of pending certification of the rule submissions with the Commission; and (ii) a 

copy of this submission.

4. A concise explanation and analysis of the operation, purpose, and effect of the amended 

rule appears below.

5. There were no opposing views expressed regarding the amended rules.

6. Confidential treatment is not requested.

CONCISE EXPLANATION AND ANALYSIS OF THE OPERATION, PURPOSE, AND 

EFFECT OF THE CERTIFIED RULE AND ITS COMPLIANCE WITH APPLICABLE

PROVISIONS OF THE ACT, INCLUDING CORE PRINCIPLES AND THE 

COMMISSION’S REGULATIONS THEREUNDER

Pursuant to Commission Rule 40.6(a)(7)(vi), the following is a concise explanation and analysis 

of the operation, purpose, and effect of the amended rules.

BGC is amending the terms and conditions of “BGC SEF Contract Specifications Attachment A”

to reflect the most recent Mandatorily Cleared Products and an updated link to 1998 ISDA FX 

and Currency Option Definitions.
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CERTIFICATIONS PURSUANT TO SECTION 5c OF THE COMMODITY EXCHANGE 

ACT, 7 U.S.C. §7A-2 AND COMMODITY FUTURES TRADING COMMISSION RULE 40.6, 

17 C.F.R. §40.6 

I hereby certify that: 

(1) the amended Rule complies with the Commodity Exchange Act, and the Commodity

Futures Trading Commission’s regulations thereunder; and

(2) concurrent with this submission, BGC Derivative Markets, L.P. posted on its website:

(a) a notice of pending certification of the above Rules with the Commission; and (b)

a copy of this submission

_________________________ 

By: Michael C. Sulfaro

Title: Chief Compliance Officer

Date: October 17, 2022 
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Attachment 1 

BGC Derivative Markets, L.P. Contract Specifications

(Additions are underscored, deletions are struck through)

Mandatorily Cleared CEA 2(h)(1) Products as of 31st October 2022

BGC Derivative Markets, L.P. Contract Specifications

Product Descriptions

Mandatorily Cleared Products

The following list of Products required to be cleared under Commodity Futures Trading Commission rules is included 

here for the convenience of the reader.

Mandatorily Cleared Spot starting, Forward Starting and IMM dated Interest Rate Swaps by Clearing Organization, including 

LCH.Clearnet Ltd., LCH.Clearnet LLC, and CME, Inc., having the following characteristics:
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Specification Fixed-to-Floating Swap Class 

1. Currency Australian 

Dollar 

(AUD) 

Canadian 

Dollar 

(CAD) 

Euro (EUR) Hong Kong 

Dollar 

(HKD) 

Mexican 

Peso 

(MXN) 

Norwegian 

Krone 

(NOK) 

2. Floating 

Rate 

Indexes 

BBSW CDOR EURIBOR HIBOR TIIEBANXICO NIBOR 

3. Stated 

Termination 

Date 

Range 

28 days to 

30 years 

28 days to 

30 years 

28 days to 

50 years 

28 days to 

10 years 

28 days to 

21 years 

28 days to 

10 years 

4. 

Optionality 

No No No No No No 

5. Dual 

Currencies 

No No No No No No 

6. 

Conditional 

Notional 

Amounts 

No No No No No No 

Specification Fixed-to-Floating Swap Class 

1. Currency Polish Zloty 

(PLN) 

Singapore 

Dollar 

(SGD) 

Swedish 

Krona 

(SEK) 

Swiss Franc 

(CHF) 

Sterling 

(GBP) 

U.S. Dollar 

(USD) 

Yen (JPY) 

2. Floating 

Rate 

Indexes 

WIBOR SOR-VWAP STIBOR LIBOR LIBOR LIBOR LIBOR 

3. Stated 

Termination 

Date 

28 days to 

10 years 

28 days to 

10 years 

28 days to 

15 years 

28 days to 

30 years 

28 days to 

50 years 

28 days to 

50 years 

28 days to 

30 years 
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Range 

4. 

Optionality 

No No No No No No No 

5. Dual 

Currencies 

No No No No No No No 

6. 

Conditional 

Notional 

Amounts 

No No No No No No No 

Specification Basis Swap Class 

1. Currency Australian 

Dollar 

(AUD) 

Euro (EUR) Sterling 

(GBP) 

U.S. Dollar 

(USD) 

Yen (JPY) 

2. Floating 

Rate 

Indexes 

BBSW EURIBOR LIBOR LIBOR LIBOR 

3. Stated 

Terminatio

n Date 

Range 

28 days to 

30 years 

28 days to 

50 years 

28 days to 

50 years 

28 days to 

50 years 

28 days to 

30 years 

4. 

Optionality 

No No No No No 

5. Dual 

Currencies 

No No No No No 

6. 

Conditional 

Notional 

Amounts 

No No No No No 

Specification Forward Rate Agreement 

Class 

1. Currency Euro (EUR) Polish Zloty 

(PLN) 

Norwegian 

Krone 

(NOK) 

2. Floating 

Rate 

Indexes 

EURIBOR WIBOR NIBOR 

3. Stated 

Termination 

Date Range 

3 days to 

3 years 

3 days to 2 

years 

3 days to 

2 years 

4. 

Optionality 

No No No 

5. Dual 

Currencies 

No No No 

6. 

Conditional 

Notional 

Amounts 

No No No 

Specification Forward Rate Agreement 

Class 
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1. Currency Swedish 

Krona 

(SEK) 

Sterling 

(GBP) 

U.S. 

Dollar 

(USD) 

Yen (JPY) 

2. Floating 

Rate 

Indexes 

STIBOR LIBOR LIBOR LIBOR 

3. Stated 

Terminatio

n 

Date 

Range 

3 days to 3 

years 

3 days to 3 

years 

3 days to 3 

years 

3 days to 

3 years 

4. 

Optionality 

No No No No 

5. Dual 

Currencies 

No No No No 

6. 

Conditional 

Notional 

Amounts 

No No No No 

Specification Overnight Index Swap Class 

1. 

Currency 

Australian 

Dollar 

(AUD) 

Canadian 

Dollar 

(CAD) 

Euro 

(EUR) 

Sterling 

(GBP) 

U.S. Dollar 

(USD) 

2. Floating 

Rate 

Indexes 

AONIAOIS CORRAOIS EONIA SONIA FedFunds 

3. Stated 

Terminatio

n Date 

Range 

7 days to 

2 years 

7 days to 

2 years 

7 days to 

3 years 

7 days to 3 

years 

7 days to 

3 years 

4. 

Optionality 

No No No No No 

5. Dual 

Currencies 

No No No No No 

6. 

Conditional 

Notional 

Amounts 

No No No No No 
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FX Option

Contract 

Overview

An option to enter into a foreign exchange contract at pre-defined time(s), with its exchange rate equal

to the Strike.

Convention 

Definitions

1998 ISDA FX and Currency Option Definitions as updated 

(https://www.emta.org/documentation/emta-standard-documentation/fx-and-currencyderivatives-documentation/http://www.emta.org/WorkArea/DownloadAsset.aspx?id=7743)

Emerging Market Trade Association (http://www.emta.org/template.aspx?id=2275)