ICE Futures US has granted temporary relief to intermediaries from the obligation to comply with certain requirements, including from the requirement to make and keep records of oral communications, as long as a written record is provided instead. The exchange has also granted relief from any requirement to record the date and time by time-stamp or other timing device, provided that a record of the date and time is kept to the nearest minute, for example by instant message or email. Previously, the exchange confirmed that floor brokers and impacted intermediaries would be allowed to work from different locations.
The Commodity Futures Trading Commission (CFTC) has supported these measures, issuing its own no-action letters confirming relief from both oral communications recording and time-stamping for brokers, swap dealers, forex dealers, and members of designated contract markets and swap execution facilities.
