The Commodity Futures Trading Commission has demanded more data from some energy and metals markets participants as part of a look into whether certain types of swap trades are being conducted legitimately, people familiar with the probe said last week. These participants, including banks and traders, have received a "special call" from the enforcement division of the CFTC to confirm that swap trades occurring as part of transitory exchange for related positions (EFRP) transaction practices offered by CME Group's ClearPort are being conducted properly, the sources said. The CFTC has issued special calls in the past to monitor and review over-the-counter market information. The scope of who received the letter is unclear, but many banks, oil companies and hedge funds use EFRP transactions. Market participants had been waiting on critical swap reporting rules clarification from agency regarding the popular market practice since last year.
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