CFTC Regulation 23.202(a)(1)
“Pre-execution trade information. Each swap dealer and major swap participant shall make and keep pre-execution trade information, including, at a minimum, records of all oral and written communications provided or received concerning quotes, solicitations, bids, offers, instructions, trading, and prices, that lead to the execution of a swap, whether communicated by telephone, voicemail, facsimile, instant messaging, chat rooms, electronic mail, mobile device, or other digital or electronic media.”
CFTC Regulation 23.202(a)(1) requires swap dealers and major swap participants to record voice communications of relevant staff when engaged in pre-execution conversations about swap products.
By referring generically to “oral” communications, the rule is applicable to conversations over desk and mobile phones as well as discussions over collaboration platforms like Zoom and Microsoft Teams. Given corresponding supervision mandates under NFA Compliance Rule 2-9, voice and collaboration conversations should be reviewed to validate the activities of associated persons.