| The Exchange for Swaps (EFS) facility allows market participants to organise and execute futures transactions which act as an offset to a specific identifiable OTC swap transaction in a similar commodity or a direct product of such commodity.
Where an EFS transaction is executed, documentary evidence of the OTC contract should be retained. The following information should be contained in this evidence:
(a) the fixed price or fixed price formulae of the swap, and who pays;
(b) the floating price or floating price formulae of the swap, and who pays;
(c) the termination/maturity date;
(d) the effective (start) date of the swap;
(e) the quantity of the swap position relating to the underlying commodity or the direct product of such commodity; and
(f) the referenced futures delivery month.
Undertaking an EFS eliminates the execution risk associated with trading in the Central Order Book.
The EFS facility is available for Cocoa, Robusta Coffee, White Sugar and Feed Wheat and will soon be available for Milling Wheat, Rapeseed and Corn futures.
For full details of the EFS facility, please refer to section 4.2 of the NYSE Liffe Trading Procedures.
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