The original International Uniform EFP Transactions Agreements (“EFP Agreements”) were developed by the FIA Law and Compliance Division in consultation with the Managed Funds Association (“MFA”) and several U.S. and U.K. exchanges.  The FIA Law and Compliance Division is now publishing International Uniform EFRP and Block Transactions Agreements (“EFRP/Block Agreements”). These new/revised agreements are designed to assist with facilitation of the documentation of exchange of futures for related positions (“EFRP”) and/or block transactions.

The EFRP/Block Agreements are intended to be standardized documents. Although persons using the Agreements may customize or modify them, they are expected to note the changes conspicuously, such as by prominently highlighting additions and deletions or by making any changes in a separate schedule. Failure to do so may constitute an implied representation that the document is, in fact, the International Uniform EFRP and Block Transactions Agreement and that it has not been modified in any respect. (Customer Version, footnote 1; Trader Version, footnote 1; Broker (FOR TRADER) Version, footnote 1; Broker (FOR CUSTOMER) Version, footnote 1; Broker (FOR DEALER) Customer Version, footnote 1; Broker (FOR DEALER) Trader Version, footnote 1).

The Commodity Futures Trading Commission ("CFTC") and the exchanges have adopted rules and interpretations relating to various aspects of EFRP and Block transactions which are not necessarily uniform. Therefore, while the FIA Law and Compliance Division may explain the drafters’ reasoning behind certain provisions, none of the information presented on FIA’s website or elsewhere, via any means, should be considered a guide to or an explanation of all legal or regulatory issues related to EFRP or Block transactions or contractual relationships related thereto. Persons interested in using the EFRP/Block Agreements should consult with their legal counsel and any other advisors they deem appropriate before doing so, and should familiarize themselves with the specific requirements of the CFTC and the relevant exchanges.

All transactions conducted under the EFRP/Block Agreements are always subject to Applicable Law (as defined in Section 1 of each version of the EFRP/Block Agreements) while the contractual relationship between the parties, as embodied in the EFRP/Block Agreements, will be governed in each case by the governing law chosen by them (Broker (FOR CUSTOMER) Version, § 13; Broker (FOR DEALER) Customer Version, § 13; Broker (FOR DEALER) Trader Version, § 13; Broker (FOR TRADER) Version, § 13; Customer Version, §11; Trader Version, §13).

International Uniform EFRP and Block Transactions Agreement Memo 

EFRP Block Agreement - Webinar Slide Deck / Webinar Recording

2021 International Uniform EFRP and Block Transactions Agreement:  Customer Version Word / PDF 

2021 International Uniform EFRP and Block Transactions Agreement:  Trader Version Word / PDF

2021 International Uniform EFRP and Block Transactions Agreement:  Broker (FOR CUSTOMER) Version Word / PDF  

2021 International Uniform EFRP and Block Transactions Agreement:  Broker (FOR TRADER) Version Word  / PDF  

2021 International Uniform EFRP and Block Transactions Agreement:  Broker (FOR DEALER) Customer Version Word/ PDF  

2021 International Uniform EFRP and Block Transactions Agreement:  Broker (FOR DEALER) Trader Version Word/ PDF  

2017 Versions

2008 Versions

Blacklines (2017 vs 2021)

Blacklines (2017 vs 2008)

Disclaimer:  None of the information provided by FIA or its members, including, without limitation, any of the versions of the International Uniform EFRP and Block Transactions Agreement, is intended to provide investment, tax, business, legal or professional advice, including, but not limited to, advice regarding what specific limits may apply to any trading.  Neither FIA or its members make any representations, warranties, or guarantees as to any information provided, including, without limitation, any of the versions of the International Uniform EFRP and Block Transactions Agreement or any of such agreements’ contents. 

CAUTION:  ALL VERSIONS OF THE INTERNATIONAL UNIFORM EFRP AND BLOCK TRANSACTIONS AGREEMENT ARE DESIGNED AS BASIC DOCUMENTS FOR MARKET PARTICIPANTS ENGAGING IN “EFRP” AND “BLOCK” TRANSACTIONS.  NONE OF THE VERSIONS ARE INTENDED TO SERVE AS ALL ENCOMPASSING DOCUMENT(S) FOR USE BY ALL PARTIES UNDER ALL CIRCUMSTANCES.  PARTIES SHOULD CAREFULLY CONSIDER THE FULL SCOPE OF REGULATORY (INCLUDING, WITHOUT LIMITATION, EXCHANGE) AND COMMERCIAL TERMS THAT MAY BE APPLICABLE TO THEIR PARTICULAR CIRCUMSTANCES AND MAY ELECT TO ENTER INTO MORE DETAILED AND/OR REVISED AGREEMENTS AT THE OUTSET OR DURING THE COURSE OF THEIR RELATIONSHIP(S).

For questions specifically relating to the EFRP and block agreements, please contact Natalie Tynan.