CFTC Staff Letter 13-44: No-Action Relief for Eurex Clearing AG Regarding Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act

U.S. COMMODITY FUTURES TRADING COMMISSION
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1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5430
Facsimile: (202) 418-5547 aradhakrishnan@cftc.gov a Ananda Radhakrishnan Director Division of Clearing and Risk CFTC Letter No. 13-44 No-Action Division of Clearing and Risk Mr. Thomas Book, Chief Executive Officer Mr. Oliver Haderup, Executive Director Eurex Clearing AG Mergenthalerallee 61 65760 Eschborn, Germany Re: No-Action Relief with Regard to Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and Implementing Regulations Thereunder Dear Mr. Book and Mr. Haderup:
This is in response to your letter dated July 4, 2013 (“Letter”), to the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“Commission”). In the Letter, you request that the Division confirm that it will not recommend that the Commission take enforcement action against (1) Eurex Clearing AG (“Eurex Clearing”) for failure to register as a derivatives clearing organization (“DCO”) under
Section 5b(a) of the Commodity Exchange Act (“CEA”), 1
or (2) clearing members of Eurex
Clearing that are U.S. persons (each, a “U.S. Clearing Member”) for failure to clear certain interest rate swaps (“IRS”) and certain credit default swaps (“CDS”) on a broad-based index of reference entities (“Index CDS”) through a registered DCO pursuant to Section 2(h)(1)(A) of the CEA and the implementing regulations thereunder as applicable.