CFTC Staff Letter 14-156: Extension of No-Action Relief for Eurex Clearing

The Division of Clearing and Risk extends no-action relief for Eurex Clearing and its U.S. clearing members until the earlier of September 30, 2015, or the date Eurex Clearing becomes registered as a derivatives clearing organization for interest rate swaps. This relief exempts Eurex Clearing from registration requirements under Section 5b(a) of the Commodity Exchange Act and exempts U.S. clearing members from clearing requirements under Section 2(h)(1)(A) for proprietary interest rate swap transactions. The relief is limited to specific interest rate swap products and excludes customer clearing or credit default swaps on broad-based indices. Eurex Clearing must report novated swap data to a registered swap data repository in accordance with Part 45 regulations.

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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5449
Facsimile: (202) 418-5547 pdietz@cftc.gov a
Phyllis Dietz
Acting Director
Division of Clearing and Risk
CFTC Letter No. 14-156
No-Action
December 23, 2014
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: Extension of Time-Limited 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 December 15, 2014 (“Letter”), to the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“Commission” or “CFTC”) requesting a further extension of the no-action relief that the Division granted to Eurex Clearing AG (“Eurex Clearing”) in CFTC Letter 14-27 and that expires on December 31, 2014 (the “No-Action Relief”). In CFTC Letter 14-27, the Division stated it would not recommend that the Commission take enforcement action against (1) Eurex Clearing for failure to register as a derivatives clearing organization (“DCO”) pursuant to the requirements of Section 5b(a) of the Commodity Exchange Act (“CEA”),2 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”) or certain credit default swaps (“CDS”) on a broad-based index of reference entities (“Index CDS”) through a

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Timeline

Amended 1 time · last 2015-09-30

2015-09-30CFTCCFTC Staff Letter 15-54: Extension of No-Action Relief for Eurex Clearing and U.S. Clearing Membersamends

This document amends: CFTC Staff Letter 14-27: Extension of No-Action Relief to Eurex Clearing for Sections 5b(a) and 2(h)(1)(A), 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

Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works