RegAlert2015-09-30 | CFTC Staff Letter 15-54Added · Updated
CFTC Staff Letter 15-54: Extension of No-Action Relief for Eurex Clearing and U.S. Clearing Members
The Division of Clearing and Risk extends no-action relief until January 31, 2016, or until Eurex Clearing becomes registered as a derivatives clearing organization, whichever occurs first. This relief exempts Eurex Clearing from registration requirements under Section 5b(a) of the Commodity Exchange Act and exempts its U.S. clearing members from clearing interest rate swaps through a registered or exempt DCO under Section 2(h)(1)(A). The relief applies exclusively to proprietary interest rate swap clearing by U.S. persons and explicitly excludes customer clearing. U.S. clearing members must report alpha swaps to a registered swap data repository, and Eurex Clearing must report the resulting beta and gamma swaps to ensure accurate data linkage.
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Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
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Division of Clearing and Risk Jeffrey Bandman
Acting Director a
U.S. COMMODITY FUTURES TRADING COMMISSION
CFTC Letter No. 15-54
No-Action
September 30, 2015
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 September 21, 2015 (“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 14-156 and that expires on September 30, 2015 (the “No-Action Relief”). 1 In CFTC Letter 14-156, 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”) through a registered or exempt DCO pursuant to the requirements of Section 2(h)(1)(A) of the CEA and the implementing regulations thereunder, as applicable. 3 You have requested that the No-Action 1 CFTC Letter No. 14-156 (Dec. 23, 2014) and its attachment, available at http://www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/14-156.pdf. Letter No. 14-156 extended the no-action relief originally granted in CFTC Letter No. 13-44 (July 11, 2013). 2 7 U.S.C. § 7a-1(a). 3 7 U.S.C. § 2(h)(1)(A); 17 C.F.R. pt 50.
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This document amends: CFTC Staff Letter 14-156: Extension of No-Action Relief for Eurex Clearing
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
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