CFTC Staff Letter 16-04: No-Action Relief for Eurex Clearing Regarding Straight-Through Processing Requirements

The Division of Clearing and Risk grants Eurex Clearing AG no-action relief from enforcement for failing to comply with the straight-through processing requirement of Regulation 39.12(b)(7) regarding swaps cleared for U.S. Clearing Members. This relief permits Eurex Clearing to continue clearing proprietary transactions for U.S. persons and futures commission merchants on behalf of U.S. customers, provided it does not accept customer clearing on behalf of U.S. customers. The exemption remains in effect until Eurex Clearing demonstrates compliance with the requirement, which is expected no later than January 2018 due to the delayed implementation of MiFID II.

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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5044
Facsimile: (202) 418-5547 jbandman@cftc.gov a
Jeffrey M. Bandman
Acting Director
Division of Clearing and Risk
CFTC Letter No. 16-04
No-Action
February 1, 2016
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 Regulations Implementing Sections 5b(c)(2)(A) and 5b(c)(2)(C) of the Commodity Exchange Act Dear Mr. Book and Mr. Haderup:
On February 1, 2016, the Commodity Futures Trading Commission (“Commission” or “CFTC”) issued an order granting registration to Eurex Clearing AG (“Eurex Clearing”) as a derivatives clearing organization (“DCO”) pursuant to the requirements of Section 5b(a) of the Commodity Exchange Act (“CEA”)1 and subject to the terms and conditions specified therein (“Order”).2 The Order permits Eurex Clearing to provide clearing services, in its capacity as a registered DCO, for swaps (“Cleared Products”)3 for (i) U.S. persons 4 clearing for their own proprietary business,5 or (ii) futures commission merchants clearing on behalf of U.S. customers, collectively (“U.S. Clearing Members”). As a registered DCO, Eurex Clearing is required to comply with all laws and regulations applicable to such DCOs,

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Lineage: Superseded

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Timeline

Amended 1 time · last 2018-12-20

2018-12-20CFTCConfirmation of Eurex Clearing AG compliance with Regulation 39.12(b)(7) and approval of rulessupersedes

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