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CFTC issues time limited no-action letter for LCH.Clearnet and its clearing members

The Commodity Futures Trading Commission’s division of clearing and Risk (DCR) has issued a time limited no-action letter for LCH.Clearnet and its clearing members.

The letter states that DCR will not recommend that the Commission take enforcement action against LCH.Clearnet for clearing certain swaps (DCM/SEF swaps) executed on, or subject to the rules of, designated contract markets or swap execution facilities, and will not recommend enforcement action against LCH’s clearing members for clearing DCM/SEF swaps through LCH.
This relief will be effective until the earlier of (1) 31 March 2014, or (2) the date upon which the Commission approves or denies LCH’s application for an amended DCO registration order to permit it to clear DCM/SEF swaps.

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