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CFTC issues no-action letter for OTC Clearing Hong Kong Limited

The US Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has issued a time-limited no-action letter for OTC Clearing Hong Kong Limited.

The letter states that DCR will not recommend that the Commission take enforcement action against OTC Clearing Hong Kong Limited for failing to register as a derivatives clearing organisation (DCO) or US clearing participants of OTC Clear for failure to clear certain interest rate swaps and certain non-deliverable forwards through a registered DCO.
The no-action relief is effective until the earlier of 31 December 2014 or the date upon which the Commission either registers OTC Clear as a DCO under Section 5b(a) of the CEA or exempts OTC Clear from registration under Section 5b(h) of the CEA.

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