CFTC issues extension of time-limited no-action relief to LCH
The US Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has issued a further extension of time-limited no-action relief to LCH.Clearnet Limited.
In the extension of CFTC Letter 13-52, DCR states that it will not recommend that the CFTC take enforcement action against (1) LCH for clearing certain swaps executed on, or subject to the rules of, designated contract markets (DCMs) or swap execution facilities (SEFs) or (2) clearing members of LCH for clearing DCM/SEF swaps through LCH.
The extension of no-action relief will expire at the earlier of 31 December 2014 or 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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