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CFTC issues Order of Exemption from Registration as a Derivatives Clearing Organisation to ASX

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The US Commodity Futures Trading Commission (Commission) has issued an order of exemption from registration as a derivatives clearing organisation (DCO) to ASX Clear (Futures) Pty Limited (ASX). 

The order is the first issued by the Commission based on its authority under Section 5b(h) of the Commodity Exchange Act.
 
This provision permits the Commission to exempt a clearing organisation from DCO registration for the clearing of swaps to the extent that the Commission determines that such clearing organisation is subject to comparable, comprehensive supervision by appropriate government authorities in the clearing organisation’s home country. Subject to the terms and conditions of the order, ASX is permitted to clear proprietary swap positions for its US clearing members.

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