The US Commodity Futures Trading Commission (CFTC) has extended the no-action relief granted in CFTC Letter 14-27 to Eurex Clearing AG (Eurex Clearing) and its US clearing members.
In the time-limited no-action letter, the CFTC states that it will not recommend that the Commission take enforcement action against Eurex Clearing, an applicant for registration as a derivatives clearing organization (DCO), for failure to register as a DCO pursuant to the requirements of Section 5b(a) of the Commodity Exchange Act (CEA); or a US Clearing Member, for failure to clear certain interest rate swaps (IRS) that are required to be cleared under Section 2(h)(1)(A) of the CEA, through a registered or exempt DCO.
This extension will expire at the earlier of the date on which Eurex Clearing becomes registered as a DCO with respect to its IRS clearing business or 30 September, 2015. The no-action relief is subject to several conditions outlined in the letter.
