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CFTC issues no-action letter for Singapore Exchange Derivatives Clearing Limited

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The US CFTC has issued a time-limited no-action letter stating that it will not take enforcement action against Singapore Exchange Derivatives Clearing Limited (SGX-DC) for failure to comply with the applicable swap data reporting requirements of Commission Regulations 45.3 and 45.4.

The relief is time-limited and expires on the earlier of such time as SGX-DC is able to comply with the applicable swap data reporting requirements of Commission Regulations 45.3 and 45.4; or 30 April 2015.
 
The relief is also conditioned upon SGX-DC reporting “backloaded” data for swaps cleared during the pendency of the period of relief to a registered swap data repository by no later than 30 May 2015.

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