The U.S. Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (DCR) today issued a time-limited no-action letter stating that DCR will not recommend that the Commission take enforcement action against the Australian-based clearing organization, ASX Clear (Futures) Pty Limited (ASXCLF), for failing to register as a derivatives clearing organization (DCO) under Section 5b(a) of the Commodity Exchange Act (CEA).
The relief is limited to proprietary trades of ASXCLF’s U.S. clearing participants in Australian and New Zealand dollar-denominated interest rate swaps and is effective until the earlier of (1) December 31, 2014, or (2) the date upon which the Commission either registers ASXCLF as a DCO under Section 5b(a) of the CEA or exempts ASXCLF from registration under Section 5b(h) of the CEA.
