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Friday, July 12, 2013

CFTC Issues Cross-Border Relief

The CFTC has issued four no-action letters that address certain issues relating to swaps regulation, following the announcement by European Commissioner Michel Barnier and CFTC Chairman Gary Gensler of a Path Forward regarding their joint understandings on a package of measures for how to approach cross-border derivatives.

Two of the letters will allow two European-based clearing organization to clear certain credit default and interest rate swaps, even though the CFTC has yet to approve their registration applications. In each case the relief will be effective until the earlier of December 31, 2013, or the date upon which the CFTC approved the pending applications.

A third no-action letter provides relief from certain designated risk mitigation requirements for certain transactions that fall under “essential identical” U.S. and EU risk mitigation rules. Such transactions will be able to comply with the EU rules alone.

The fourth letter expands the relief previously provided by the CFTC, allowing U.S. participants to directly trade swaps on a foreign board of trade to enter trade.

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